除權除息交易與兩稅合一之租稅規避
Other Title
Transactions before and after Ex-dividend Days and Tax
Avoidance under the Imputation Tax Credit System
Avoidance under the Imputation Tax Credit System
Date Issued
2002
Date
2002
Author(s)
DOI
902416H002009
Abstract
On January 1st 1998, Taiwan adopted the imputation tax credit system to integrate
individual income tax and business income tax. Under the new system, investors with high
personal income tax rates may sell out their stocks before the ex-dividend day and buy them
back afterwards to avoid additional tax burdens. On the other hand, investors with low
income tax rates may buy stocks earlier and sell them out after the ex-dividend date to earn
excess stock returns. These trading strategies may cause the government to lose substantial
tax revenue from the high tax rate investors, and to refund business income tax to the low tax rate investors. Having empirically examined the Taiwan stock market data from 1999 to
2001, this research finds that there are substantial increases in trading volumes during periods
before and after the ex-dividend date. The regression results also support the hypothesis of bargain hunting. However, these abnormal trading volumes are not significantly correlated with firm sizes or tax credit ratios.
Subjects
ex-dividend
tax avoidance
imputation tax credit ratio
bargain hunting
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
report
File(s)![Thumbnail Image]()
Loading...
Name
902416H002009.pdf
Size
409.5 KB
Format
Adobe PDF
Checksum
(MD5):570e363b7098f1b98b89c044d5109818