兩稅合一對公司投資及融資決策的影響

Abstract

Income tax has been one of the most importance source of government revenue for long. The soundness of the tax system and the way to implement the system have tremendous impacts on every aspect of the economy. The purpose of the tax imputation is to eliminate the double taxation phenomenon under the old system, which has been criticized by both the academicians and practitioners. However, the implementation of the new system will unavoidably cause some wealth redistribution effects. Reduction in revenue from income tax must be compensated by the increase or imposition of other taxes. Rather than focusing on the income redistribution effect, the purpose of this research is to study how we should revise the weighted average cost of capital formula under the new system and the ensuing changes in optimal financing decision and dividend policy. Even though many countries have adopted the system for long and have developed ways to deal with this, yet the system in those counties are not quite the same as that we adopts. For example, the retained earnings must be taxed at the ten percent rate in our system. It is thus important to study how the theories should be revised for this new rule.