土地增值稅減半徵收延長一年對營建業股票報酬率之影響

10.6342/NTU.2004.00221

黃雅玲

營建業 ； 事件研究 ； 土地增值稅減半延長 ； 累積異常報酬 ； Cumulative Abnormal Returns ； Extension of the 50% tax rate cut of land value in ； Event Study ； Construction Industry

國立臺灣大學會計學系學位論文

2004年

碩士

林世銘

繁體中文

本研究旨在對土地增值稅減半延長一年的政策進行事件研究，探討此一土地租稅政策是否使上市上櫃營建公司之股價產生正的累積異常報酬，並以迴歸模式分析該累積異常報酬與公司特性之關聯性。本文選定二個事件日，分別為立法院朝野協商確定及修法通過土地增值稅減半延長之消息發布日，並以上市上櫃營建公司作為研究對象，探討上市上櫃營建公司之利息保障倍數、負債比率、待售房地持有比率、待建房地與在建房地持有比率、公司成長性及公司規模與累積異常報酬的關聯。研究結果發現：(1)本文所選之二個事件日有正的累積異常報酬率，顯示市場普遍認同土地增值稅減半延長措施有助於刺激不動產活絡及經濟景氣提振，股票市場因此反應該利多消息。(2)當立法院朝野協商確定土地增值稅減半延長之消息發布時，上市上櫃營建公司累積異常報酬與利息保障倍數、待售房地持有比率為正相關，與公司規模為負相關。(3)當立法院修法通過土地增值稅減半延長之消息發布時，上市上櫃營建公司累積異常報酬率與待售房地持有比率為正相關，與負債比率、公司規模為負相關。

In order to continue stimulating the local real estate market and inspiring the economy prosperity, the government extends the period of the 50% tax rate cut of the land value increment tax from two years to three years(expiration date is January 31, 2005). The extension was predicted to have positive impacts on stock markets. Using event study method , this study examines the relation between cumulative abnormal return (CAR) and six company characteristic variables: times interest earned ratio, debt ratio, land-to-total assets ratio(for construction in the future or under construction), land-to-total assets ratio(for sale),market value/book value ratio, the natural logarithm of total assets. The results of this study are as follows: (1) CAR of the two selected event days is positive. (2) When the information of the administration and legislator reach an agreement to extend the tax cut period, for construction companies (traded in SEC or OTC), CAR is positively related with land-to-total assets ratio (for sale), times interest earned ratio, and negatively related with the natural logarithm of total assets. (3) When the legislative yuan passed the proposal of the tax cut extension , for construction companies (trade in SEC or OTC), CAR is positively related with land-to-total assets ratio (for sale), and negatively related with debt ratio, the natural logarithm of total assets.

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