The Relationship between Halved Imputation Tax Credit and Capital Reduction By Cash：Company Characteristics difference

• Main Authors: CHIU,MENG-YANG, 邱孟揚
• Other Authors: CHO,CHIA-CHING
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/zj923j

碩士 === 國立中正大學 === 會計與資訊科技學系碩士在職專班 === 105 === Application for the imputed tax credit of resident individual and foreign shareholders has been halved since January 1, 2015. The tax bracket of individual income tax has been amended from five level to six and the tax rate has raised to 45% from 40%. The new regulation has set up for the net consolidated income exceeding 10 million, the exceeded part shall be applicable to the tax rate of 45%. This study focuses on whether the company implement cash distribution for the major shareholders’ imputation tax credit in the new tax system. Furthermore, analyze firm characteristics of listed companies have made cash distribution declaration to Securities and Futures Bureau, Financial Supervisory Commission from 2015 to 2016 by Logistic regression. The empirical results show that the companies with higher proportion of major shareholders in the board, higher scale and higher developing opportunity apt to adopt the strategies of cash distribution. This indicates that the factor of the major shareholders’ individual income tax will affect the strategies. In addition, the growth rate of net value has significant negative correlation with the strategies of cash distribution. When the scale of company reaches a certain degree, the industry it belonging to has become mature and the market has reached saturation point. The company tends to implement cash distribution to improve when the growth rate of net value declines. Key words: Integrated Income Tax System、Imputation Tax Credit、Cash Distribution、Company Characteristics