台灣資產報酬率

Abstract

本文使用2003至2014年的稅務資料建構青壯年子女及其父母樣本，以觀察不同財富組別、性別及兩代間的資產配置、所得組成、土地報酬率、股票報酬率及IPO股票表現。 兩代樣本的各財富組別都持有相當高比例的不動產，而最富有組別的股票占比高於存款，資產收益也是主要所得來源。父母樣本最富組別的土地報酬率為7.96%，比中位數組別高2.94%，股票報酬率亦高於中位數組別。最富組別也因為持有較多的IPO股票而享有樣本內近40%漲價總額的利益。本文意外發現父母樣本中，男性的土地報酬率整體比女性高，最富組男女間差異為1.49%，推測是男性投資眼光較佳或分得報酬率較高的土地。股票報酬率則是女性表現優於男性。子女樣本的土地報酬率和父母樣本呈現相同趨勢，最富有家戶的子女報酬率為4.73%，但和中位數家戶間的報酬率差異不若父母樣本大。子女間的土地報酬率則無明顯差異。

This paper uses the tax records of Taiwan to calculate the allocation of total assets, income composition, and rates of return on land and stocks of different wealth groups and genders from 2003 to 2014. We also compare the rate of return on assets between children to see if those that came from wealthier families have greater returns. The summary statistics show that each group has allocated over 50% of their total assets in real estate, and the top 1% has put much more money in the stock market than in banks. Wealthy groups tend to generate income from assets rather than work. We found that the top 1% wealth group has a 7.96% annualized return on land, which is greater than the median group by 2.94%. Surprisingly, males have a better return on land than females in nearly all wealth groups, and the difference of rate of return between genders in the top 1% is 1.49%. The rate of return on stocks of wealthy groups is also higher than the median. In comparison to the total return index of the TWSE (Taiwan Stock Exchange), the female performs better than the male. And the top 1% has taken more than 40% of the total amount of IPO stocks value increment of the sample. Children from wealthier families tend to have greater returns on land and stocks than the median, while the gap has narrowed to 1.77% and 1.29%. There is no significant difference of return on land between sons and daughters.