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標題: | 2017年美國稅改之一次性匯回稅對企業決策之影響 The Effect of The One-time Repatriation Tax on Corporate Decision: Evidence from The Tax Cuts and Jobs Act of 2017 |
作者: | Hung-Jaw Wei 洪肇偉 |
指導教授: | 高偉娟(Wei-Chuan Kao) |
關鍵字: | 減稅及工作法案,盈餘匯回,庫藏股買回,研發支出,內部資金市場, Tax Cuts and Jobs Act,Earnings repatriation,Stock repurchase,R D,Internal capital market, |
出版年 : | 2021 |
學位: | 碩士 |
摘要: | 本研究旨在探討2017年美國《減稅及工作法案》之一次性匯回稅對公司支出決策之影響。美國在2017年開始實施《減稅及工作法案》(The Tax Cuts and Jobs Act H.R. 1,以下簡稱「TCJA」),其內容規定企業於稅務改革前所賺取的未匯回境外盈餘,在稅務改革後視為已匯回,課徵一次性稅負,並將現行屬人主義稅制改為屬地主義,將來不再針對企業境外之盈餘課稅,此對於企業而言,企業將大幅減少內部市場利益衝突,以更低的成本取得境外資金,供位於美國之企業總部加以規劃使用。茲為了解此改革法案對美國企業決策造成之影響,本研究特別進行各項深入研究,藉以明瞭公司在內部資金成本大幅下降之際,是否增加了特定項目之支出。 本研究所針對之樣本對象係西元2015年至2018年之美國跨國公司,本研究利用這些樣本,探究在TCJA實施後,認列較多一次性匯回稅之公司,相較於認列較少一次性匯回稅之公司,其庫藏股買回與研發支出所增加程度之差異。本研究透過「差異中之差異估計法」進行迴歸測試,實證結果顯示,受TCJA影響而認列較多一次性匯回稅之公司相較於較少之公司,其庫藏股買回金額有較高現象,但在研發支出中並未發現明顯差異。本研究進一步發現,TCJA 實施對於現金持有波動度較高及法案實施年槓桿比率較低之公司,所影響的庫藏股買回程度則較為顯著;另一方面,亦發現 TCJA實施對於現金持有波動度較低及法案實施年槓桿比率較高之公司,所影響的研發支出較為顯著。此外,本研究亦進行安慰劑測試及額外測試,以強化實證分析結果。 本研究前述分析結果顯示,此次稅改關於境外盈餘匯回之政策,雖成功使資金回流,惟對於刺激國內投資的效果有限,此可供政府於未來制定相關政策時,參考使用。 This study examines the effect of the one-time repatriation tax on corporate expenditure decision under the 2017 Tax Cuts and Jobs Act (TCJA). The TCJA intend to reduce multinational firms’ internal capital market frictions through a deemed repatriation of unremitted foreign earnings and eliminating future repatriation tax costs. This change in the U.S. corporate tax system permanently reduces repatriation costs and gives multinational firms access to lower cost internal capital, which may also create impact on their expenditure decision. Using a sample between 2015 and 2018, this study examines how the number of one-time repatriation tax affects corporate expenditure on repurchase and R D expense under the TCJA. A difference-in-differences analysis indicates that a firm with higher one-time repatriation tax has significantly increased in repurchase, but no sighificantly increase in R D expense under the TCJA. Additonally, this study finds that the repurchase are stronger for firms with higher volatility in cash holdings and lower leverage ratios during the year the TCJA released. On the other hand, this study also finds that the R D expenses are stronger for firms with lower volatility in cash holdings and higher leverage ratios during the year the TCJA released. The results remain robust to placebo test checks and additional tests. Overall, this study shows that a firm with higher one-time repatriation tax has significantly increased in repurchase but no sighificantly increase in R D expense under the TCJA. It demonstrates that the policy only brings back the unremitted earnings, but has limited effect on boosting domestic investment without related stimulation. The findings should be helpful for the government in setting a new policy. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8520 |
DOI: | 10.6342/NTU202100326 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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U0001-0102202115003700.pdf | 1.92 MB | Adobe PDF | 檢視/開啟 |
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