2013年復徵證券交易所得稅對臺灣上市證券公司之影響

Abstract

所得分配的公平性，是社會穩定的重要基礎，近年來各國均面臨所得分配不均等的問題，因此要如何有效運用財政政策來進行國民收入的二次分配，使所得差距倍數與吉尼係數縮小，讓收入均等化，是當前臺灣最重要的課題，為落實有所得就要課稅之精神及適度回應社會上對租稅公平之呼聲，故政府自2013年起復徵證券交易所得稅，而此舉勢必將衝擊臺灣的股票市場，其中影響最鉅的就是證券業，本研究採用事件研究法(event study)，分析2013年復徵證所稅的五個重要事件對臺灣已上市證券業的股價是否會產生的顯著的異常報酬率或累積異常報酬率，實證結果如下： 1.事件一： 2013年4月12日－發表財政部版證所稅 在宣告日後的第二個至第四個交易日累積異常報酬率產生負向影響，平均異常報酬率在宣告日及宣告後的第一日至第五日皆為正向。 2.事件二：2013年6月4日－證所稅國民黨立委修正動議版出爐 宣告日後的第一、二、三、五交易日各異常報酬率皆為正向的，而宣告日的前4日各異常報酬率皆相當顯著。 3.事件三：2013年7月25日－立法院三讀通過證所稅 宣告日前第二天各異常報酬率為負向的，而其它事件日的異常報酬率則多為正向不顯著之情況。 4.事件四：2013年4月16日－監察院通過證所稅糾正案 宣告日及宣告日後的第一、二交易日產生負向不顯著累積異常報酬率，宣告日後第三、四、五交易日的為累積異常報酬率正向不顯著。 5.事件五：2013年6月25日－立法院三讀通過本次證所稅修正案 宣告日前的第一、二個交易日累積異常報酬率為正向，宣告當日及宣告日後第一個至第五個交易日之累積異常報酬率皆為顯著負相關

Fairness of income distribution is an important foundation of social stability in recent years, countries are faced with the problem of unequal distribution of income, and therefore how to effectively use fiscal policy to the secondary distribution of national income, the resulting gap narrowing ratio and the Gini coefficient make income equalization, is the most important issue in Taiwan, for the implementation of necessary mental taxable income for tax fairness and the voice of the community to respond appropriately, it is 2013 years since the government securities transactions tax levy from the complex, while the move is bound to impact on Taiwan's stock market, which is the most influential securities industry giant, this study used the event study method (event study), analyze the stock 2013 permits the tax levy year after five important events have been listed on the Taiwan securities industry if abnormal rate will generate significant rewards or cumulative abnormal returns, the empirical results are as follows: 1.Event one: 2013 years on April 12 - the tax certificate issued Treasury Edition In the declaration of the cumulative abnormal returns after the second to fourth days to produce a negative impact on the average abnormal returns in the announcement of the first day to the fifth day and after are all positive declaration. 2.Event 2: 2013 years on June 4 - Permits tax KMT legislators amended the motionedition cameout To declare the first two, three, five trading days after each abnormal returns are all positive, and declared the first 4 days Each day abnormal returns are quite significant. 3.Event Three: 2013 years on July 25 - Legislative Yuan passed the third reading of the tax certificate Recently announced the next day was all negative abnormal returns, while other events day abnormal returns are mostly not significant for the case forward. 4.Event Four: 2013 years on April 16 - the tax certificate corrected by the Control Yuanthe case Announced Sunday and declaredthe first two trading days subsequent to no significant negative cumulative abnormal returns, declaring after the third, fourth, fifth trading cumulative abnormal returns are not significant day forward. 5.Event Five: 2013 years on June 25 - The Legislative Yuan passed the amendment permits the tax Declared of the first, two days before the cumulative abnormal return was positive, declaring the day and the first to declare after the first Cumulative abnormal returns five trading days are all significantly negatively correlated.