證券交易所得稅的實施及對資本市場的影響

The Impact of the Implementation of the Securities Transaction Income Tax Act on the Captial Market

姚濬議(Chun-Yi Yao)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2013年)

https://doi.org/10.6840/cycu201300807

摘要

摘要

為符合租稅公平原則及縮小貧富差距目標，政府所研議之證券交易所得稅法案於去(101)年立法院三讀通過並經總統公布施行後，此後將對於證券交易所產生之資本利得展開課稅。本研究以事件研究法探討本次之證所稅法案對資本市場中各產業類股股價之影響，而自證所稅復課之議題拋出至總統完成法案公布，證所稅法案的各個事件日之期間中，從單日角度來看，的確對資本市場之全體產業類股造成顯著的負報酬影響，差別只是各產業對於證所稅法案推出的反應快慢及反應強烈程度不同而已。
至於如從各事件日期間中來看各產業對證所稅之累積效果反應，則較明顯的為生技醫療產業及大部分電子產業較有累積的效果；一般而言，傳統產業相較電子產業其累積反應較不明顯。除部分的傳產如觀光、汽車、航運等，可能基於自身行業特行，其累積效果反應較大，而亦有部分傳產產業如水泥、塑膠、紡織纖維、鋼鐵、金融業、貿易百貨及化學等產業，則對證所稅法案之推行無顯著之累積效果。

關鍵字

證券交易所得稅 ； 事件研究法 ； 股價報酬

並列摘要

Abstract

In order to match the principle of fair taxation and the goal to decrease the gap between the rich and the poor, the government’s proposal to levy the capital gains tax on securities investment had been passed the third reading by the Legislative Yuan in 2012 and announced to implement by the President at the start of January 2013. The study is to discuss the event impact to the stock prices of all kinds of industries on the capital market in the period starting the announcement of government’s capital gain tax proposal to the end of the President’s formal announcement to implement the tax bill. During the period mentioned, from the single day point of view, the capital gain tax proposal was indeed to have significant negative return to all kinds of industrial stocks listed on the capital market, however, the stock price reaction degree in terms of the reaction speed and the reaction return to the capital gain tax proposal among the industries has some difference.

As for if we take event period into consideration for the accumulation effect of the taxation of capital gains on securities, we have found that bio-tech industry and most electronics industries are more obvious to have accumulation effects. Except for some traditional industries such as tourism, automobile, marine shipping industries, which have their own special industrial characteristics, lead to have more accumulation effect. Generally speaking, traditional industries are less obvious to the accumulation effect of the taxation of capital gains on securities compared to that of most electronics industries. However, part of traditional industries such as cement, plastics, textile and fiber, steel, financials, trading, consumer goods and chemicals have no significant evidence on the accumulation effect to the implementation of taxation of capital gains on securities.

並列關鍵字

stock return ； event study ； securities transaction income tax

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