| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 90 === In this thesis, event study methodology is employed to examine the electronics industry’s stock market reaction to the announcement of tax policy changes of employee stock bonus. Market model and Ordinary Least Square (OLS) are adopted to estimate abnormal returns (AR) and accumulated abnormal returns (CAR) during event periods. A related issue also examined is the relation between the ratio of employee’s stock bonuses and the CAR.
Specifically, the effects of two events are examined. The first event date is when Minister of Finance Shea Jia-dong proposed to tax employee stock bonuses based on their market value. The other is when the Ministry of Finance announced that employee stock bonuses would be taxed at par value for three years.
Findings concluded by the thesis are as follows:
1. When the Finance Minister proposed to tax employee stock bonuses based on their market value, electronics companies listed on Taiwan Stock Exchange (TSE) on average had negative CAR.
2. When the Ministry of Finance announced that employee stock bonuses were still taxed at par value, electronics companies on average had positive CAR.
3. During the first event period, companies with higher ratio of employee stock bonuses and those with lower ratio were indifferent in CAR.
4. During the second event period, companies with higher ratio of employee stock bonuses had higher CAR than those with lower ratio of employee stock bonuses.
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