本文探討遺產及贈與稅在2017年的改制，由2009年的單一稅率制度改成目前的三階段級距對於台灣上市櫃家族企業的影響，是否因為持有現金的預防性動機，平均而言相對台灣的上市櫃非家族企業增加公司的現金持有與增加現金股利的發放。研究先從遺產及贈與稅的制度進行文獻回顧，接著回顧家族企業相關文獻紀錄，最後由公司的現金預防動機相關文獻發展假說。研究資料取自2017年遺產與贈與稅改革的時機點，前後連續兩年的資料，分別取台灣上市與上櫃公司的家族企業為實驗組，台灣上市與上櫃公司的非家族企業為對照組，並且排除了第二上市的公司，即台灣存託憑證。同時也排除了境外公司在台上市的股票，即俗稱的KY股、F-股。研究利用雙重差分法進行分析。最後我們的推論在研究結果中得到了支持。

This article explores the impact of the restructuring of inheritance and gift tax in 2017, from the single tax rate system in 2009 to the current three-stage grading. Whether Taiwan’s listed and OTC family firms due to the cash precautionary. Relatively increase the company's cash holdings and increase the issuance of cash dividends than Taiwan's listed and OTC non-family firms on average. The research data was taken from 2017 inheritance and gift tax reform, and it was carried out continuously. The research starts with a literature review of the inheritance and gift tax system, then reviews the related literature records of family firms, and finally to the company's cash precautionary using to develope hypotheses. For the two-year data, Taiwan’s listed and OTC family firms were taken as the treatment group, and Taiwan's listed and OTC non-family firms were used as control group, and the second listed company, namely Taiwan Depositary Receipts data also excludes from using data. The stocks of foreign companies listed in Taiwan, commonly known as KY shares and F shares also be taken away from using data. The study uses the Difference in Differences method for regression analysis. Finally, our inference is supported by the research results.

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