復徵「空地稅」政策對營建業股價影響之研究

The Research of the Effects on Recollecting Vacant Land Tax on Stock Price of Building Trade

陳化明(Hua-Ming Chen)

指導教授 ： 莊孟翰

淡江大學/管理學院/全球華商經營管理數位學習碩士在職專班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00535

摘要

由於國內近年來不動產價格有偏離合理價格的情形，因此政府推出多項導引房地產市場回歸正常化政策，例如復徵「空地稅」政策。但是政府的復徵空地稅政策對營建業而言屬負面訊息，其對營建業股價將產生負面之衝擊。因此本研究探討此次復徵「空地稅」政策對營建業產之影響，及此一政策是否會對對營造公司與建設公司產生相同程度之影響。
實證結果顯示上市營建業38家公司於宣告復徵空地稅前後15日的單日日平均異常報酬率及自宣告復徵空地稅前15日起之累積平均異常報酬率大多為負數，特別是在宣告日當日的單日日平均異常報酬率達-0.8909%，宣告前後15日整體累積平均異常報酬率則達-8.5045%。28家上市建設公司確實亦會受復徵空地稅訊息之影響，宣告復徵空地稅當日的單日日平均異常報酬率達-0.8404%；復徵空地稅宣告前後15日整體累積平均異常報酬率為-5.3721%。10家上市營造公司在宣告日當日的單日日平均異常報酬率達-1.0325%；復徵空地稅宣告前後15日整體累積平均異常報酬率則高達-17.2669%。此外，檢視上市營造公司與上市建設公司對此次空地稅復徵宣告之反應，宣告日當天上市營造公司所受之負面衝擊與上市建設公司間並無顯著之差異，但是復徵空地稅宣告前後15日整體累積平均異常報酬率上市營造公司所受之負面衝擊則顯著大於上市建設公司。

關鍵字

空地稅 ； 建設公司 ； 營造公司 ； 營建業 ； 異常報酬

並列摘要

The empirical results show that most of the daily average abnormal returns from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax, and the average cumulated abnormal returns which are calculated from15 days before the announcement of recollecting the vacant land tax are significantly negative. The average abnormal return at the day of recollecting the vacant land tax announcement made is -0.8909%. The average cumulated abnormal return from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax is -8.5045%.

The wealth of stockholders of 28 public listed development companies is affected by announcement of the vacant land tax recollection policy. The average abnormal return of 28 public listed development companies at the day of recollecting the vacant land tax announcement made is -0.8404%. The average cumulated abnormal return of 28 public listed development companies from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax is -5.3721%.

The average abnormal return of 10 public listed construction companies at the day of recollecting the vacant land tax announcement made is -1.0325%. The average cumulated abnormal return of 10 public listed construction companies from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax is -17.2669%.

In addition, there is no significantly different between the average abnormal return of 10 public listed construction companies and the average abnormal return of 28 public listed development companies at the day of recollecting the vacant land tax announcement made. But the average cumulated abnormal return of 10 public listed construction companies from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax is significantly less than the average cumulated abnormal return of 28 public listed development companies from 15 days before the announcement of recollecting the vacant land tax to 15 days after the announcement of recollecting the vacant land tax.

並列關鍵字

Vacant Land Tax ； Development Companies ； Construction Companies ； Construction and Development Industry ； Abnormal Returns

參考文獻

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