民國一0四年宣佈證所稅取消對初次公開發行生技股價反應之研究

Abstract

自民國63年第一次開徵證所稅以來，一直到民國102年已經是第三次開徵，但總是引起極大爭議與股市波動，結果都在三年內停徵落幕。本研究目的在探討民國104年11月宣布取消證所稅是否造成當年IPO生技股價異常波動及影響投資人投資已上市（櫃）最受投資人囑目的生技新藥股票的意願，影響生技產業IPO（Initial Public Offerings，簡稱IPO）企業籌資能力。 民國104年11月宣布證所稅取消時上市（櫃）一年內生技股主流生技新藥股的大漲，引發全部上市（櫃）生技新藥股股價上漲，也可能帶來股價泡沫化的風險，進而降低生技產業市場投資人的信心，同樣對生技產業發展帶來負面的影響，政府政策導致股票市場暴漲暴跌實需檢討。 本研究採用民國104年11月宣布取消證所稅為事件期，一年內首次IPO之生技股與上市（櫃）之新藥生技股為事件研究樣本，以事件日研究法探討相關異常報酬。經實證結果，宣布取消證所稅前後都會產生正向異常報酬。上述實證結果之關鍵因素在於投資人預期證所稅取消後股價將有超額正向報酬。經由本研究探討發現，民國104年11月宣布證所稅取消後會造成上市（櫃）一年內生技股股價上漲。「從眾效應」是引發投資人反應的關鍵因素，導致投資人追漲。報章媒體利多訊息的「資訊不對稱」吸引投資人關注與買進股票的決策又造成「從眾效應」，導致上市（櫃）生技新藥股股價上漲，顯示證所稅政策與生技新藥股資訊公開監理制度之重要性。

Due to technology growth and biotechnology industry market expands, to enhance industrial competitiveness and to create a friendly investment environment, Taiwan government promulgated “The Biotech and New Pharmaceutical Development Statute” in 2007 to upgrade skills and to seize the international market goals. Biotech industry contains feature of high uncertainty, high research and development costs, thus raising corporate capital is one of the key success factors. Since 1974, the first introduction of the capital gain tax on stock exchange, it has been the 3rd time to announce the implementation of the capital gain tax on stock in 2013 and its cancellation in 2015. The purpose of this study is to explore the market reactions to the announcement of the cancellation of the capital gain tax on stock exchange. This study explores the market reactions to the cancellation of capital gain tax on stock exchange, using the sample firms which has 1st IPO in biotech industry or new pharmaceutical development. We investigate related abnormal returns by Event Study method. By empirical results, the cancellation of the capital gain tax on stock exchange will generate positive abnormal returns. Investors expect the stock will have a positive excess returns after the tax is canceled.