英文摘要 |
This paper investigates whether the integration of individual and corporate taxes diminishes the tax system’s influence on firms’ financing policies as well as if this integration reduces their debt levels, Following the high-tech industry characteristics of high retained earnings ratio and low effective tax rates, this paper examines the industry effect by separating samples into high-tech and traditional industries then analyzing the influence of tax integration, The study period spans 4 years before and 5 years after tax integration, A total of 218 firms are selected and pooled time-series & cross-sectional regression techniques are used to analyze the debt model. This study differs from pervious domestic literature, in that it does not directly use the changes of debt levels before- and after- tax integration to investigate the integration effects on firms’ financing decisions. Instead, we utilize the Schulman et al. (1996) method to measure the influence of tax integration on debt levels. The results show that the influence of individual and corporate taxes integration on firms’ financing policies differs according to industry. |