近年來房價持續攀升，政府決定實施特種貨物及勞務稅條例以降低投機買賣之行為，達到防止房價泡沫化，平抑房價之目的。為探討資本市場對該條例之預期，本論文首先以事件研究探討特種貨物及勞務稅條例消息公布之際，上市櫃建設公司是否產生負的累積異常報酬率，並採用迴歸模型探討公司特性與該公司受特種貨物及勞務稅條例影響幅度的關聯性。本論文進而透過對上市櫃建設公司營業收入及營業毛利率在特種貨物及勞務稅條例消息公布後是否產生不利影響之探討，了解特種貨物及勞務稅條例消息公布對建設公司銷售面之實質影響，最後採用迴歸模型探討公司特性與建設公司銷售面受影響幅度之關聯性。
本研究研究結果發現：
1、在特種貨物及勞務稅條例消息公布之相關事件日，上市櫃建設公司普遍均產生顯著的負向股票異常報酬率。
2、股票累積異常報酬率與公司特性關聯性之迴歸結果顯示，研議及開徵特種貨物及勞務稅消息公布之事件日，存貨比率較高、公司規模較大、公司成長性較高之上市櫃建設公司，其累積異常報酬率較低。
3、在特種貨物及勞務稅條例消息公布後，上市櫃建設公司之營業收入產生不利影響，但對營業毛利率並無顯著之不利影響。 / In order to curb the housing price hike and prevent housing bubble, Taiwan government implemented the Specifically Selected Goods and Services Tax Act. The Act is expected to have negative impacts on stock market returns of construction companies and real estate market. Using event study method, this study examines the stock market reactions to the announcements of the legislature policy. This study explores the relation between the stock cumulative abnormal returns (CAR) of the Act and firm characteristics.
This study finds that the stock market reacts negatively when the news of the Act are released. The regression results indicate when the news of the Act are released, for construction companies, CARs are negatively related with inventory-to-total assets ratio, corporate size and growth. This study also finds the construction companies’ revenue reflected the negative impacts on real estate market.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0099353048 |
| Creators | 鄭苡萱 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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