所得稅賦是企業資本支出之重要考量因素，本文主要探討2018年未分配盈餘稅由原本的10%降至5%是否能讓企業增加資本支出以達到政策預期之效果，本研究採用2017至2018年之資料比較稅改前後未分配盈餘稅對企業資本支出的影響，本文利用稅後未分配盈餘變動作為稅率調降對資本支出影響之中介變數。實證結果顯示稅後未分配盈餘變動率對資本支出呈顯著正相關代表未分配盈餘稅調降會使資本支出增加。
Income tax is critical in making capital expenses decisions. This essay outlines the impact on capital expenditure from reduction of tax on retain earnings from 10% to 5%. Data from 2017 to 2018 in listed stocks in Taiwan is acquired to estimate the effects on retain earnings prior to and after tax reform. The change was used as the independent variable on Capital expenditure. The result indicates that the event of reduction in tax retain earnings is positively correlated to capital expenditure. As a result, a tax reduction on retain earnings would increase the business capital stock in Taiwan.
