| 項目 | 資料 |
|---|
| 卷期Vol. & No. | 第4卷第2期 Vol 4 No. 2 |
| 標題Title | 兩稅合一後除權除息之租稅規避行為Tax Avoidance Transactions during Ex-dividend Days under the Imputation Tax Credit System |
| 作者Authors | 林世銘、陳國泰、 張鼎聲Suming Lin Kuo-Tay Chen Dien-Sheng Chang |
| 出版日期Publish Date | 2003-11-30 |
| 摘要Abstract | ：本文主要討論兩稅合一實施之後，高稅率之投資者在除權除息交易日 附近是否會有「先賣後買」的行為，以規避獲配股利時需要補繳的綜合所得 稅。在分析模型中，本文使用上市公司自民國 87 到 89 年度的盈餘分配資料， 以及到 90 年度的交易量資料做為研究樣本，並以異常交易量做為被解釋變 數，以比價心理假說變數、公司獲利能力、公司規模、稅額扣抵比率及產業 別等做為自變數來探討這些因素對交易行為之影響。 在進行實證研究後發現，兩稅合一後上市公司於除權除息交易日附近有 正向的異常交易量出現，符合本文關於高稅率投資人在除權除息日前後，會 有「先賣後買」以規避稅負的預期。本文並建立迴歸模型探討異常交易量產 生之原因，實證結果支持比價心理假說，亦即除權除息的參考價格和異常交 易量呈現反向關係。此外，本文預期公司規模和異常交易量呈現反向關係， 但是在實證分析中無法找到支持之證據。 本文之部分實證結果顯示公司獲利率和異常交易量呈現反向的關係，反 映獲利良好之公司的股東在除權除息交易日附近會有惜售的心理，以至於沒 有產生顯著正向的異常交易量。本文原本預期公司之稅額扣抵比率越低時， 高稅率股東若取得股利則被補稅之金額將越大，因此越有可能從事「先賣後 買」之租稅規避行為，但是實證結果卻發現異常交易量與稅額扣抵比率沒有 顯著關連。考其原因，可能係當稅額扣抵比率低時，高稅率股東固然欲出脫 持股以規避股利之稅負，但稅額扣抵比率低也相對使得低稅率股東因缺少扣 抵稅款的租稅利益，而不願承接高稅率股東賣出之股票，因此並未引起更大 之異常交易量。On January 1st 1998, Taiwan adopted the imputation tax credit system to integrate individual income tax and business income tax. Under the new system, investors with high personal income tax rates may sell out their stocks before the ex-dividend day and buy them back afterwards to avoid additional tax burdens. On the other hand, investors with low income tax rates may buy stocks earlier and sell them out after the ex-dividend date to earn excess stock returns. These trading strategies may cause the government to lose substantial tax revenue from the high tax rate investors, and to refund business income tax to the low tax rate investors. Having empirically examined the Taiwan stock market data from 1999 to 2001, this research finds that there are substantial increases in trading volumes during periods before and after the ex-dividend date. The regression results also support the hypothesis of bargain hunting. However, these abnormal trading volumes are not significantly correlated with firm sizes or tax credit ratios |
| 關鍵字KeyWords | 除權日、除息日、租稅規避、稅額扣抵比率、比價心理假說Ex-dividend, Tax avoidance, Imputation tax credit ratio, Bargain hunting |
| DOI(全文下載Download) | 10.6675/JCA.2003.4.2.01 |
| 相關文章Related Articles | 兩稅合一前後上市公司股權規劃之實證研究(An Empirical Investigation of Impacts of the Imputation Tax System on Corporate Shareholder Structures) 營利事業規避最低稅負之行為以及會計師稅務簽證功能之探討(The Study of Alternative Minimum Tax Avoidance and the Role of CPA Tax Attestation) 客戶重要性與租稅規避程度間之關聯性(The Association between Client Importance and Tax Avoidance) 評估揭露企業社會責任公司之租稅規避：來自會計資訊品質的觀點(Tax Avoidance Assessments in the CSR Firms: Insights from Accounting Information Quality) 經理人過度自信、租稅規避與成本僵固性之關聯性(The Correlation between Manager Overconfidence, Tax Avoidance and Cost Stickiness) |