| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 107 === Abstract
The Taiwan stock market proposed an important change of regulation of trading system in 2012 regarding the tax issues and the stock market had extremely negative response for the change. The administration department of stock market started the day trade operation to improve the trading behavior of stock market. In addition, the administration department also proposed the cut of transaction taxes in 2017 to achieve the same goal of stimulating the trading volume of stock market. Both changes have substantial influence in Taiwan stock market. In this paper, we would like to test the impact of both changes on the trading performance of the top 100 investors in T brokerage company. Utilizing the summary statistics and multivariate regression analysis, we have several major findings regarding the research question above. First, we find that the trading volume of Taiwan stock market increases significantly after the policy of tax cut in 2017. The profits of these trades, however, do not increase simultaneously. Second, the empirical evidence shows that the profits of day trades decrease substantially if the investors have the volume of day trading more than 50%, which is defined as day traders. Finally, we find that the gender of investors does not have significant impact of the trading performance in the day trades or regular trades, which is unique finding in Taiwan stock market.
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