兩稅合一前後未分配盈餘與股價關連之研究

• Main Authors: Wang Yung-hui, 王詠慧
• Other Authors: Wang Tai-chang
• Format: Others
• Language: zh-TW
• Published: 2001
• Online Access: http://ndltd.ncl.edu.tw/handle/02628922147641568386

碩士 === 國立臺灣大學 === 會計學研究所 === 89 === This research covers the listed companies traded in Taiwan Stock Exchange (TSE). The research period is divided into two sub-periods by Taiwan’s 1998 Tax Reform. One is ranged from 1993 to 1997 and the other is ranged from 1998 to 1999. We use Harris, Hubbard, and Kemsley (2001) model as our research method and modify it according to Taiwan’s real condition. The main purpose of this paper is to examine the relationship between retained earnings and stock prices. We also examine the electronics industry separately to obtain more complete results. We find that investors of the listed companies in TSE value retained earnings differently before and after the Tax Reform. After the Tax Reform the retained earnings are more relevant to stock prices which means that after the Tax Reform investors take retained earnings into consideration while making investment decisions. But the result of the electronics industry analysis shows the opposite which means that the retained earnings before the Tax Reform are more relevant and the relationship between retained earnings and the stock prices is weakened after the Tax Reform. Our result suggests that 1998 Tax Reform has changed the investors’ valuation of retained earnings. Keywords: Dividend tax imputation, Retained earnings, Value relevance, Business valuation.