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研究生: 鄭澤宏
Cheng, Tse-Hong
論文名稱: 遺贈稅改制與公司之現金持有的相關現象
Relevant phenomena of inheritance and gift tax restructuring and the company’s cash holdings
指導教授: 黃嘉威
Huang, Chia-Wei
學位類別: 碩士
Master
系所名稱: 管理研究所
Graduate Institute of Management
論文出版年: 2020
畢業學年度: 108
語文別: 中文
論文頁數: 78
中文關鍵詞: 遺產與贈與稅家族企業預防性動機現金持有現金股利
英文關鍵詞: inheritance and gift tax, family firm, precautionary, cash holding, cash dividend
DOI URL: http://doi.org/10.6345/NTNU202001374
論文種類: 學術論文
相關次數: 點閱:151下載:0
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  • 本文探討遺產及贈與稅在2017年的改制,由2009年的單一稅率制度改成目前的三階段級距對於台灣上市櫃家族企業的影響,是否因為持有現金的預防性動機,平均而言相對台灣的上市櫃非家族企業增加公司的現金持有與增加現金股利的發放。研究先從遺產及贈與稅的制度進行文獻回顧,接著回顧家族企業相關文獻紀錄,最後由公司的現金預防動機相關文獻發展假說。研究資料取自2017年遺產與贈與稅改革的時機點,前後連續兩年的資料,分別取台灣上市與上櫃公司的家族企業為實驗組,台灣上市與上櫃公司的非家族企業為對照組,並且排除了第二上市的公司,即台灣存託憑證。同時也排除了境外公司在台上市的股票,即俗稱的KY股、F-股。研究利用雙重差分法進行分析。最後我們的推論在研究結果中得到了支持。

    This article explores the impact of the restructuring of inheritance and gift tax in 2017, from the single tax rate system in 2009 to the current three-stage grading. Whether Taiwan’s listed and OTC family firms due to the cash precautionary. Relatively increase the company's cash holdings and increase the issuance of cash dividends than Taiwan's listed and OTC non-family firms on average. The research data was taken from 2017 inheritance and gift tax reform, and it was carried out continuously. The research starts with a literature review of the inheritance and gift tax system, then reviews the related literature records of family firms, and finally to the company's cash precautionary using to develope hypotheses. For the two-year data, Taiwan’s listed and OTC family firms were taken as the treatment group, and Taiwan's listed and OTC non-family firms were used as control group, and the second listed company, namely Taiwan Depositary Receipts data also excludes from using data. The stocks of foreign companies listed in Taiwan, commonly known as KY shares and F shares also be taken away from using data. The study uses the Difference in Differences method for regression analysis. Finally, our inference is supported by the research results.

    第一章:研究動機與貢獻 1 第一節、研究動機 1 第二節、研究貢獻 3 第二章:文獻回顧與研究假說 4 第一節、台灣在遺產及贈與稅之改革 4 第二節、遺產及贈與稅對家族企業之影響 6 第三節、持有現金的預防性動機 9 第三章:資料及實證方法 15 第一節、資料的選取與處理 15 第二節、實證方法與模型及預期結果 17 第三節、研究預期之交互作用係數方向 35 第四章:結果與解釋 38 第一節、遺贈稅改制與現金變動率之關係 38 第二節、遺贈稅改制與現金股利發放之關係 39 第三節、遺贈稅改制與處分不動產廠房設備之關係 41 第四節、遺贈稅改制與短期借款之關係 42 第五節、遺贈稅改制與應付短期票券之關係 43 第六節、遺贈稅改制與發行公司債之關係 44 第七節、遺贈稅改制與舉借長期借款之關係 45 第八節、遺贈稅改制與庫藏股之關係 46 第九節、遺贈稅改制與現金增資之關係 47 第五章:結論與建議 48 第一節、研究結論 48 第二節、建議 49 參考文獻 50 英文參考文獻 50 中文參考文獻 51 附錄 52 附錄一、變數定義(應變數) 52 附錄一、變數定義(應變數)續 53 附錄一、變數定義(控制變數) 54 附錄二、相關係數表(應變數∆Cash) 55 附錄二、相關係數表(應變數CD) 56 附錄二、相關係數表(應變數DRPE) 57 附錄二、相關係數表(應變數SB) 58 附錄二、相關係數表(應變數SP) 59 附錄二、相關係數表(應變數IB) 60 附錄二、相關係數表(應變數LB) 61 附錄二、相關係數表(應變數TS) 62 附錄二、相關係數表(應變數ICSC) 63 附錄三、遺產及贈與稅法 64 圖表整理 65 表一、台灣自西元2000年來著名的遺產稅案例 65 表二、2017年遺贈稅改制前後比較 66 表三:贈與稅修改前後對贈與之影響金額 67 表四:各變數之分布型態 68 表五、敘述統計表 69 表六、雙重差分迴歸式:現金變動率 70 表七、雙重差分迴歸式:現金股利發放 71 表八、雙重差分迴歸式:處分不動產廠房設備 72 表九、雙重差分迴歸式:短期借款增加(減少) 73 表十、雙重差分迴歸式:應付短期票券增加(減少) 74 表十一、雙重差分迴歸式:發行公司債 75 表十二、雙重差分迴歸式:舉借長期借款 76 表十三、雙重差分迴歸式:庫藏股減少(增加) 77 表十四、雙重差分迴歸式:現金增(減)資 78

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