家族成員間股票贈與之擇時能力探討

Timing Ability of Stock Gift among Family Members

莊長翰(Chang-Han Jhuang)

指導教授 ： 葉春岑

長榮大學/管理學院/經營管理研究所/碩士(2014年)

https://doi.org/10.6833/CJCU.2014.00093

摘要

本研究以2001年至2012年台灣上市櫃公司為研究對象，探討董事長或總經理轉讓持股給家族成員時，是否因贈與稅之考量，在股價低點進行轉讓，並在高贈與稅率、高贈與申報比率及非12月份時，其效果更為明顯。
實證結果發現：(1)董事長或總經理轉讓持股予家族成員前股價報酬率顯著為負，惟轉讓後股價報酬率並無顯著異於零。符合董事長及總經理可能基於贈與稅之考量，而擇時贈與。(2)高贈與稅率相較於低贈與稅率，在轉讓持股前有較大的負向累積異常報酬率，也就是說高贈與稅率下董事長及總經理比較有強烈動機選擇贈與時機點；而低贈與稅率下，其股價低點贈與的情形較不明顯。(3)高申報比率相較於低申報比率者，在贈與日前有負的股價報酬率，贈與日後則是低申報比率有正的股價報酬率。(4)非12月份者在贈與日前有負的股價報酬率，贈與日後則是12月份者有正向股價報酬率。
整體而言，我們的實證結果與預期部份符合，即家族成員間股票轉讓會選擇在股價低點，但其擇時效果僅限於贈與日前。

關鍵字

持股轉讓 ； 擇時能力 ； 贈與

並列摘要

In this study, from 2001 to 2012 listed and OTC companies in Taiwan as the research object, the chairman or general manager to explore the transfer of ownership to family members, whether due to gift tax considerations, the transfer at a low price and high gift tax, high reporting rate and non-time gift in December, the effect is more obvious.
The empirical results show that: (1) the chairman or managing the
transfer of ownership to a family member before the stock return is significantly negative, but after the transfer of stock returns are not significantly different from zero. Meet the chairman and general manager of the gift tax considerations may be based, while select gifts. Low gift tax rate (2) high gift tax rate compared to before the transfer of ownership has a larger negative cumulative abnormal return, that the chairman and general manager of the gift tax rate relatively high there is a strong incentive to select a gift timing points; the gift tax rates low, low price of the gift of the circumstances in which less obvious.(4) Non-December were negative in recent gift of stock returns, the future is a gift by December had positive stock returns.
Overall, our empirical results are in line with the expected part, that transfer of shares between family members will choose the price low, but its effect is limited to the selected gift before.

並列關鍵字

ownership transfer ； timing ability ； gift

參考文獻

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