利用分量迴歸驗證最低稅負前後隱含稅負效果之研究

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Title:	利用分量迴歸驗證最低稅負前後隱含稅負效果之研究
Authors:	黃柏堯
Contributors:	會計學系
Keywords:	最低稅負制隱含稅負分量迴歸
Date:	2010
Issue Date:	2011-11-02 15:19:41 (UTC+8)
Abstract:	本研究驗證最低稅負制實施前後對隱含稅負之影響，比較OLS迴歸與分量迴歸分析，對股票稅前報酬率與證券交易所得、研究發展費用是否存在隱含稅負成本。以我國2003年至2008年上市櫃公司為研究樣本。研究結果顯示，最低稅負制實施前，證券交易所得、研究發展費用與調整風險後股票稅前報酬率呈現顯著負相關，符合隱含稅負理論之預期，最低稅負制實施後，證券交易所得、研究發展費用與調整風險後股票稅前報酬率之負向幅度減弱，反映最低稅負制實施有效減少隱含稅負成本。　　　本研究也發現，在調整風險後股票稅前報酬率百分之五十和九十分位水準下，公司負擔隱含稅負成本較顯著，其他分量水準下並不存在隱含稅負效果，表示OLS迴歸分析無法呈現準確負擔隱含稅負成本之情況。 This thesis studies the impact of Taiwan’s Alternative Minimum Tax on im-plicit taxes, applying an OLS linear regression model and the quantile regression analysis. The sample consists of 594 Taiwan’s listed corporations, covering the period from 2003 to 2008. The estimated results showed that before the implementation of the Alternative Minimum Tax, gains from transaction in securities, research and development expenses and risk-adjusted pre-tax return of the stock carried a signifi-cant negative correlation, consistent to the expectations from implicit tax theory. With the enforcement of the Alternative Minimum Tax, the negative association among gains from security transaction, research and development expenses and risk-adjusted pre-tax return of the stock still existed but of a lower magnitude. The Alternative Minimum Tax lowered the effect of tax-saving measures thus the size of the implicit tax. This study also found that risk-adjusted pre-tax return in the fifty percent and ninety percent quantile of the sample companies paid significant implicit taxes where for other quantiles, no implicit tax effect was found. The OLS regression model may not provide an accurate estimation of implicit tax for our sample.
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