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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 葉疏 | zh_TW |
| dc.contributor.advisor | Shu Yeh | en |
| dc.contributor.author | 町田裕紀 | zh_TW |
| dc.contributor.author | Yuki Machida | en |
| dc.date.accessioned | 2025-06-05T16:14:20Z | - |
| dc.date.available | 2025-06-06 | - |
| dc.date.copyright | 2025-06-05 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-05-19 | - |
| dc.identifier.citation | ・ English Language Sources
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(2015). 2014年度株式分布状況調査の調査結果について[Results of the 2014 stock distribution survey]. https://www.jpx.co.jp/markets/statistics-equities/examination/nlsgeu0000010nfj-att/bunpu2014.pdf Japan Exchange Group Inc. (2019). 2018年度株式分布状況調査の調査結果について[Results of the 2018 stock distribution survey]. https://www.jpx.co.jp/markets/statistics-equities/examination/nlsgeu0000043n00-att/j-bunpu2018.pdf Japan Securities Dealers Association. (2024). NISA口座の開設・利用状況[Opening and usage status of NISA accounts]. https://www.jsda.or.jp/houdou/kaiken/files/240417shiryou1-1.pdf Japan Securities Dealers Association, The investment trusts association, & japanese stock exchanges conference. (2022). NISAの抜本的な拡充に関する論点[Key Issues Regarding the Fundamental Expansion of NISA]. https://www.jsda.or.jp/about/teigen/zeisei/files/2211_nisakakuju.pdf Matsuo, K., & Kubota, M. (2024a). 1月効果と英国の4月効果の陰にNISAとISA ～ファンドマネジャーやストラテジストが調査･分析をする 世界のファンドフローと規制･制度～[Is NISA and ISA behind the january effect and the UK’s april effect? Global fund flows and regulations analyzed by fund managers and strategists]. 日本版ISAの道[The Path of Japan's ISA]. 三菱UFJアセットマネジメント株式会社[Mitsubishi UFJ Asset Management Corporation]. https://www.am.mufg.jp/report/investigate/column_240129.pdf Matsuo, K., & Kubota, M. (2024b). 英国のISA改革とアドバイス改革 ～国内株投資を促す新ISA「ブリティッシュ･アイサ」、 コンシューマー･デューティーに沿う年金改革、 アドバイス評価ツール、ソーシャル･メディア規制～[ISA reform and advice reform in the UK: The new "British ISA" to encourage domestic stock investment, pension reform aligned with consumer duty, advice assessment tools, social media regulations]. 日本版ISAの道[The Path of Japan's ISA]. 三菱UFJアセットマネジメント株式会社[Mitsubishi UFJ Asset Management Corporation]. https://www.am.mufg.jp/report/investigate/column_240408.pdf Ministry of Finance of Japan. (2024). 「国際収支から見た日本経済の課題と処方箋」懇談会報告書[Report on the discussion meeting: "Challenges and solutions for the Japanese economy from the perspective of the balance of payments]. https://www.mof.go.jp/policy/international_policy/councils/bop/20240702.pdf Ministry of Health Labour and Welfare of Japan. (2024). iDeCoの概要[Overview of iDeCo]. https://www.mhlw.go.jp/stf/seisakunitsuite/bunya/nenkin/kyoshutsu/ideco.html Miura, T. (2020). 新しいNISA制度の概要と改正の狙い：安定的な資産形成の促進と成長資金の供給拡大を目指す[Overview and purpose of the new NISA system: aiming to promote stable asset building and expand the supply of growth capital]. 日本国金融庁 総合政策局[Financial Services Agency, General Policy Bureau, Policy Planning Division]. https://www.fsa.go.jp/frtc/kikou/2019/20200203_P32-35.pdf Nagai, H. (2023). 高校教科書の資産運用の記述はどう変わったか[Changes in the representation of asset management in Japanese high school Textbooks]. Daiwa Institution of Research. https://www.dir.co.jp/report/research/introduction/education/20230606_023838.pdf Nikkei Inc. (2013). NISA、初日で300万件超 申請手続き開始[Over 3 million NISA applications on the first day of registration]. Nikkei Inc. https://www.nikkei.com/article/DGXDASDF0101T_R01C13A0EE8000/ Nikkei Inc. (2015). 