可扣抵稅額減半及富人稅，對我國上市櫃公司股利政策之影響──家族企業與非家族企業之差異

The Effects of Halved Imputation Tax Credits and Wealthy Tax on the Dividend Policies of Listed Companies: A Comparative Study of Family and Non-Family Firms in Taiwan

本文探討可扣抵稅額減半及富人稅對我國上市櫃公司股利政策之影響，並比較家族企業與非家族企業因應該項租稅變革所執行之股利政策是否不同。本文的實證結果顯示，稅額扣抵比率高且董監個人持股比率亦高之公司，在稅制變革之前一年度會有相對較高之股利發放率，且該項實證結果主要來自家族企業；在稅制變革後，無論是家族企業或非家族企業，稅額扣抵比率高且董監個人持股比率高之公司並不會發放相對較低之股利。最後，本文透過進一步分析，發現受稅制變革影響之公司會在稅制變革前發放相對較高之股利，並在稅制變革後發放相對較少之股利，而該項實證結果主要來自非家族企業，顯示在稅制變革期間，家族企業在制定股利政策時，較非家族企業更在乎非稅成本之影響。

This study examines the effects of halved imputation tax credits and wealthy tax on the dividend polices of listed companies in Taiwan, and tests whether family and nonfamily firms would respond differently to the impacts of these tax reforms. We find that firms with high imputation credit ratios and high shareholdings of individual directors and supervisors have a relatively higher dividend payout ratio in the year before the tax reforms, and that the result is only prevalent among family firms. Conversely, we find that after the tax reforms, family and non-family firms with high imputation credit ratios and high shareholdings of individual directors and supervisors did not pay relatively lower dividends, with their dividend payout ratios being insignificantly different from those other types of firms. Finally, our additional analyses indicate that firms affected by the tax reforms pay relatively high dividends in the period preceding the tax reforms and pay less dividends after the reforms, consistent with the tax clientele theory. However, this result is only significant for non-family firms, suggesting that family firms are more concerned about non-tax costs than non-family firms in deciding whether to change their dividend policies in response to the tax reforms.