| Summary: | 碩士 === 實踐大學 === 企業管理學系碩士在職專班 === 102 === The study aims to examine whether the capital gains tax has been a major cause leading to the faltering stagnation of the big board stock trading amid a shortfall of nearly 50bn in Treasury revenue as the stock market confronts the subject of the capital gains tax in recent years? The study also aims to analyze and examine how Taiwan’s small and medium securities brokerages are able to retain their competitiveness and also survive amid the ever-fluctuating global stock market.
Upon referencing relevant periodicals, archival literature and statistical data analysis findings by competent government agency and its peripheral entities, the study has derived the following conclusions:
1.In terms of Taiwan’s securities market overview and the status of various business operations, Taiwan’s average stock turnover ratio in the most recent ten years is at 136.46%, which is consistently higher than that of neighboring Asian countries (namely Hong Kong, Singapore, Japan), or even higher than that of the New York Stock Exchange.
2.In regard to the overall asset scale and profitability of Taiwan’s securities brokerages in the most recent ten years, and following the unveiling of the capital gains tax subject in 2012, the overall profitability has inadvertently increased rather than decreased, with asset return ratio and net value return ratio in a modest growth.
The operating strategy remains one of the critical factors affecting how competitive Taiwan’s medium and small securities brokerages will be in the stock market.
Keywords: the capital gains tax subject, Taiwan’s medium and small securities brokerages, competitiveness
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