營利事業所得稅經政府兩度調整後，於2010年度由原本的25%調降至17%。而政府調降稅率的目的之一，在於使臺灣稅率水準與接近或低於鄰近國家，藉此提升我國之租稅競爭力，吸引本國廠商及外資來台投資意願，進而帶動整體經濟及產業發展。為驗證政府降稅政策對於廠商投資意願的影響，本論文使用股票上市之1,105家製造業廠商為研究對象，採用自2006年至2014年9年資料，以panel data模型進行實證分析。研究結果發現，營所稅稅率調降後廠商的投資金額呈顯著的正相關，延遲效果約為一年，表示營所稅的調降帶來促進廠商投資的效果。區分廠商為電子業與非電子業的結果相似，但對於非電子業的效果延遲較久。;After two adjustments by the government, the profit income tax was reduced from 25% to 17% in 2010. One of the goals of the government′s tax reduction is to make the level of Taiwan’s tax rates close to or lower than those of neighboring countries, thereby enhancing the competitiveness of Taiwan’s rental tax. It aims to promote domestic manufacturers and inflow of foreign investment to invest in Taiwan, and then driving the overall economic and industrial development. To examine the influence of the tax reduction policy on firms’ investment, this thesis used a panel dataset of 1,105 firms listed on the stock market for the 2006 – 2014 period and adopted the panel data model to implement empirical estimations. The results found that firms increased their investment expenditure significantly after the 2010 tax reform with a one-year delay, suggesting that the 2010 tax reform executed an investment-enhancement effect. Separating the sample into electronics and non-electronics firms, results were similar. However, the investment enhancement effect takes a longer time in non-electronics firms.
