我國租稅獎勵制度與企業價值之關聯性研究--以台灣上市公司為例

Abstract

本研究主要的目的為探討租稅獎勵制度對企業價值的影響，在理論上政府的租稅政策應具有中立性，避免干擾市場價格機能的運作及扭曲資源的配置，但我國稅制複雜，如營利事業所得稅法為所有企業納稅的準則，但又針對特定產業制定租稅獎勵措施，常扭曲企業原有的價值，造成特定企業享受租稅利益提升價值，卻無須盡企業納稅的義務，而被拼除於租稅獎勵外的企業，仍需負擔沉重的租稅，因不公平的稅制，導致產業價值的落差。本研究採用統計上最小平方法迴歸分析，以1991年至2008年台灣上市公司為樣本，期間長達18年，蒐集樣本數計有7787個，經檢定結果自1992年起每年股價淨值比與每股所享受的租稅利益有正面顯著關係，在統計上電子股平均有較高的每股免稅利益亦有相對高的企業價值，顯示電子產業租稅負擔率較全體企業平均為低，有違租稅的垂直公平，但由於過多企業的濫用免稅項目投資，電子產品供給過剩，獲利不易，亦導致電子產業的企業價值逐年降低。本研究結果可做企業是否將免稅項目做為投資決策參考，並建議政府制定租稅獎勵制度時應考慮各項租稅減免的落日條款，如有外部功能、外部性的投資，宜以補貼獎勵方式替代稅式支出，各產業之間能平衡發展，國家資源才能有效配置。

關鍵詞：租稅獎勵、企業價值、租稅政策中立性、外部性、稅式支出

The purpose of this paper is to examine the influence of tax incentives on enterprise values. In theory, taxation policies should be neutral in order to avoid the interventions of market mechanisms or the dislocations of asset allocations. However, Taiwan has a highly complex taxation system. For example, Profit-Seeking Enterprise Income Tax Law is the guidelines for the tax payments of all companies. However, there are also tax incentives for particular industries and such incentives often twist the original values of companies. This is because some companies increase their enterprise values with tax benefits without undertaking the obligations of tax payments. The companies outside the scheme of tax incentives still have to shoulder heavy taxation burdens. Unfair taxation systems result in the differences in the values of different industries. This paper applies method of least-squares regression analysis and samples the companies listed on Taiwan Stock Exchange in 1991~2008 (covering a total of 18 years). The number of samples is 7,787. The test results show that since 1992, there is a significant and positive correlation between price/book values and the tax benefits each share. Statistically, the electronic shares on average enjoy higher tax exemption benefits and also highly enterprise value. This indicates that the tax burdens of the electronics industry are lower than the average of all industries. This is detrimental to the vertical fairness of taxations. However, the abuse of tax-exempt investments by too many companies has led to an oversupply of electronic products and difficulties in making profits. As a result, the enterprise values of the companies in the electronics industry have been on gradual declines over the years. The research finding can serve as a reference for companies in the decision over whether they should invest in the sectors that enjoy tax exemptions. It is also suggested that the government should take into account all the sunset clauses in association with all kinds of tax incentives. In case of externality, subsidies are recommended in place of tax expenditures. In this way, all industries can develop in a balanced manner and national resources can be effectively allocated.

Keywords: tax incentives, enterprise value, neutrality of taxation policies, externality, tax expenditures