土地增值稅自民國九十一年二月一日起兩年內減徵百分之五十（民國九十三年一月又延長一年至九十四年一月三十一日止）。以往研究發現，當稅制改變時，股市會反應稅制變動所帶來的影響，但鮮少有研究探討稅制變動是否帶來公司實際交易改變之影響。本研究針對土地增值稅減半徵收對我國上市櫃公司土地交易的影響進行實證分析。研究結果發現（1）在減徵政策宣布之後，但實際生效之前，我國上市櫃公司傾向延後處分所持有的土地（2）整體統計資料顯示，土地增值稅減徵政策有助於刺激上市櫃公司進行土地交易以及處分具有較高未實現持有利得之土地之現象，但實證迴歸的結果並不支持。（3）本文實證迴歸結果顯示，營業虧損的公司以及擁有較多出售用土地的公司較會在土地增值稅減徵期間進行土地交易。
基於上述實證結果，本文推論，在減徵正式實施後所增加的土地交易，其背後的動機多為彌補本業虧損或藉由在減徵期間進行土地交易，墊高土地成本以降低未來租稅負擔。因此，由我國上市櫃公司土地交易情形觀之，此次土地增值稅減徵對於欲達到刺激經濟成長的目標，成效並不顯著。 / The Land Value Increment Tax (LVIT) has been halved for two years from Feb. 1, 2002. (The tax cut policy has been extended from two years previously to three years until Jan. 31, 2005). Prior studies found that the impacts of change in tax rate will be reflected on company stock prices, but fewer studies were aimed at the impacts of change in tax rate on real transactions. This study examines the impacts of LVIT cut on Taiwan’s listed and OTC companies land transactions. It is found that (1) According to the empirical results, listed and OTC companies deferred their land transactions after the announcement of the tax cut policy. (2) Based on the descriptive statistics results, it is found that the tax cut policy induces listed and OTC companies to sell land in the implementation period and to postpone selling land with higher holding gains during the announcement period to gather greater disposal gains. However, the regression results do not support the same conclusions. (3) The empirical results of this study provides evidence that higher Land-for-sale and Operating loss are important motives behind increased land transactions by listed and OTC companies in response to the tax cut policy.
Based on the above-mentioned empirical results, this study infers that, as a result of the LVIT cut, the motives behind increased land transactions conducted by listed and OTC companies are for the purpose of reducing tax burden in the future or covering loss from operating activities. Consequently, this tax cut policy contributes little to efforts to stimulate economic upturn, since most of the listed and OTC companies only take advantage of the policy to gather tax benefit or to cover loss -- a development that is not beneficial for overall economic growth.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0091353040 |
| Creators | 徐有德, Hsu,Yo-Teh |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 英文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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