台灣營利事業所得稅調降宣告效果之研究

Abstract

本研究使用標準事件研究法，來探討民國99年4月12日，立法院執政黨黨團決議宣告要將營利事業所得稅稅率自20%調降至17%，對我國上市、上櫃公司宣告效果的影響。 研究結果顯示，營利事業所得稅調降宣告日應為民國99年4月12日市場訊息接收日，而非民國99年5月28日立法院三讀通過日。在上市、上櫃公司中，於宣告日投資有效稅率較高的公司其異常報酬率及事件期間累積異常報酬率皆為正數，且其統計結果符合預期為顯著。 當宣告日市場接收到調降營利事業所得稅時，此時投資上市、上櫃公司財務特性遞延所得稅資產比例高的公司，未如預期累積異常報酬率為負，統計結果累積異常報酬率仍顯著為正；但投資上市、上櫃公司財務特性遞延所得稅負債比例高的公司，其累積異常報酬率為正數，且統計結果顯著，此符合預期。

This thesis uses standard event study methodology to examine the announcement effects of the companies listed on Taiwan Stock Exchange (TSE) and Over the Counter (OTC) on the corporate income tax rate cut from 20% to 17% which was announced on April 12, 2010. The listed companies had the higher effective tax rate for the past years are positive on the abnormal returns and the cumulative abnormal returns in the event period, and its results as significant as expected. When the market received the message about corporate income tax cut from 20% to 17%, the listed companies had a high proportion of deferred income tax assets on the cumulative abnormal returns was positive, not negative as expected. However, when the market received the message about corporate income tax cut from 20% to 17%, the listed companies had a high proportion of deferred income tax liability on the cumulative abnormal returns was positive, and its results as significant as expected.