兩稅合一政策對台灣資訊電子公司資本結構轉變的影響

Abstract

台灣資訊電子產業具有資本密集、市場不確定、產品週期短及高風險的財務特性，在面對外在環境變化、競爭激烈的產業環境中，企業如何決定出最符合企業自身資金需求且資金成本低、財務風險小之最佳資本結構，為經營者重要課題。我國自民國87年開始實施兩稅合一制度，其目的在於消除股利重複課稅、導正企業籌資管道及促進租稅公平等。過去之研究大多著重於公司特性對資本結構之探討，而本研究利用Chow轉變點分析，來檢驗台灣資訊電子公司在兩稅合一實施後，其資本結構是否發生結構性轉變。此外，採用棋盤式(panel-data)多元迴歸模型，來探討兩稅合一後，資本結構決策因素其影響關係是否產生變化。 實證結果發現:在兩稅合一實施後，資本結構產生結構性轉變且企業舉債程度亦顯著降低。此外，研究結果顯示:兩稅合一後,保留盈餘率越高者，其舉債程度會降低;資產抵押價值越高者,其舉債程度會降低;非負債稅盾越高者,其舉債程度會越大,與預期一致。

There are many financial characteristics about Taiwan’s ICT industry, like capital concentrated, market uncertainly, short product life-cycles and high risk. Firms face a drastically quick environment. When the external environment changed, they must choose a suitable capital structure to take advantage of the benefits of low capital costs and financing risk. The Tax Integration Policy has two important features, i.e., the imputation tax credit to shareholders and the 10% surtax levied on undistributed earnings. This study examines the impact on corporate change of capital structure by using the Chow breakpoint test and aims to examine the determinants of corporate capital structure by using panel-data regression model before and after the policy was implemented in Taiwan in 1998. The empirical results show that, under the new tax policy, companies have changed their capital structure and decreased debt ratios. The findings of this study also tell us, after The Tax Integration Policy implementation, companies with greater undistributed earnings ratios and tangible assets tend to have lower debt ratios, while companies with greater non-debt tax shields tend to have higher debt ratios, consistent with our expectations.