Tax Policy and Capital Structure - Evidence from Listed Companies in Taiwan

• Main Authors: Si-Yu Yang, 楊希予
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/76z9mp

碩士 === 逢甲大學 === 財稅所 === 100 === The purpose of this study was to find out the impact of capital structure factors on listed companies of Taiwan. Adopting Panel Model, and select high-tech industry 598 companies and traditional industry 190 companies as sample, the years considered are from 2002 to 2010. Then comparison the differences of impact the Alternative Minimum Tax policy on capital structure of Taiwan listed companies factors. The empirical results show that before the Alternative Minimum Tax, effective tax rate of the high-tech industry with total debt ratio and short-term debt ratio to the relationship was significantly positive; after the Alternative Minimum Tax policy, effective tax rate of the traditional industry and debt ratio to the relationship was significantly negative. Size of the traditional industry before and after the regression coefficients are significantly positive in the policy, size of the high-tech industry with short-term debt ratio and long-term debt ratio to the relationship was significantly negative. ROA of the traditional industry and the high-tech industry before and after the regression coefficients are significantly negative in the policy. Growth of the traditional industry and the high-tech industry before and after the regression coefficients are significantly positive in the policy. NDTS of the traditional industry and the high-tech industry with total debt ratio and short-term debt ratio before and after the regression coefficients are significantly negative in the policy; NDTS of the traditional industry before the AMT policy and the high-tech industry before and after with long-term debt ratio the regression coefficients are significantly positive in the policy. CVA of the traditional industry and the high-tech industry with debt ratio before and after the regression coefficients are significantly positive in the policy. RD of the high-tech industry with debt ratio before and after the regression coefficients are significantly negative in the policy.