| Summary: | 碩士 === 國立屏東科技大學 === 財務金融研究所 === 104 === In Taiwan high housing prices has been the No.1 grievances of the people. In order to curb the housing prices hike effectively, the government proposed the House-Land Combination Tax policy to improve the development of the housing market.This study investigated the influence of the pass of the House-Land Combination Tax on Construction Stock Returns in Taiwan. The method was to select listed construction stock returns in Taiwan and took “the draft reform of the House-Land Combination Tax” which was gone through the Third Reading in Legislative Yuan on 5 June, 2015 for the event day. Event study was adopted for empirical analysis, which verified whether this tax system had significance influence on construction stock returns in Taiwan. Empirical results indicated obviously that implement of the tax system influenced investors’ volition and led to an unfavorable consequence for the construction stock returns. On the other sides, average cumulative abnormal returns of each section presented negative significance and passed 5% level of significance, which means investors predicted high possibility for the pass of the act. Although uncertainty would disappear after the pass of the act, tax burden became heavier for foreign investors. The tax rate increased from 20% to 35% or 45%, which influenced investors’ volition and resulted in an unfavorable consequence for construction stock returns.
|
|---|
