The Effects of the Announcements of Beneficial Housing Loan Policies on the Stock Returns of Taiwan Listed Construction Companies

• Main Authors: Ta-Chung Hsu, 徐大中
• Other Authors: Jauling Tseng
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/32704464921136702017

碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 95 === From August 14, 2000 to December 31, 2006, the government has been carried out the general Beneficial Housing Loan Policies, which allot the amount of 1.68 trillion NT dollars for six years to improve the real estate prosperity and recover the domestic demand industry. This study is to investigate whether this policy will affect the stock returns and volatility of Taiwan listed construction companies by analyzing the abnormal returns of OLS market model of the event study and by quoting GARCH model to give evidences. In which, include four control parameters, such as the Land Value Increment Tax 50% cut for two years, the regulation of real estate securitization, consumer price index(CPI), and business monitoring indications(BMI), which are used to examine whether these policy variables are influential to the stock returns and volatility of Taiwan listed construction companies. As the results confirmed, we can find; firstly, there are seven times in proclaiming the execution of the General Beneficial Housing Loan. It demonstrates the abnormal returns in the policy announcement periods are significant on all of the Taiwan listed construction companies; therefore, this policy is with information contents. That is a good chance to raise the stock return for investors. Secondly, the General Beneficial Housing Loan has significantly positive effects on the stock returns and volatility of Taiwan listed construction companies, but has no significant effects on the stock returns and volatility of Taiwan OTC-listed construction companies; therefore, this policy helps the real properties a boomy recovery, making a prosperity on the fundamental side of Taiwan listed construction companies. Thirdly, in proclaiming the execution of the Land Value Increment Tax 50% cut for two years, there has no significant effects on the stock returns and volatility of the Taiwan listed construction companies. Fourthly, the regulation of Real Estate Securitization, which passed the final reading, has significant and non-significant positive effects on the stocks returns and volatility of the Taiwan listed construction companies; but has no significant effect on the stock returns and volatility of Taiwan OTC-listed construction companies. Fifthly, The CPI has no significant negatively effects on the stock returns of the Taiwan listed construction companies; however, the volatility of returns was significantly negatively affected. Sixthly, The BMI has non-significant and significant positive effects on the stocks returns of the Taiwan listed construction companies; but has no significant effects on the stock returns and volatility of Taiwan OTC-listed construction companies. However, the volatility of returns has no significantly positive effects.