主力株に売買代金集中 上位20銘柄で3割[Trading activity is concentrated in leading stocks: The top 20 stocks account for 30% of the total trading value]. Nikkei Inc. https://www.nikkei.com/article/DGKKZO84747990T20C15A3EN2000/ Nikkei Inc. (2024a). 家計の金融資産、6月末で2212兆円 過去最高更新[Household financial assets reached a record high of 2,212 trillion yen at the end of June]. Nikkei Inc. https://www.nikkei.com/article/DGXZQOUB178U20X10C24A9000000/ Nikkei Inc. (2024b). 貿易赤字超えるNISA円売り 月1兆円､海外株・投信人気[NISA-driven yen selling exceeds trade deficit: ¥1 Trillion per month spent on foreign stocks & investment trusts]. Nikkei Inc. https://www.nikkei.com/article/DGXZQOUB05BB10V00C24A7000000/ Nikkei Inc. (2025a). https://www.nikkei.com/ Nikkei Inc. (2025b). お門違いのNISA「日本枠案」 投資先、決めるのは国民[The misguided NISA "Japan-only" proposal – investment choices should be up to the people]. Nikkei Inc. https://www.nikkei.com/article/DGXZQOCD30E7M0Q5A130C2000000/ Oba, A. (2024). 国内株式市場の流動性と変動性について[Liquidity and volatility in the domestic stock market]. 野村證券金融工学研究センター[Nomura Securities Co., Ltd.]. https://www.nomuraholdings.com/jp/services/zaikai/journal/w_202408_02.html Ono, H., Hayashida, M., & Yasuoka, M. (2019). 少額投資非課税制度(NISA)の計量経済学分析:2014年『個人投資家の証券投資に関する意識調査』を用いた限界効果の分析[An econometric analysis of the small investment tax exemption scheme (NISA): an examination of marginal effects using the 2014 "Survey on individual investors' attitudes toward securities investment"]. 証券経済研究[Research on Securities and Economics](107), 33-46. https://cir.nii.ac.jp/crid/1520010379807409536 Ono, H., Yasuda, M., & Yasuoka, M. (2020). 少額投資非課税制度(NISA)の計量経済学分析～投資未経験者の意見・行動の分析～[An econometric analysis of the tax-free small investment scheme (NISA): examining the opinions and behavior of first-time investors]. The Society for Economic Studies, 2019(The University of Kitakyushu). https://www.kitakyu-u.ac.jp/economy/uploads/2019_01.pdf Takahashi, Y. (2024). 年金のガバナンスとセーフティネット[Governance and safety net of pensions]. https://www.rieti.go.jp/jp/events/01090701/pdf/takahashi.pdf Tokyo Stock Exchange Inc. (2019). 市場構造の在り方等に関する市場関係者からのご意見の概要[A overview of opinions from market participants on market structure and related matters]. https://www.fsa.go.jp/singi/singi_kinyu/market-str/doc/0531/01/05.pdf Yoshii, K., & Koreeda, S. (2014). なぜ、どのような経緯でNISA が導入されたか[Why and how was the NISA system introduced?]. 大和総研[Daiwa Institute of Research Ltd.]. https://www.dir.co.jp/report/research/introduction/financial/nisa/20140204_008179.pdf | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/97430 | - |
| dc.description.abstract | 這研究利用東証股價指數（TOPIX）成分股的縱橫資料，從短期、中期與長期的視角出發，定量分析了免稅投資計劃一般NISA（2014年推出）與積立NISA（2018年推出）對日本股市的交易量、交易價值、周轉率及流動性的影響。研究結果顯示，一般NISA在中期內顯著提升了市場活化，但其長期影響較為有限。相較之下，積立NISA在長期內皆有助於市場的穩健活化，然而在中期階段則出現了一定程度的暫時性下降。這些發現表示，NISA在促進家庭資產流入投資方面發揮了一定作用，但若要持續推動長期市場活化，仍需配合額外的政策措施。 | zh_TW |
| dc.description.abstract | This study quantitatively analyzes the impact of tax-exempt investment scheme: the General NISA (introduced in 2014) and the Tsumitate NISA (introduced in 2018) on trading volume, trading value, turnover and liquidity in the Japanese stock market, using panel data of TOPIX constituent stocks. The analysis is conducted from short-term, medium-term, and long-term perspectives to capture the temporal evolution of these impacts. The findings indicate that while the General NISA significantly improved liquidity indicators in the medium-term, its long-term effects remained limited. In contrast, the Tsumitate NISA contributed to a gradual market revitalization in the long-term, although a temporary decline was observed. These insights suggest that the NISAs have been moderately effective in directing household assets toward investment. However, they also imply that additional policy measures are necessary to sustain long-term market revitalization. