本文藉由迴歸實證之方法檢測在2014年財政部宣布股東可扣抵稅額由「完全設算扣抵制」改為「部分設算扣抵」前後，我國上市公司之個別股票稅前報酬率受隱含稅負之影響，並進一步針對個別公司股票之殖利率高低及過內自然人股東持股比率之高低進行分組測試。本文之實證結果顯示，2014年稅改後之個別公司發放股利所含之股東可扣抵稅額比率與風險調整後之股票稅前報酬率呈顯著正向關係，表示在控制個別公司股票風險及獲利能力差異後，個別公司股票報酬所受隱含稅負影響的幅度，因稅改而有所降低，符合隱含稅負理論之預期。本文亦發現，高殖利率股票在稅改前後所含之股東可扣抵稅額對調整風險後股票稅前報酬率變動之幅度，較低殖利率股票明顯。經額外測試發現，自然人持股比率較高之公司其股票稅前報酬率亦呈現明顯之變動。整體而言，本文之研究證實隱含稅負理論於我國上市公司股票市場之應用。

Using regression method with two-year data, this paper investigates the implicit taxes of corporate dividends and imputation credits within the period of the tax reform in 2014. The results show that the dividends received deduction rate included in the dividends paid by individual companies after the tax reform in 2014 has a significant positive relationship with the risk-adjusted stock pre-tax rate of return. This indicates that the implicit tax burden on companies’ stock returns is reduced due to tax reforms, which in line with the expectations of the implicit tax theory. I also find that the relationship states above would be more evident in the series of regression by classifying date with dividend-yield rate and individual shareholding ratio.Overall, the research confirms the application of the implicit tax theory to the stock market of listed companies in Taiwan.

邱士豪、余俊憲與王怡心，2016，稅制改變對股利政策之影響―以可扣抵稅額減半為例，財稅研究，第四十六卷，第2期：31-51。
陳明進，2006，股利所得及股東可扣抵稅額隱含稅之實證研究，證券市場發展季刊，第二十卷，第3期：80-117。
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