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證券交易所得稅之宣告效果-以台灣集中市場為例 = The Announc...

國立高雄大學高階經營管理碩士在職專班(EMBA)

證券交易所得稅之宣告效果-以台灣集中市場為例 = The Announcement Effect of Capital Gains Tax In Taiwan Stock Exchange Market

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	The Announcement Effect of Capital Gains Tax In Taiwan Stock Exchange Market
作者:	王芊云,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2013[民102]
面頁冊數:	85面圖，表格 : 30公分;
標題:	證所稅
標題:	capital gains tax on stock exchange
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/35885245347841664371
附註:	參考書目：面77-78
附註:	102年10月31日公開
摘要註:	台灣政府於2013年起將對證券市場交易課徵所得稅。回顧過去，台灣股市先後於1973到1974年間及1989年等有兩次宣佈課徵證所稅而後又緩徵失敗的案例，這對當時的股市交易帶來重大的影響，股價指數也嚴重下跌。因此，本研究企圖探討政府於2012年初宣告課徵證券交易所得稅政策消息曝光後，對於股市之股價與交易行為在三個月內、四到九個月及九個月內的影響。本研究以上市公司之高、低週轉率和大、小規模公司等幾種不同的投資組合，採用事件研究法和變異數分析等統計方法來進行分析，以比較宣告課徵證所稅的效果之間的異同性。經由實證結果，本文發現宣告課稅的事件期間內，對大規模公司的股價會有顯著負向異常報酬的現象，因此宣告效果存在。但在高、低週轉率和小規模公司的股價方面，則並未有立即快速地反應負向的消息，所以宣告效果並不存在。另外，本文也發現宣告課稅後的三個月內期間對大規模公司的交易量是呈現明顯萎縮，具有宣告效果；而在宣告課稅後的四到九個月和九個月的期間內，各類不同投資組合之交易量也呈現明顯萎縮的情況，具有宣告效果。另外，在股價報酬率方面，則發現在宣告後四到九個月和九個月內的期間中，所有投資組合的平均股價報酬率並未存在顯著的差異性，宣告效果並不存在，但在宣告後三個月內則僅高週轉率公司的股票，其平均報酬率存在明顯的差異，具有宣告效果。根據以上結果，本研究因而推論宣告課徵證券交易所得稅將使市場交易行為產生變化，交易量明顯萎縮，致使股市流動性降低。 Taiwan's government will levy capital gains tax on securities transaction from 2013. In retrospect, the Taiwan stock market has announced twice, one in 1973-1974 and the other in1989, the income tax policy but shortly abandoned it, which has brought significant impacts on the market. The stock index declined sharply in both events.This study attempted to investigate the policy announcement effect of income tax, released in early 2012, 3 months, 4-9 months and 9 months afterwards on stock market trading behaviors. We investigate similarities and differences before/after the declaration of stock income tax for different portfolios of listed companies with high and low turnover rates, large- and small-firm combinations using event study method, ANOVA (analysis of variance) and other statistical methods. According to empirical results, we found that the company's share prices of large-scale firms had significantly negative and abnormal returns during the period of the declaration of stock income taxation, and therefore, the effects of such declaration did exist. However, the share prices of high and low turnover rate and small-scale companies cannot respond to this negative news immediately, so the declaration effect did not exist.In addition, this article also found that the transaction volume was remarkably shrunk for the large-scale companies during 3-month period of time after the taxation declaration, and this also implied the effect of the declaration. Meanwhile, the transaction volume was also remarkably shrunk for different combinations of large- and small-scale firms during 4- and 9-month period of time. This also implied the significant effects of the taxation declaration. However, in the aspect of the stock return rate, all of the average portfolio stock returns showed no significant diffenerce during 4- and 9-month period of time after the taxation declaration, and no significant effect was inferred by the declaration. However, only the high turnover rate companies whose the average stock return rate were significantly different in 3 months after the declaration which implied the existence of announcement effects.According to the findings above, we infer that the announcement of capital gains tax on stock exchange will cause pattern alternation of market transaction and trading volume shrinking significantly, and finally results in descending market liquidity.

證券交易所得稅之宣告效果-以台灣集中市場為例 = The Announcement Effect of Capital Gains Tax In Taiwan Stock Exchange Market
王, 芊云

證券交易所得稅之宣告效果-以台灣集中市場為例 = The Announcement Effect of Capital Gains Tax In Taiwan Stock Exchange Market / 王芊云撰 - [高雄市] : 撰者, 2013[民102]. - 85面 ; 圖，表格 ; 30公分.
參考書目：面77-78102年10月31日公開.
證所稅capital gains tax on stock exchange

證券交易所得稅之宣告效果-以台灣集中市場為例 = The Announcement Effect of Capital Gains Tax In Taiwan Stock Exchange Market
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