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-06-05T16:14:20Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-06-05T16:14:20Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 論文口試委員會審定書 i
謝辭 ii 摘要 iii ABSTRACT iv TABLE OF CONTENTS v LIST OF FIGURES vii LIST OF TABLES viii CHAPTER 1. INTRODUCTION 1 CHAPTER 2. LITERATURE REVIEW 3 2.1. NISA 3 2.1.1. Background and Objectives 6 2.1.2. Effectiveness 11 2.2. ISA 13 2.2.1. Effectiveness 17 2.3. iDeCo 21 CHAPTER 3. HYPOTHESIS DEVELOPMENT AND RESEARCH METHODS 23 3.1. Research Questions 23 3.2. Hypotheses 24 3.3. Theoretical Structure 25 3.4. Sample Selection 27 3.5. Variable Definitions 29 3.5.1. Explanatory Variable 29 3.5.2. Dependent Variables 29 3.5.3. Control Variables 31 3.6. Analytical Models 32 3.6.1. Distributed Lag Model 32 3.6.2. Fixed Effect Model 33 3.7. Summary 35 CHAPTER 4. EMPIRICAL RESULTS 36 4.1. Distributed Lag Model 37 4.1.1. Model Specification 37 4.1.2. General NISA (2014) 38 4.1.3. Tsumitate NISA (2018) 39 4.1.4. Comparative Results 41 4.2. Fixed Effect Model 42 4.2.1. Model Specification 42 4.2.2. General NISA (2014) 42 4.2.3. Tsumitate NISA (2018) 44 4.2.4. Comparative Results 45 4.3. Summary 46 4.4. Evaluation of Hypotheses 47 4.4.1. General NISA (2014) 47 4.4.2. Tsumitate NISA (2018) 48 4.5. Discussion 49 4.5.1. Response to Research Question 1 50 4.5.2. Response to Research Question 2 52 4.5.3. Policy Implications 53 4.6. Research Limitations 60 4.7. Additional Analyses 61 4.7.1. Specification Diagnostics 61 4.7.1.1. White Test 61 4.7.1.2. VIF (Variance Inflation Factor) 61 4.7.1.3. Hausman Test 62 4.7.2. Outlier Sensitivity 62 4.7.3. Treatment Intensity 63 4.7.3.1. Empirical Results on Endogeneity 64 CHAPTER 5. CONCLUSION 67 CHAPTER 6. REFERENCES 69 CHAPTER 7. APPENDICES 76 | - |
| dc.language.iso | en | - |
| dc.subject | 日本股市流動性 | zh_TW |
| dc.subject | 免稅投資計畫 | zh_TW |
| dc.subject | NISA | zh_TW |
| dc.subject | 縱橫資料分析 | zh_TW |
| dc.subject | 政策影響評估 | zh_TW |
| dc.subject | Policy Impact Evaluation | en |
| dc.subject | Tax-Exempt Investment Schemes | en |
| dc.subject | Stock Market Liquidity | en |
| dc.subject | NISA | en |
| dc.subject | Panel Data Analysis | en |
| dc.title | NISA 對日本股市流動性之影響 | zh_TW |
| dc.title | The Impact of NISA on Japanese Stock Market Liquidity | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 陳思帆;何耕宇 | zh_TW |
| dc.contributor.oralexamcommittee | Szu-Fan Chen;Keng-Yu Ho | en |
| dc.subject.keyword | NISA,日本股市流動性,縱橫資料分析,政策影響評估,免稅投資計畫, | zh_TW |
| dc.subject.keyword | NISA,Stock Market Liquidity,Panel Data Analysis,Policy Impact Evaluation,Tax-Exempt Investment Schemes, | en |
| dc.relation.page | 91 | - |
| dc.identifier.doi | 10.6342/NTU202500941 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2025-05-19 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 會計學系 | - |
| dc.date.embargo-lift | N/A | - |
| 顯示於系所單位： | 會計學系 | |
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