復徵證券交易所得稅對台灣股市之影響

謝宜燕(Yi-yen Hsieh)

指導教授 ： 張東生 ； 曹壽民

國立中央大學/管理學院/企業管理學系碩士在職專班/碩士(2014年)

摘要

我國立法院於民國101年7月25日三讀通過所得稅法與所得基本稅額條例修正案，訂定於民國102年1月1日起復徵證券交易所得稅；隔年6月25日，立法院又通過所得稅法部分條文修正案，確立證券交易所稅之課徵方式，並回溯至民國102年1月1日起實施。
本研究主要在探討此次復徵證券交易所得稅對於台灣股票市場之影響，利用多變量重複測量統計分析檢定觀察我國上市、櫃公司股票的股價和成交量，是否會因為證券交易所得稅的課徵而受影響。實證分析結果發現，課徵證券交易所得稅對於台灣證券市場的影響遠低於市場原本的想像，整體證券市場的運作並非會因為課徵證券交易所得稅而造成顯著的影響。

關鍵字

證券交易所得稅 ； 多變量重複測量

並列摘要

On July 25th, 2012, The Ordinance amendments of Income tax and Basic Income amount of Tax was three-reading through by Legislative Yuan and was scheduled to be in effect on Jan 1st, 2013. Thereafter, The Legislative Yuan adopted an Additional Ordinance amendment of Income tax which was retroacted to Jan 1st, 2013 and finally enacted the Security Transaction Income Tax on June 25th, 2013.
According to the above, this study is discussing the impact of levying Security Transaction Income Tax on Taiwan stock markets. The statistic method, Multivariate Repeat Measure, is used for observation on the variation of price and volume of Taiwan listed and OTC companies stocks. After the statistical analysis, it is finally realized that the impact is lower than markets expected and the activity of stock markets has no obvious effect by the Security Transaction Income tax as well.

參考文獻

[1]Feldstein, M. and Yitzhaki, S. “The Effects of the Capital Gains Tax on the Selling and Switching of Common Stocks, ” Journal of Public Economics, p17-36, 1978

[2]Slemrod, Joel “Stock Transactions Volume and the 1978 Capital Gains Tax Reduction,” Public Finance Quarterly, Vol. 10, No. 1, p3-16, 1982

[3] Stiglitz, Joseph E., " Some Aspects of the Taxation of Capital Gains ", Journal of Public Economics 21, p257-294, 1983

一、中文部分

[1] 陳順宇，多變量分析，華泰書局，台北，民國九十四年