租稅改革對公司股利發放政策之影響

The Impact of Tax Reform on Payout Policy

我國於2015年修改兩稅合一政策，股東可扣抵稅額由全額扣抵改為減半扣抵，同時，個人綜合所得稅最高稅率級距由40％增加到45％，因此造成個人股東股利稅負增加。本文探討在修改兩稅合一政策後，是否會造成企業減少發放現金股利及股票股利，但可能採取減資發放政策（庫藏股買回、現金減資），來以達到發放股利的效果，滿足投資人的需求。另外，探討股權集中之企業是否會加強上述之效果。研究結果顯示，企業在租稅改革後現金股利發放率增加，但未達顯著水準，股票股利發放率顯著減少，減資政策發放率顯著增加。而家族企業現金股利發放率下降幅度顯著高於非家族企業，減資政策發放率增加幅度高於非家族企業，但未達顯著水準。結果支持企業會考量股東稅負壓力，來制定股利政策之假設，尤其股票股利及減資政策方面；而家族企業確實會為了幫助家族成員減少租稅負擔而減少現金股利發放。

This paper investigates whether investor-level taxes affect corporate dividend policy. We exploit Taiwan's 2015 imputation rate cut from 100% to 50% and the highest level of personal income tax rate increased from 40% to 45%. We predict and find that after the tax reform, the stock dividend payout ratios have decreased significantly, and the payout ratios of the capital reduction policy have increased significantly. We also found that family firms cut more cash dividends than non-family firms to help family firms' members save money. The results imply that corporates make dividend policy have consider the pressure of shareholders' tax burden.