王泰昌2006-07-262018-06-292006-07-262018-06-292000http://ntur.lib.ntu.edu.tw//handle/246246/18373所得稅係我國政府之重要收入來源之一，其稅制之健全與否與施行方式對各層面 都有重大的影響。兩稅合一之精義在於消除營利事業所得稅及綜合所得稅之重複課稅問 題，此為舊有稅制下最為人非議之處，但新制度的採行勢必造成財富重分配的效果，新 制度之採行，將使總稅負大幅降低，而稅收之短缺需透過其他的方式彌補。本研究的目 的並不在於就社會福利的觀點探討此新制的好壞或影響，而在於探討在兩稅合一下企業 之投資決策、融資決策以及股利政策等相關問題。對投資決策最直接的影響在於加權平 均資金成本率的計算將因新制有所不同。融資決策的主要影響在於：企業對使用負債融 資的偏好將會降低，而對股利政策的影響則在於企業將較以往發放更多的股利。過去國 內所有財務管理或投資學教科書的討論均基於舊有的稅制，此舊制度與美國的現行制度 類似，故其內容與美國的教科書幾乎相同，若改採新制度則必然無法參照美國目前的處 理方式而必須發展出適合我國新規定的做法。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.application/pdf72961 bytesapplication/pdfzh-TW國立臺灣大學會計學系暨研究所兩稅合一公司理財融資決策股利政策Tax ImputationCorporate FinanceFinancing DecisionDividend Policyotherhttp://ntur.lib.ntu.edu.tw/bitstream/246246/18373/1/892416H002004.pdf