奢侈稅制訂過程與股價報酬

The relationship between Stock Return and the Formulation process of the Specifically Selected Goods and Services Tax Act

江文隆(Wen-Lung Chiang)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2012年)

https://doi.org/10.6840/cycu201200485

摘要

主計處民國99年8月公佈的貧富差距擴大到8.22倍，創下歷史新高，震撼整個社會，房價飆漲更成為民怨之首。為健全財稅制度及改善貧富差距擴大的問題，財政部研擬推動「特種貨物稅及勞務稅條例」(即奢侈稅)，針對特定奢侈貨物及勞務於銷售時課徵，藉此讓富人消費時能多繳稅。該條例於2011年4月15日經立法院三讀通過。本研究以事件研究法與多元迴歸模型探討「特種貨物稅及勞務稅條例」制定過程，對建材營造類產業股價報酬之影響。

實證結果發現，建材營建類股之企業，在奢侈稅制訂及審議的初期，相較於電子類股之企業，有顯著負向的累積異常報酬，即該類股之股價受奢侈稅制訂及審議的影響較大。奢侈稅的實施的確會影響投資人對建材營建類股投資的意願。至於法令制定過程的後期，由於條文內容幾乎未更動且確定應能強勢三讀通過，投資人不再有預期心理，皆無顯著的異常累積異常報酬。

關鍵字

建材營建類股 ； 事件研究法 ； 特種貨物稅及勞務稅條例 ； 奢侈稅

並列摘要

In August 2000, the Directorate-General of Budget, Accounting and Statistics( DGBAS), announced that the poverty gap had expanded to 8.22 times. The new record then shocked the whole society, and the soaring prices of housing topped the list of public grievance. In order to integrate the fiscal and taxation system and minimize the poverty gap, Ministry of Finance has researched and planned to implement the “Specifically Selected Goods and Services Tax Act” (the so-called Luxury tax), aiming to tax certain luxurious goods and services at sales. With this act, the rich are required to pay more tax when they expend. This act had been read three times and passed by the Legislative Yuan on April 15, 2011. This study probes into the legislating process of the Specifically Selected Goods and Services Tax Act and its impacts on returns of share price for the building material construction industry, based on case study methodology and multiple regression models.

The empirical results show that the construction business, compared with electronics industry, was influenced remarkably by the legislation of the Luxury Tax with abnormal accumulative returns in the negative manner, at the beginning of implementation of this act. The realization of luxury tax will, indeed, influence the investors’ willingness to invest in the building material construction industry. During the later period of legislation, since the content of the provisions were barely revised and should be passed smoothly with three readings, the investors, with low expectation, received indistinct abnormal accumulative returns.

並列關鍵字

Specifically Selected Goods and Services Tax Act ； Luxury Tax ； case study methodology ； building materials construction stocks

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