| Summary: | 碩士 === 國立成功大學 === 企業管理學系專班 === 95 === The Income Basic Tax Regulations (the Minimum Tax System), which came into effect on January 1, 2006 in Taiwan, initiate a major tax reform. Previously the businesses were exempted from capital gains tax in pursuance of Article 4, Section 1 of the Income Tax Law, and business income was free of tax pursuant to the Incentive Measures for Private-sector Participation in Public Construction and the Industrial Upgrading Guidelines. However, the capital gains and business income are taxable “basic incomes” under the new tax system. In view of the tax reform , this research aims to find out whether the enforcement of new taxation has made any significant change in Taiwan’s stock market and to analyze its effects on the level of stock prices between electronics and non-electronics industries.
This research employed T-test to explore the short-term impact on the market indicators such as returns, fluctuation of stock prices, liquidity ratio, turnover and trading value, before and after the promulgation of the Income Basic Tax Regulations. Besides, a regression analysis was made to examine whether the structure of the stock market was changed with the imposition of the new taxes . The data collected for this research were macroeconomic indicators from 2001 to 2006, and dummy variables were adopted to detect whether there was any real difference in the weighted price index of the total issuance of stocks after the implementing of the new tax system. Furthermore, a comparison of price indices was made to find out whether the tax reform made any significant change in the level of stock prices between electronics and non-electronics industries. The results of this research can be used as reference to observe the mid- and long-term effects of the Income Basic Tax Regulations on the stock market.
The results of the T-test verify that the enforcement of the Income Basic Tax Regulations doesn’t make any short-term change in the returns of stock market and the fluctuation of stock prices, but the new tax system has striking effects on the market liquidity, turnover and trading value. In addition, the results of the regression analysis indicate that the weighted price index of stock issuance in Taiwan’s stock market has been deeply affected by the macroeconomic indicators such as interest rates, money supply, and wholesale price index. On the other hand, the new tax system doesn’t make any great difference in the weighted price index of the total issuance of stocks. As for the industry, the new taxation impacts on the weighted price index of electronics industry more heavily than on that of non-electronics industries. In other words, the enforcement of the Income Basic Tax Regulations has a negative effect on the weighted price index of electronics industries.
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