國立中正大學高階主管管理碩士在職專班 摘 要 在金融市場全球化的時代,如何吸引資金進入台灣股票市場,創造高週轉率及波動率一直是近年來重要的議題,以2012年台灣股票市場成交量來觀察,第二季與第三季日均量皆較第一季減少約三成,不僅導致台股指數無法突破、證交所營收也只接近損益兩平,成交量的低迷不僅對國家稅收造成衝撃,對台灣整體經濟成長與發展更是一大考驗。近年來造成股市成交量低迷的因素投資大眾皆指向證所稅的課徵,但也有另一派學者專家持不同看法,例如陳如芳(2000)在其證券交易所得稅對證券市場之影響研究中指出,證券市場對於課徵證所稅的反應並不如一般大眾想像中嚴重,其影響僅表現短期的宣告效果上。而為提高台灣股票市場成交量,主管機關紛紛祭出各種刺激方案,但究竟何種因素是投資人認為對台灣股票市場成交量最具影響程度的呢? 本研究依1993~2012年台灣股票市場重大事件對台灣股票市場成交量影響程度做問卷調查,此份問卷共可分為十四類重大事件,其中涵蓋了台灣股票市場內、外部環境影響因素。本研究針對每一類事件去進行Tamhane's T2事後檢定,探究各類事件對台灣股票市場成交量影響差異程度,研究結果如下: 一、各不同類重大事件確實會造成台灣股票市場成交量不同程度的影響。 二、以個別影響程度來比較,分析出「股市穩定措施」的影響強度高於「國內 人物記事」,其餘各類事件間則無明顯的強度比。
In the era of globalization of financial markets, and how to attract funds into the Taiwan an stock market, creating high turnover rate and the voatility of recent yaars has been an important issue, In 2012 to observe the Taiwan stock market trading volume in the second quarter and the third quarter of the average daily volume over the first quarter were reduced by about thre percent, not only led TAIEX not break, SET revenues approaching breakeven only, volume downturn impact not only on the state tax on Taiwan's overall economic growth and development is a big challenge. In recent years, the factors that caused the stock market downturn in volume are pointing to evidence that the investing public taxes levied, but there are also other faction scholars hold different views, for example Chenru Fang(2002) in their securities transactions tax on securities market impact study pointed out, for proof of the tax levied on securities market reaction is not as severe imagine the general public, which showed only a short-term impact on the announcement effect. In order to enhance the Taiwan stock market turnover, the authorities have resorted to a variety of stimulus packages, but what the factors are that investors in Taiwan stock market turnover most impact it ? In this study, from 1993 to 2012 according to the Taiwan stock market major events on the Taiwan stock market volume degree of influence do the survey, this questionnaire can be dividd into fourteen categories of major events, which covers the Taiwan stock market, the external environmental factors, the study carried out for each type of event to post Tamhane's T2 test, explore various events affect the Taiwan stock market volume degree of difference, the results are as follows: 一、The different types of events does cause the Taiwan stock market turnover in varying degrees. 二、To compare the degree of influence of indivedual, analysis of "market stabilization measures", impact strength than "domestic character notes", other types of events no significant intesity ratio between.