土地增值稅減半政策之事件研究

An Event Study on the Land Value Increment Tax Cut Policy

汪瑞芝(Jui-Chih Wang) ； 陳明進(Ming-Chin Chen) ； 林世銘(Su-Ming Lin)

《證券市場發展季刊》 17卷1期 (2005/04) Pp. 79-104

https://doi.org/10.6529/RSFM.2005.17(1).3

摘要

本文旨在對土地增值稅減半兩年的政策進行事件研究，以探討此一土地租稅政策的演變是否為上市公司帶來利多消息之反應，並且以迴歸模式分析此一土地增值稅減稅利益的股價異常報酬與企業特性之關聯性。實證結果顯示，市場可能預期政府採取的土地增值稅減半措施將有助於刺激不動產活絡，股票市場也反映此項利多的消息，所以在消息宣布時普遍均有顯著的股票異常報酬。而土地佔資產比率及負債比率較高的公司，受惠於此項減稅措施也愈大，有較高的股票異常報酬率。另外，就受惠於此項政策的產業而言，營建業由於龐大的土地資本增加流通機會，以及金融保險業金融資產品質提高的重大效益，因此這兩個產業都有較高的股票異常報酬率表現。這些結果提供了我國特有的土地增值稅制對於公司價值評價影響之實證證據。

關鍵字

土地增值稅減半 ； 事件研究 ； 異常報酬 ； 營建業 ； 金融業

並列摘要

In order to stimulate construction industry, the government enacted a 50% tax cut on the Land Value Increment Tax during the two-year period from February 2002 to January 2004. Using event study methods, this study examines the stock market reactions to the announcements of the Land Value Increment Tax-Cut policy and explores the relation between the abnormal stock returns of this tax policy and firm characteristics. The results of this study shows: (1) The market reacted positively to the announcement of the proposal to reduce the Land Value Increment Tax, suggesting the tax-cut policy was regarded as an effective measure to stimulate the local real estate market and inspire the economy prosperity. (2) Companies with greater land-to-total asset ratios and companies with higher debt ratios tended to have greater abnormal stock returns, ceteris paribus. (3) Finally, both construction and banking industries appeared to benefit most from the Land Value Increment Tax-Cut policy, suggesting the tax cut provided greater opportunities for exploiting construction companies' land capitals and, hence, improving the quality of banks' financial assets. The findings of this study provide empirical evidence on the impact of the land value increment tax policy on firms' valuation.

並列關鍵字

Land Value Increment Tax Cut ； Event Study ； Abnormal Returns ； Construction Industry ； Banking Industry

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