新制房地合一稅2.0對台灣建材營建股股價影響之事件研究

近年來政府相繼施行打炒房稅賦政策，以杜絕短期炒作不動產，維護居住正義，遏止租稅規避，維護租稅公平，並穩定產業經濟及金融。本研究旨在探討財政部所擬具之所得稅法部分條文修正房地合一課徵所得稅（房地合一稅2.0），藉由事件研究法以瞭解此政策是否對台灣上市建材營建公司股價帶來異常報酬之相關影響，並且以普通最小平方法多元迴歸模型分析營建類股價累積異常報酬率與財務變數和公司治理變數之關聯性。本研究實證結果顯示房地合一稅2.0的宣告對於營建股的平均異常報酬率有延遲正向影響報酬的反應效果，且資產概念股驗證結果並與其營建股相呼應。

Keywords

房地合一稅2.0 ；事件研究法；異常報酬；建材營建類股

Parallel abstracts

In recent years, the government has successively implemented real estate speculation tax policies to eliminate short-term real estate speculation, maintain housing justice, curb tax avoidance, maintain tax fairness, and stabilize the industrial economy and finance. The purpose of this study to explore some provisions of the Income Tax Law proposed by the Ministry of Finance to amend the income tax levied on the integration of real estate and land (House and Land Transactions Income Tax 2.0). Use the event study method to understand whether this policy will affect the share price of listed building materials construction companies in Taiwan. The correlation effects of abnormal returns are analyzed, and the correlation between the cumulative abnormal returns of construction stocks and financial variables and corporate governance variables is analyzed by the ordinary least squares method multiple regression model. The empirical results of this study show that the policy of the combined real house and land tax 2.0 has a delayed and positive effect on the average abnormal return of construction stocks, and the verification results of asset concept stocks the same construction stocks.