The Effect of Introduction,Amendment, and Suspension of Capital Gains Tax on Securities Transactions on the Stock Prices of Financial Industry

• Main Authors: LI,HSIN-HUNG, 李信宏
• Other Authors: WANG,JAN-CHUNG
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/8vwbm7

碩士 === 國立高雄第一科技大學 === 金融系碩士專班 === 106 === Based on the concept of tax reform and the goal of tax fairness, the government introduced the capital gains tax on securities transactions on January 1, 2013. After two major amendments, on November 17, 2015, the Legislative Yuan passed the third-reading procedure to suspend the capital gains tax. This thesis uses event study method to investigate the effect of introduction, amendment, and suspension of capital gains tax on securities transactions on the stock prices of financial industry. Empirical results are as follows: (1) the implementation announcement of introduction of capital gains tax on January 1, 2013 has a significantly negative effect on the stock prices of financial industry. In particular, the announcement of the event has the most significant negative impact on the stock price of the financial holding company; (2) there seems to be a significantly positive abnormal return for financial industry on the event date of three-reading procedure for the amendments in the capital gains tax on December 26, 2014, particularly for the securities and futures industry; (3) the implementation announcement of suspension of capital gains tax on January 1, 2016 has no significant positive impact on the stock prices of financial industry.