兩稅合一對公司運用資金成本影響之研究

Abstract

公司資金來源有：舉債、發行股票和盈餘保留於公司之資金。公司對債權人必須支付事先約定之利息；而公司對股東雖無必須支付特定股利之義務，但股東卻有要求發放股利之權利，因此公司支付之現金股利亦為公司所負擔之成本；至於公司保留之資金雖無支付之情形，但其需承擔該筆資金投資於其他經濟活動所能獲得最大利潤之機會成本，因此公司管理當局運用資金之總成本金額為：利息、現金股息以及資金保留於公司之機會成本合計數。 民國八十六年底新修正所得稅法，將之前採行營利事業所得稅與綜合所得稅並行之獨立課稅制修改為兩稅合一制。本次所得稅法修改對公司最大影響在於所得稅支出的改變，因為公司所得稅負擔的不同，致使公司淨現金流量產生變化，進而影響公司股利政策的選擇。 本研究以企業經營者追求公司利潤極大化為目標，參考評價模型及MM考慮公司所得稅的命題主張，建立與比較兩稅合一實施前、後公司資金成本的數學模型，獲得四點結論：(1) 本次所得稅法修改對公司運用資金成本之影響，係因公司淨營運現金可分配予股東或公司保留下來金額不同所致。(2)兩稅合一實施後，股利發放將影響公司理財政策。(3)轉投資公司免稅比例不同所造成的租稅差異，因所得稅第四十二條的修改，而全部消除。(4)公司依投資抵減條例享有之免稅收入及可抵減應納稅額抵減效果，均將因下期加徵未分配盈餘所得稅，而降低其實質抵減效果。

There are three major sources of funds in a company：(1) issuing debts (2)issuing new shares (3) receiving cash from operation.Companies must pay fixed interests to bondholders. Although a company doesn’t have obligation to pay specific dividends for shareholders, shareholders have privilege to ask their company to pay dividends. Therefore, it is a company’s duty to pay cash for shareholders. Companies pay nothing for the cash that companies retained, but companies require to bear the opportunity cost of these funds. Hence the cost of capital for managerial operation is the total of interests, dividends of cash and the opportunity cost of retained funds. Our government modified the law of income tax in 1997, it eliminates double taxation by implementing the integrated Income tax system. It integrates profit-seeking enterprise income tax and individual income tax. The most important effect of this reform is that it changes company’s expense of tax. This change makes the variation of cash’s inflow, and it causes influence on financial principle for dividend. This paper analyzes managerial reaction when the integrated income tax is implemented. We assume that the objective of a manager is to make more profits for his company. We build and compare the numeral models of cost of capital after implementing the integrated income tax with reference to valuation model and the propositions that MM published in 1963.There are four conclusions in this study. Firstly, this reform affects the cost of capital for managerial operation through different numbers that a company can distribute to shareholders or to be retained. Secondly, dividend’s distribution will influence the financial policy after implementing the integrated income tax. Thirdly, owe to the modification of No.42 of income tax law, the difference of tax of investment’s income is eliminated. Lastly, the real benefits from exemption and credit against the profit-seeking enterprise income tax payable by the law of Incentives for Upgrading Industry will reduce, due to the provision of adding 10% corporate income tax surtax.