立法院於99年5月28日三讀通過，自99年度起，營所稅稅率由25%調降為17%。由於該稅率變動，將擴大企業營所稅與股東綜所稅兩稅差距，促使公司考量高稅率股東之利益而降低股利發放率，然而此種租稅規避之行為將影響低稅率股東獲配股利之權益且造成國家稅收之損失。本研究之目的在於探討營所稅調降對公司股利政策之影響，並檢視大股東是否考量己身租稅負擔而左右公司之股利政策。實證結果顯示營所稅調降後，公司之總股利發放率及現金股利發放率均顯著減少，而股票股利僅替代部分現金股利故並未顯著提高。此外，實證結果亦顯示大股東持股比率越高之公司，其現金股利發放率越低而股票股利發放率越高，總股利發放率則因抵銷效果而未顯著較低。本研究亦進一步檢測營所稅調降後大股東對股利政策之影響，然因受限於研究期間及研究樣本，實證結果並不如預期。

On May 28, 2010 Taiwan’s Legislative Yuan passed an amendment to the Income Tax Act, lowering the corporate income tax from 25% to 17%. The amendment has taken effect on January 1, 2010. Since the tax rate change increases the tax rate difference between corporate income and individual income, corporate managements may take the profit of high tax rate shareholders into account and decrease dividend. However, such tax avoidances not only attack dividend profit of shareholders with low marginal tax rate but cause the government to lose substantial tax revenue. The objective of this study is to investigate the effects of corporate income tax reduction on dividend policy and to examine whether large shareholders exercise their power over dividend policy for their individual tax situations. The evidences presented support that the corporate income tax reduction resulted in a significant decrease in the level of total and cash dividend payout ratio; nevertheless, it resulted in an insignificant increase in the level of stock dividend which substitute for a portion of cash dividend. Besides, the empirical results also show that companies with the larger shareholders, the lower the cash dividend payout ratio but the higher the stock dividend payout ratio. Because of offset effect, the total dividend payout decrease insignificantly. When put the impact of the corporate income tax reduction and the power of large shareholders into further consideration, the results which blame on limited data, both time and object, are inconsistent with the expectation.

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