“两税合一”对台湾上市公司股利税资本化的影响

本文以1994～2001年两税合一税制实施前后的台湾上市公司为样本，运用Harris-Kemsley股利税后收益模型，探讨所得税制改革对权益投资者收益的影响，以及两税合一税制的实施对股利税资本化的影响。实证结果表明：两税合一税制实施前，台湾上市公司的末分配盈余与其股利税资本化程度负相关，即股利税资本化效果存在；两税合一税制实施后，台湾上市公司的股利税资本化程度低于两税合一前的程度。

Impact of Integrated Income Tax on Capitalization of Dividend Tax

The author takes as example Taiwan listed companies before and after implementation of integrated income tax during the period of 1994-2000. The Harris-Kemsley model on post-tax income is used to analyze the impact of taxation reform on investor profit and that of integrated taxation system on capitalization of dividend tax. Case studies reveal that, before implementation of integrated income tax, pre-dividend payment corporate income is uncorrelated to the level of capitalization of dividend tax, namely the effect of dividend tax capitalization is found. Since integrated income tax was implemented, the level of dividend tax capitalization lowers down.