遺贈稅稅率調降對股價異常報酬之影響－公司治理的觀點

The Effect of Estate and Gift Tax Rate Reductions on Abnormal Stock Returns: A Corporate Governance Perspective

黃延辰(HUANG, YEN-CHEN)

《嶺東學報》 40期 (2016/12) Pp. 143-163

摘要

民國97年10月16日，行政院對喧騰多時之遺產及贈與稅（以下簡稱遺贈稅）課徵稅率終於拍板通過，從原先的10級課稅級距變成單一稅率，原來的最高邊際稅率50%則一次降為賦改會所提五種建議中，最低版本的稅率10%。這是政府首度敲定遺贈稅下調幅度高達80%，變革之大為歷年之最。本文以行政院首度定案遺贈稅稅率調降為10%的消息，進行事件研究。實證結果發現：遺贈稅稅率調降的訊息，確實爲營建相關產業上市公司的股價帶來利多之顯著正向異常報酬，且其異常報酬明顯較對照組的上市電子業大。由於2008 年金融風暴後，民眾對金融商品之風險疑慮大增，因此，遺贈稅調降所吸引回流的資金，預期將優先投資於具保值的不動產，連帶影響營建相關產業獲利水準，成為降稅政策的首先受惠者。再者，以經理人持股比例做為公司治理變數時，營建相關產業公司其經理人持股比例較高者，股價異常報酬顯著大於經理人持股比例較低者。可見，即使是在政府減稅的有利事件下，企業的公司治理良好，也可提升公司價值，使其股價漲幅較大。

關鍵字

遺產及贈與稅 ； 公司治理 ； 租稅政策 ； 事件研究

並列摘要

On October 16, 2008, the Executive Yuan finalized the estate and gift tax rates that had been hotly debated. From a ten-bracket tax rate structure, in which the highest marginal tax rate was 50%, the tax rate structure was revised to a single flat rate of 10%. This decision entailed an 80% reduction in the estate and gift tax rates, marking this as the most drastic tax reform the government has undertaken throughout history. This study conducted an event study on the effect of the aforementioned tax reduction. The empirical results indicated that the news resulted in significant positive abnormal returns on the stock prices of construction-related companies listed in the Taiwan Stock Exchange. In addition, the returns were significantly greater than those of the control group, which also comprised listed electronics companies. Reductions in estate and gift tax rates have mitigated capital flight, in that capital originally invested overseas for evading high estate and gift taxes have returned back to Taiwan. Since the 2008 financial crisis, the public has become skeptical of financial instruments because of their potential risks. The said capital is expected to be invested in the real estate market, because real estate is relatively immune to depreciation; these investments affect the profitability of construction-related industries as they have become the primary beneficiaries of the tax reform policy. Additionally, when the shareholding ratio of managers were used as the corporate governance variable in the analysis of construction-related companies, those companies featuring higher manager shareholding ratios showed significantly greater abnormal returns on stock prices compared with companies with lower ratios. This finding indicated that even though all companies encountered a favorable event such as lowered taxes, companies with superior corporate governance can facilitate higher enterprise value, resulting in greater stock price increases.

並列關鍵字

Estate and Gift Tax ； Corporate Governance ； Tax Policy ； Event Study

參考文獻

沈中華、李建然(2000)。事件研究法：財務與會計實證研究必備。台北:華泰。

汪瑞芝、陳明進、林世銘(2005)。土地增值稅減半政策之事件研究。證券市場發展季刊。17(1)，75-100。

汪瑞芝、陳明進(2009)。最低稅負制對股市反應之實證研究。臺大管理論叢。19(82)，215-248。

周賓凰、蔡坤芳(1997)。臺灣股市日資料特性與事件研究法。證券市場發展季刊。9(2)，1-27。

施恬(2007)。從國際改革趨勢看我國遺贈稅之未來發展。經濟前瞻。112，119-125。