全國各地區房價居高不下一直是民怨之首,是以為落實馬英九總統施政願景之實現土地正義、居住公平,內政部研擬「不動產交易實價登錄相關條例」(即地政三法),該相關條例於2011年12月13日經立法院三讀通過。 本研究以事件參數法單變量迴歸分析之,本文探討相關不動產交易實價登錄條例對建材營建類企業、水泥類企業、鋼鐵類企業及電子類企業股價報酬之影響。實證結果顯示,不動產交易實價登錄相關條例從行政部提出到立法院三讀通過時,該期間之建材營建類股、水泥類股及鋼鐵類股確實比電子類股有較小的累積異常報酬。因此,不動產交易實價登錄確有影響投資人對建材營建類股、水泥類股及鐵鋼類股之投資的意願。
High housing prices in all regions of the country has been the No. 1 grievances of the people. For this reason, for implementation of the policy vision of President Ma Ying-Jeou’s land justice and housing fair, the Ministry of the Interior drafted “Real Estate Transactions Nett Login Ordinance (i.e., Three Lands Law) and the related Ordinance was adopted by the Legislative Yuan on December 13, 2011. In this study, we adopt the event parameter method univariate regression analysis. In this paper we discussed the Real Estate Transactions Nett Login Ordinance effects to building materials construction enterprises, cement companies, steel companies and electronics companies’ stock returns. The empirical results showed that the fixed prices of Real Estate Transactions Nett Login Ordinance’s relevant regulations from the submission of Administration Department to the pass of Legislative Yuan third reading, the cumulative abnormal returns for building materials construction stocks, cement stocks and steel stocks were indeed smaller than the electronics industry stocks. Therefore, the Real Estate Transactions Nett Login Ordinance indeed affect the willingness of investors for investment in building materials building stocks, cement stocks, and iron and steel stocks.