為了落實賦稅公平、實現社會正義，財政部推出證券交易所得課稅方案，希望能達到此目標。為探討資本市場對證券交易所得課稅方案演變的預期，本論文利用事件研究法探討在證券交易所得稅復徵消息公布至通過三讀立法期間之相關事件，對上、市櫃公司之股票累積異常報酬率之影響，並採用迴歸模型探討該股票累積異常報酬率與公司特性之關聯性。 本論文之研究結果發現： 1.在證券交易所得稅相關消息公布之事件日，上市櫃公司均產生顯著之股票累積異常報酬率。 2.課徵證券交易所得稅相關消息公布之事件期間，股票累積異常報酬率與公司特性關聯性之迴歸結果顯示：公司規模較大之公司，其公司股票累積異常報酬率較高；負債比率較高、公司成長性較高之公司，其公司股票累積異常報酬率較低。 / In order to implement the principle of fair taxation, Ministry of Finance, R.O.C. address that gains from securities transactions shall be subject to income tax. The amendment is expected to have impacts on stock market returns of all companies. Using event study methods, this study examines the stock market reactions to the announcements of the legislature policy and explores the relation between the stock cumulative abnormal returns (CAR) of the amendment and firm characteristics. This study finds that the stock market reacts negatively (positively) when the news of the amendment are released (revised). The regression results indicate that CARs are negatively related with debt ratios and corporate growth; positively related with corporate size.

本研究探討我國導入一系列公平價值會計之市場反應，本文分別從市場景氣狀況以及財報品質、盈餘管理及公司治理四個面向檢視資本市場之反應。實證分析顯示，由於公平價值會計的順循環效果，於市場景氣較佳時其異常報酬較高，反之則較低，而金融業順循環效果比一般產業來的強，而財報品質愈差、盈餘管理可能性愈高、公司治理機制愈弱的企業，股票市場對此事件的正向反應愈強，其原因可能為公平價值會計導入將有助於提升財報品質、降低盈餘管理的機會，並減少內外部人資訊不對稱的情況。 本研究結果顯示公平價值會計的採行將有助於財報透明度的提升，避免企業財報隱藏其財報增減值的部分，對投資者是具有效益的，但同時，公平價值會計將財報資訊與市場景氣連結，將造成其財報數值的波動加劇。 / This research from four aspects, business cycle, financial reporting quality, earnings management, and corporate governance, examines that Taiwan stock market reaction to the seventeen events associated with adoption of Fair Value Accounting (FVA). The empirical results reveal that due to Fair Value Accounting’s procyclical effect, when economic is booming the market tends to positively react with FVA and banking industry displays a higher procyclical effect than other industries. The study also finds that with FVA investors tend to have positive reaction on firms’ pre-adoption information with lower financial quality, higher earnings management possibility and weaker corporate governance. The findings suggest that the FVA adaption increased the quality of financial reporting, reduced earning management and decreased information asymmetry. In the meantime, the FVA links financial reporting with business cycle which might aggravate the financial reporting’s fluctuation.

公司分割制度在歐美各國已行之有年，對於企業而言分割已是進行企業重組再造的普遍管理工具，惟我國完成分割法制不過三年左右光景，因此對於我國公司分割事件與股東價值關聯性之相關研究仍付之闕如。 因此，本研究以國內上市公司為樣本，以民國91年2月企業併購法公告施行後至94年1月底為研究期間，探討上市公司分割行為、公司分割宣告對股價異常報酬率的影響及影響股價異常報酬率的關聯性。 本研究主要發現如下： 1.本研究針對公司分割進行實際案例探討，發現公司之分割活動使其財務報表之資產結構改變，資產內容重新分配，顯示分割行為對公司資產負債表會產生立即性的影響。我國上市公司從事分割行為後較分割前之每股淨值平均增加0.76元，其增加的比率約6.63%；從分割公司之淨值負債比來看，我國從事分割之上市公司因分割行為使公司之平均淨值負債比增加59.23%，其增加的比率為52.23%。 2.在公司分割宣告日，被分割公司股價具有正向的異常報酬及累積異常報酬。 3.公司分割移轉之每股土地增值稅準備金額對股價標準化異常報酬率有顯著之正向影響。 4.「業務型分割」型態相對於「不動產型分割」而言，市場給予較高的異常報酬率。

隨著國際化的發展，企業為降低財務報表重編的相關成本，採用全球統一的財務會計準則已成趨勢。近年來，我國之財務會計準則委員會陸續修訂了若干公報，其中之一為第十號公報。該公報修訂至生效時期，正值全球金融風暴。因此，政府對實施該公報的時機決策反覆，而企業界、會計界及媒體皆對該公報相當關注。 本研究旨在探討新十號公報對整體市場、各產業及不同特性公司之影響。本研究採用事件研究法，以似乎不相關迴歸模式，分析我國公司在該公報修訂期間及政府實施決策期間之股票累積平均異常報酬率。 研究結果指出，在新十號公報修訂期間，市場對該公報的反應較為負面；在政府政策反覆期間，市場反應則有正有負。各產業部份，電子業於該公報修訂初期受影響較大，推論原因為電子業固定成本高、毛利較低之緣故；而在該公報政府實施決策階段則受影響較小，推論原因為大部分電子業公司均做好因應措施。公司特性部分，大公司對該公報愈持正面態度；老公司則較排斥該公報；前三年度虧損的公司，受該公報影響較小；而成長機會較多之公司，在該公報制定初期受影響較大，但於政府實施決策階段反而受影響較小。 / To pursue globalization, it has been a trend for firms to gradually adopt the International Accounting Standards; that would help reduce the costs related to cross-border restatement of financial reports. To converge with the International Accounting Standards, the Financial Accounting Standards of Taiwan has been revised in recent years. One of the revised standards is the new SFAS No. 10. That revision took place amid the financial crisis. Before the new standard became effective, the government in Taiwan swung on the timing issue of formal adoption. As a result, firms, practitioners, and the media all paid close attention to the new SFAS No. 10. This study aims to examine the revision and adoption decision effects of the new SFAS No. 10 on the stock market, industries, and firms. Firm characteristics that could be factors of the reaction were also examined. This research is an event study using seemingly unrelated regression to analyze the accumulated average abnormal returns of stocks of listed companies in Taiwan. The empirical results are as follows. First, the whole market mostly reacted negatively in the standard revision period and in either way during the standard adoption decision period. Next, in the standard revision period, the electronic industry also reacted negatively, as it would be more affected because of its higher fixed cost and lower gross profit. Yet, in the adoption decision period, the electronic industry was less affected likely because most electronics firms were ready for adoption. Thirdly, as to firm characteristics, bigger firms were willing to adopt the new standard, but older firms were not so. In addition, firms that had losses in the previous three years were less affected by the new standard. Finally, firms that had greater growth opportunities were more affected in the early period of standard revision but became less affected in the adoption decision period.