證券交易所得稅對臺灣股票市場的影響

Abstract

中文摘要 證所稅由於牽涉不同群體的利益，影響層面極廣，所以長久以來在臺灣社會一直是個爭論不休的議題，涉及經濟效率與公平正義之間的平衡，與我國資本市場的競爭力。 本研究在理論方面，回顧證所稅之相關理論與文獻探討，研究我國兩次課徵證所稅失敗的經驗，參考已施行國家所採行的稅制；在實務方面，著重證券交易所得稅的課徵對於經濟活動的影響與衝擊，以及實務上證所稅施行的問題與影響，與兩岸四地股票市場之比較，在影響經濟活動最小的前提下，對我國政府當局提出具體的證所稅建議。 研究發現兩岸四地股票市場中，交易成本最高的是臺灣股市。民國一○一年我國證所稅立法期間，臺灣股市的成交量明顯萎縮，減少幅度達23.67％，並持續至今。反觀香港、上海與深圳股市從民國一○二年起，成交量呈現爆炸性的成長，成長幅度達38％∼57％。在相同的國際經濟情勢下，交易成本最高的臺灣股市的確受到證所稅影響而使成交量萎縮，增加流動性風險。 因此本研究認為臺灣面對國際資本市場的競爭下，並不適合實施證所稅，或者應該實施證所稅，降低證交稅，如此方可讓證所稅成功推行，並兼顧經濟發展與公平正義。

TITLE：The Influence of The Capital Gain Tax for the Taiwan Stock Market The capital gain tax made a extremely wide influence on the benefits of different groups and it has disputed in Taiwan for a long period of time. The capital gain tax involved the economic efficiency, social equity, and the competition of Taiwan capital market. In theory, this study reviewed relative theory, documents and the taxation to research the failed experience of levying capital gain tax in the past. In practice, this study focus on the influence of the capital gain tax for economic activities and compares Taiwan stock market with Hong Kong stock market, Shanghai stock market and Shenzhen stock market in order to make a concrete suggestion for our government. In this study, the highest transaction cost of the four stock markets is Taiwan stock market. The volume of Taiwan stock market was obviously declined to 76.33％ since the capital gain tax had been discussed in 2012 until now. But the volume of Hong Kong stock market, Shanghai stock market and Shenzhen stock market was increased to 38％ to 57％ since 2013. Under the same international economic condition, the volume of Taiwan stock market is effected by the highest transaction cost and the capital gain tax, and has increase the liquidity risk. In this study, under the competition of international capital market, it is not necessary for Taiwan to levy the capital gain tax. If the capital gain tax is necessary for Taiwan, to decrease the transaction tax will be a better solution for economic development and social equity.