實價登錄地政三法對上市櫃建設公司股價之影響

Abstract

相較於先進國家房地產資訊的透明與可親，我國長期以來蒙上面紗的房地產交易價格資訊終於在實價登錄制度頒布與實施後得以褪去神秘。該制度訂定至生效期間，正值奢侈稅開徵及油電雙漲。因此，企業界、交易大眾及媒體皆對該制度相當關注。本文利用事件研究法探討實價登錄制度消息公開時，實價登錄制度對上市櫃建設公司究竟產生正向、負向影響或甚因正負向效果相互抵銷，致未產生顯著實證結果。當實證結果顯示實價登錄制度確實對上市櫃建設公司產生顯著影響時，公司股價異常報酬率與上市櫃建設公司財務特性是否存在顯著關聯性。本文研究結果發現：一、於實價登錄制度消息公開之相關事件期間，上市櫃建設公司普遍產生顯著異常報酬。二、於絕大多數實價登錄制度消息公開之相關事件期間，上市櫃建設公司普遍產生負向之累積平均異常報酬率。三、累積異常報酬率與企業財務特性關聯性之迴歸結果顯示，於絕大多數事件期間內，資產規模等財務特性確實與異常報酬率有顯著關聯性。

To help make real estate prices available to the general public, the Ministry of the Interior (MOI) has launched the actual transaction price registration system in Taiwan. At the same time, the government levied luxury tax and marked up both the price of oil and electricity, therefore, all the industry, general public and media paid a lot of attention to the system. Applying event study method, the goal of this research is to find out whether there was significant abnormal return for listed construction companies when the news related to actual transaction price registration system were announced. The abnormal return may be positive or negative, it could even be insignificant when the positive and negative effect cancel each out. When the empirical result showed that the excess return was significant, this research also aimed to investigate where there was a significant relationship between abnormal return and financial characteristics of listed construction companies . This research found that： 1.During the periods of the events related to the actual transaction price registration system, most of listed construction companies had significant abnormal returns. 2.Most of the period when news related actual transaction price registration system were announced , the cumulative average excess returns of listed construction companies were negative. 3.According to the results of the regression analysis of cumulative abnormal returns and enterprises’ financial characteristics, during the periods of most of the events, financial characteristics such as asset scale were indeed significantly related to abnormal returns.