Stock Return and Securities Trust of Large Shareholder

• Main Authors: Huang, Kuo-ching, 黃國慶
• Other Authors: Yeh, Y. H.
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/24746686386072034175

碩士 === 輔仁大學 === 金融研究所 === 96 === This study purpose to probe the phenomenon of our country listing company that large shareholder、 director or supervisor makes 'Securities Trust ' tax planning, and whether implying the information of the company. Nobody studies this topic at present. This research adopts Compare Means Method–Independent Samples T Test, Logistic Regression Model, Event Study-Market Model and Multiple Regression Analysis. Probe into the company that large shareholder、 director or supervisor makes 'Securities Trust ' tax planning has any specialties, find out what is the possible key factor of large shareholder、 director or supervisor makes 'Securities Trust ' tax planning. Finally, finding the stock price performance of short-term and long-term, gather together the whole analysis result and propose the possible explanation. The empirical results are as follows: First, the company that large shareholder 、 Director or Supervisor make 'Securities Trust ' is a good company. Market investors can get the information of companies from this incident phenomenon. Second, there is no significant stocks abnormal return between the five day before the Pre-reporting System Day and the five day after the Pre-reporting System Day. There is no significant positive relation between making 'Securities Trust ' tax planning and stocks abnormal returns in the short-term. But, in the long-term, there is significant positive relation between making 'Securities Trust ' tax planning and stocks abnormal returns. This study results lets the masses understand 'Securities Trust ' tax planning and the meaning of this incident phenomenon. Its results can also be consulted as market investors' investment decision.