The Impacts of the Integrated Housing and Land Taxation on Listed Construction Stock Returns

• Main Author: 黃沛萱
• Other Authors: 吳明政
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/tf2sw4

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === In recent years, the price of real estate has soared. But the tax burden of income from selling real estate is too low. In order to straighten out the issue, the government implement the integrated housing and land taxation. Therefore, the study would explore how stock market reacts to construction stock price with the taxation. Finally, using regression model to study the relations between the stock cumulative abnormal returns of company growth, inventory turnover ratio and return on assets characteristics. The results show that the stock market reacts negatively when the integrated housing and land taxation was announced. According to regression model, company growth and inventory turnover ratio would have significantly negative impact on cumulative abnormal retuns.