本文透過我國2018稅改前後之資料，以羅吉斯二元選擇模型實證研究稅改前有效稅率水準對於該公司稅改之後增加股利分配比率之機率的影響，該影響取決於兩種效果，分別為負的股利補發效果與正的稅負態度效果。根據我國符合條件之1,017間上市櫃公司得出之實證結果呈現出稅改前有效稅率水準對稅改後增加股利分配比率之機率呈正向影響。該結果隱含正的稅負態度效果大過於負的股利補發效果。
其他重要實證結果包括股東權益報酬率之變化為股利分配政策變化之重要影響因子，呈現負相關，顯示若資金留於公司交由公司進行運用達成之報酬率降低，公司決策者將傾向增發股利。另外，重工業之代理問題顯著影響股利分配政策之變化，若公司持股10%以上之大戶及董監事持股股數上升，大股東對公司之控制程度越高，可能基於公司再投資之需求，使得公司增發股利之機率降低。

Based on the data before and after Taiwan's tax reform in 2018, this article uses Logit Model to study the effect of the effective tax rate level before the tax reform on the probability of the company raise their dividend distribution ratio after the tax reform. The impact depends on two effects, respectively for the negative dividend reissue effect and the positive tax attitude effect. According to the empirical results of 1,017 qualified listed companies in Taiwan, the effective tax rate level before the tax reform has a positive effect on the probability of increasing the dividend distribution ratio after the tax reform. This result implies that the tax attitude effect is much greater than the dividend reissue effect.
Other important empirical results include that the change in the return on equity is an important factor affecting the change in dividend distribution policy, showing a negative correlation, indicating that if the funds are left in the company and handed over to the company for use to achieve a lower return rate, the company's decision makers will tend to issue additional dividends. In addition, the agency problem of the heavy industry has significantly affected the changes in dividend distribution policies. If the company holds more than 10% of the company’s shares and the number of shares held by the directors and supervisors increases, the greater the degree of control of the company by the major shareholders, which may be based on the company’s reinvestment needs, will reduces the probability of the company issuing additional dividends.

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