健全房市政策對營建業上市公司股價表現之影響

Abstract

本研究以政府發佈之健全房市政策對於營建業上市公司產生之影響為研究主軸，並分別從復徵空地稅，實施特種貨物及勞務稅(俗稱奢侈稅)、2014 年房屋稅條例第五條修正案、2015年通過房地合一稅改案等政策切入，研究政府政策對營建上市股的反應，藉以瞭解政府政策對於營建產業之影響程度。是以，本研究之目的為： 1.營建股上市公司在政府發布復徵空地稅後是否會產生異常報酬。 2.政府開徵特種貨物及勞務稅提案後是否會產生異常報酬。 3.營建股上市公司在房屋稅條例第5條修正案三讀通過消息發布後是否會產生異常報酬。 4.立法院三讀通過房地合一稅制改革案後是否會產生異常報酬。 5.在政府發布的二大健全房市政策中，開徵特種貨物及勞務稅所產生的異常報酬是否較通過房地合一稅制改革政策之異常報酬更為顯著。 經研究後結果發現，健全房市政策的發布，的確造成營建股股價大幅波動，且均產生顯著的負向異常報酬。因此經由本研究探討發現，其中「資訊不對稱」是關鍵因素，再加上從眾效應影響下，以致讓股價過度反應，顯示政策制定時必須將相關資訊公開之重要性。

This study focuses on the impact of the house market improvement policy on the construction industry. We investigated the reaction of the stock price on the construction stocks from the four tax policies, Recollecting Vacant Land Tax, Specifically Selected Goods and Services Tax, Collection of House Tax article 5 and the Integrated Housing and Land Income Tax System. Therefore, the purpose of this study is as follow: 1. Whether the implementations of Recollecting Vacant Land Tax cause any abnormal returns and market reactions? 2. Whether the implementations of the Specifically Selected Goods and Services Tax cause any abnormal returns and market reactions? 3. Whether the implementations of the Collection of House Tax article 5 cause any abnormal returns and market reactions? 4. Whether the implementations of the Integrated Housing and Land Income Tax System cause any abnormal returns and market reactions? 5. In the two major policies, is the impact of Specifically Selected Goods and Services Tax greater than that of the Integrated Housing and Land Income Tax System? . This study finds that the real estate market improvement policy will cause the fluctuation in stock price of Construction Companies. And the stock prices would also experience significantly negative cumulative abnormal returns. Therefore, we found that "information asymmetry" is a main reason, and indicate the importance of disclosure of information.