兩稅合一之實施對股東結構及投資行為之影響

Abstract

兩稅合一之實施是我國稅制上一大變革，不但可免除股利所得重複課稅之缺失，亦可避免租稅制度扭曲企業融資決策之狀況，但兩稅合一之規定中，公司間轉投資免稅之規定卻可能導致股東另行設立公司持有標的公司股票以規避稅負之行為發生，從而導致公司股東結構之變動。 故本研究以此一角度切入，針對我國上市公司股東結構進行研究，探討兩稅合一制度實施前後國內上市公司股東結構之變化及控制股東持股型態之轉變，研究結果發現兩稅合一實施後我國上市公司全體法人股東持股比例上升，本國公司法人股東持股比例上升，個人股東持股比例下降，且兩稅合一實施後，我國家族集團上市公司之控制股東確實有將持股型態由個人轉為法人之傾向。 由本文實證結果可知，兩稅合一實施後我國上市公司股東結構確實出現顯著變化，顯示租稅制度確實可能影響投資人之持股決策，建議主管機關建立更完善之租稅制度，以避免租稅制度扭曲投資人之投資決策。

Tax integration is one of the most important tax reforms in Taiwan. In the past, dividend income must be taxed twice：in the corporate stage and in the personal stage. But after tax integration on the first of January 1998, the corporate income tax is viewed as tax credit when stockholders file their personal income tax. This regulation removed the unfair taxation and thus increased the financing flexibility of corporations. However, there still allows some tax saving methods. For example, when a corporation gets dividends from another corporation, this dividend income is not taxed according to the income tax law. This regulation makes tax savings possible: an investor may incorporate an investment company and invest other corporations through this company. The purpose of this study is to investigate the stockholders’ investment behavior and corporate ownership structure change after tax integration. The empirical results show that after tax integration, the institutional investors’ holdings increased while individual investors’ holdings decreased. In the mean time, major shareholders tended to transform their holdings from individual form into corporation form.