本研究主要目的係透過「事件研究法」來探討有關員工分紅配股租稅政策之修改訊息之發布,是否對國內發放員工分紅配股的上市資訊電子業公司之股價報酬造成異常之影響。並以迴歸模式檢驗累積異常報酬與員工分紅配股比例之相關性。 本研究經實證發現,在三個事件期間中,第一及第三個事件期中發現以實價八成課稅之不利訊息發布後,確實對股票市場造成負向之異常報酬率。而第二個事件期中發現以面額課稅之有利訊息發布後,股票市場對資訊電子業股價雖未達顯著水準,但亦產生了正向的累積異常報酬率。 此外,本研究亦發現,當員工分紅配股實價八成課稅之不利訊息公佈後,員工分紅配股比例較高的公司,其股票之累積異常報酬率與員工分紅配股比例較低的公司並無顯著差異。當員工分紅配股面額課稅之利多訊息公佈後,員工分紅配股比例較高的公司,其股票之累積異常報酬率顯著並且高於員工分紅配股比例較低的公司。
The main purpose for this research focuses on if the revised message of taxation policy of the employee bonus shares may cause exceptional influence on the stock returns of the electronics industry companies. And the Regression Model is adopted to examine the proportional relevance of the cumulative abnormal returns and employee bonus shares. The research discovers that, among the three events, the first and third events of levying 80% of the actual price traded create the negative influences on the stock market. On the contrary, the second event of levying the par value leads to the positive influence on the stock market. Moreover, the research also discovers when the issue of levy 80% of the actual price traded, the cumulative abnormal returns has no remarkable differences between the high employee bonus share companies and the low employee bonus share ones. Whereas, the levy based on par value makes the differences between the high employee bonus share companies and the low employee bonus share ones.