股利政策的演變、稅制改革以及庫藏股買回-以台灣公司為例

Abstract

本研究探討台灣上市公司過去十五年來股利政策的演變。利用台灣2008年上市公司從1994至2008年資料進行實證研究，觀察台灣上市公司因為稅制改革以及庫藏股買回實施而造成的股利政策改變。本文利用1998年實施之兩稅合一制進行捕捉稅改對股利政策的影響。並且利用partial-adjustment model去評估稅制及法規改變前後，公司股利調整速度以及股利發放偏好的改變。本文發現，在兩稅合一實施之後，稅改誘因對投資人而言並未有顯著的股利偏好改變，但對公司而言，則會根據公司稅額扣抵比率高低進而調整股利發放。此外，庫藏股買回與現金股利發放之間存在互補效果而與股票股利之間呈現替代效果。透過Partial-adjustment model發現利用每股盈餘無法正確反映股利發放率且長期的股利發放率是根據每股現金流量為基準。在稅制改革或政府法規改變後，股利調整速度有減緩傾向。

This paper examines the evolution of dividend policy affected by tax reform and share repurchase over the past 15 years in Taiwan. The sample data are collected from the period 1994 to 2008 firms listed on TSE. We use imputation tax system to represent tax reform to capture tax effect. Then we use partial-adjustment model to estimate the adjustment speed and estimated target payout ratio before and after tax reform and government regulation. The evidences show that investor will not increase their dividend payment preference after tax reform. Nevertheless, firms will increase paying dividend according to the imputation tax credit. Furthermore, Furthermore, the published earning may not correctly reflect the firms’ dividend paying level and the long-term dividend payout ratio may be based on cash flows. The adjustment speed of dividend will have inclination to decline after tax reform and governance regulation.