為解決房價不當高漲的問題,政府提出許多打房政策予之因應:信用管制、奢侈稅、實價登錄及房地合一政策等。本研究係對房地合一所得稅制政策演變之各事件日進行事件研究,探討該事件對台灣上市公司股票報酬之影響。本文採用事件研究法之市場模式分析在台上市之水泥工業、鋼鐵工業、建材營造業、金融保險業及其他產業在房地合一所得稅制消息公布日、稅改內容轉變日、修正草案通過日、立法日及施行日是否產生異常報酬。本研究實證結果顯示房地合一所得稅制推行,對各產業來說是個加稅政策,在政策演變的過程中,除稅改內容轉變日及施行日外,其餘事件日之各產業皆有較為顯著的負向平均標準化累積異常報酬率反應。
In order to solve the problem of improper housing prices, the Government put forward a number of housing policy to the response: credit control, luxury tax, actual price registration and real estate income tax policy. This study investigates the events of the evolution of the system of land ownership and income tax, and explores the impact of the event on the stock remuneration of listed companies in Taiwan. In this paper, the market model of event research method is used to analyze the cement industry, steel industry, building materials construction industry, finance and insurance industry and other industries listed in Taiwan. Whether the legislative day and the day of execution are exceptionally paid. The empirical results of this study show that the implementation of the income tax system is a tax increase policy for all industries. In the process of policy evolution, the industries of the remaining events are more Significant negative mean average cumulative cumulative abnormal rate of return response.