兩稅合一制度對企業資本結構影響之研究

The Effects of the Integrated Income Tax System on the Corporate Capital Structure

本研究主要檢視兩稅合一的實施，是否達到當初制度設計改善企業財務槓桿使用過度之目標。本研究採用棋盤式資料迴歸模型，除了控制可能影響資本結構的其它因素外，並以短期付息負債、長期付息負債及淨負債比率來表示資本結構，以期能更全面地探討兩稅合一制度的實施，是否能達到健全公司資本結構的預期目標，以供日後稅制改革的參考。實證結果顯示，兩稅合一稅制的實施並無法降低負債比率，未能達到政府預期降低企業負債比率的目標。此外，兩稅合一制度對產業別負債比率變動影響的實證結果發現，高科技產業之負債比率的降低程度反而大於一般產業，亦即兩稅合一制度在降低企業負債比率上，對高科技產業所帶來的成效超越一般產業。

The purpose of the study is mainly to examine whether the implementation of the new integrated income tax system has alleviated the high financial leverages of the companies. This study has adopted the panel data regression model to investigate whether the goal of the new system has been achieved. In addition to control factors that may affect capital structure, this study also uses short-term interest-bearing, long-term interest-bearing and net debt ratios as proxies for capital structure. The empirical results indicate that the adoption of the new system is irrelevant to various debt ratios. As such, corporate capital structure can not be improved. After considering the industry characteristics, the result indicates that the adoption of the new system has resulted in more improvements on the capital structure for the high-tech industry than for other industries.