2006-08-012024-05-17https://scholars.lib.ntu.edu.tw/handle/123456789/685949摘要：民國95年起我國開始實施「所得基本稅額條例」（及一般所稱之最低稅負制），本計畫的研究目的在於利用上市上櫃公司94年度以前十年之財務報表資料，設算若最低稅負制在以往就已經實施，則將對股東權益報酬率(ROE, Returns on Equity)的影響有多大。在研究方法上，本研究主要將採Ohlson, Hwang and Gupta (2005)之計算方法，計算以十年為期的幾何平均數之股東權益報酬率，觀察「未實施」和「若已實施」最低稅負制對企業及產業股東權益報酬率之影響。 本研究詳細說明Ohlson, Hwang and Gupta (2005)之計算方法，應如何使用於估算台灣企業之多年期平均股東報酬率，因此本研究之研究方法將有助於投資人評估投資於個別公司之長期投資效益，作為投資決策的參考；也可以幫助投資人預估實施最低稅負制對於未來投資報酬率之可能影響。根據本研究之計算結果，實施最低稅負制對各產業平均股東權益報酬率之影響，並不顯著。以最受普遍關注的資訊電子業觀之，該產業的10年年平均報酬率從23.49％略降為23.35％，只有降低0.14％。 <br> Abstract: The Income Basic Tax Act, or the so called the alternative minimum tax (AMT) system, has been in effect since 2006. This research investigates the impact of AMT upon the rate of returns on stockholders’ equity (ROE). The research sample will consist of companies listed in Taiwan Stock Exchange and traded over-the-counter (OTC). We follow Ohlson, Hwang and Gupta (2005) to use a ten-year geometric mean approach to examine the potential changes in ROE, assuming that the AMT had been adopted ten years ago. The research may provide the investing public a new approach to evaluate their long-term investment performance, and to estimate their changes in ROE caused by the AMT. According to our findings, the impact of AMT on investors’ rate of return is rather small. For example, the information industry’s average annual ROE would have slightly reduced from 23.49% to 23.35% had the AMT been implemented during the 1996 to 2005 period.所得基本稅額最低稅負投資報酬率租稅政策Income Basic Tax Actalternative minimum taxreturn of investmenttax policy