研究限制與建議

本研究主要，藉由公司於新稅法下是否有合格資本支出，將樣本分為實 驗組及對照組，認為公司若於優惠期間購買合格資產，便擁有較多折舊費用 化選擇之權利，藉以探究，企業於新稅法給予資本支出折舊費用化多元選擇 及彈性，對於其避稅行為之影響。然而，後續研究者，若能繼續取得公司實 際申報稅局，所使用的折舊費用化方法及金額資料，將可獲得更細部的實證 探討結果。

另外，本研究結果指出，於優惠期間前期即投入合格資本支出之公司，

短期而言，稅盾效果增加的比例大於所得增加的比例，此將使得企業之有效 稅率較低，有鑑於稅改為近兩年之新議題，因此本研究尚無法取得長期之現 金有效稅率，後續之研究者，或許可考慮採用較長期之應計有效稅率或現金 有效稅率，繼續探究於優惠年度所投入的合格資本支出，長期而言，對企業 避稅程度的影響。

另外，本研究樣本期間僅涵蓋優惠年度前期，後續之研究亦可對涵蓋優 惠年度期間之樣本進行實證研究，藉以進一步更長期且全面地，觀察稅務改 革下，資本支出折舊費用化政策對於企業避稅程度之影響。

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附錄

附錄一 合格資本支出之衡量範例 SAKER AVIATION SERVICES, INC. （2017 10-K）

For the year ended December 31, 2017, net cash used in investing activities was

$7,158. This amount included purchase of property and equipment of $132,158;

offset by payment of notes receivable of $100,000 and proceeds of $25,000 from the sale of a charter certificate.

ABBOTT LABORATORIES（2018 10-K）

Capital expenditures of $1.4 billion in 2018, $1.1 billion in 2017 and $1.1 billion in 2016 were principally for upgrading and expanding manufacturing and research and development facilities and equipment in various segments, investments in information technology, and laboratory instruments placed with customers.

EQUIFAX INC.（2018 10-K）

Our capital expenditures are used for developing, enhancing and deploying new and existing software in support of our expanding product set, replacing or adding equipment, … and updating or expanding our office facilities.

Capital expenditures in 2018 and 2017 increased from 2017 and 2016, respectively, as we are continuing to invest in enhanced technology systems, infrastructure and data security after the 2017 cybersecurity incident.

CRYOLIFE, INC.（2018 10-K）

Capital expenditures for the twelve months ended December 31, 2018 and 2017 were $5.8 million and $6.6 million, respectively. Capital expenditures in the twelve months ended December 31, 2018 were primarily related to the routine purchases of computer software, manufacturing and tissue processing equipment, computer and office equipment, … to support our business.

STURM, RUGER & COMPANY, INC. （2018 10-K）

Capital expenditures were $10.5 million, $33.6 million, and $35.2 million in 2018, 2017, and 2016, … relate to tooling and fixtures for new product introductions and to upgrade and modernize manufacturing equipment. Due to market conditions and business circumstances, actual capital expenditures could vary significantly from the

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附錄二 合格資本支出（Qualified property）之判斷依據

本研究依據美國稅法 Section 168 定義之合格資產判斷公司是否有合格資產支 出，以下擷取公司合格支出較常見之條例段落，細項說明請見美國稅法 Section 168 Accelerated cost recovery system⁵。

(A) Property has a recovery period of 20 years or less, 5-year property

(i) automobile or light general purpose truck, (ii) semi-conductor manufacturing equipment,

(iii) computer-based telephone central office switching equipment, (iv) qualified technological equipment,

(v) section 1245 property used in connection with research and experimentation,

(vi) solar or wind energy facility

(vii) machinery or equipment which is used in a farming business 7-year property

(i) railroad track,

(ii) motorsports entertainment complex, (iii) Alaska natural gas pipeline,

(iv) natural gas gathering line 10-year property

(i) single purpose agricultural or horticultural structure, (ii) tree or vine bearing fruit or nuts,

(iii) qualified smart electric meter (iv) qualified smart electric grid system.

15-year property

(i) municipal wastewater treatment plant,

(ii) telephone distribution plant and comparable equipment used for 2-way exchange of voice and data communications,

(iii) section 1250 property which is a retail motor fuels outlet,

(iv) initial clearing and grading land improvements with respect to gas utility property,

(v) section 1245 property used in the transmission (vi) natural gas distribution line

20-year property

(i) initial clearing and grading land improvements with respect to any electric utility transmission and distribution plant.

(B) computer software (C) water utility property

(D) a qualified film or television production (E) a qualified live theatrical production

In the case of property which is qualified property shall apply only to the extent of the adjusted basis thereof attributable to manufacture, construction, or production.

5 U.S. Code Title 26. Subtitle A. Chapter 1. Subchapter B. Part VI. Section 168. Accelerated cost recovery system