股利稅資本化與股價反應：來自臺灣資本市場的見察

Dividend Tax Capitalization and Stock Price Reactions: Insights from Taiwan’s Capital Markets

本研究以2001年臺灣《公司法》第238條被廢除為事件，探討股利稅資本化對股價的影響。此項法規變革要求企業決定是否將資本公積轉入保留盈餘，從而提高企業發放現金股利的能力，同時保持其他財務因素（如獲利能力、現金流與財務狀況）不變。研究結果顯示，在第238條廢除前後，股票價格出現負向反應，特別是對於那些有較多資本公積可轉入保留盈餘的企業。此外，過去三年股利配發率較高的企業，其股價跌幅更為顯著，這表示投資人已將未來現金股利發放增加而帶來的預期稅負納入股價評估。透過分析此項直接影響企業股利分配能力的稅制變革，本研究為關於租稅政策對股票價格決定作用的討論提供實證貢獻。同時，本研究為政策制定者在考量未來稅制改革時提供寶貴見解，並為企業在臺灣及其他具有類似稅制的地區規劃股利政策時提供參考。

We investigate the impact of dividend tax capitalization on stock prices by the event of the 2001 repeal of Article 238 of the Taiwan Company Act. This regulatory change required firms to decide whether to transfer capital reserves to retained earnings, effectively increasing their ability to pay cash dividends while holding other financial factors, such as profitability, cash flow, and financial health, constant. Our findings reveal a negative stock price reaction during the period surrounding the repeal of Article 238, particularly for firms with larger transferable capital reserves. Additionally, stock prices declined more sharply for firms with higher payout ratios over the previous three years, suggesting that investors incorporated the expected tax burden associated with increased dividend distributions into stock prices. By analyzing this tax policy change, which directly influenced firms’ability to distribute dividends, this study contributes to the broader discussion on the role of taxation in stock price determination. It also offers valuable insights for policymakers considering future tax reforms and for firms determining dividend policy in Taiwan and other jurisdictions with similar tax structures.