| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 104 === Performance evaluation is a very important management activity. Enterprises use performance evaluation to predict the effects of changes in government economic policies and different operating methods on firm performance.
Looking at the globe, all the major economies are facing a same issue, the continuing deterioration of wealth inequality. The implementation of tax reform by adding capital gains tax is the most common measure among governments. Through observing the business cycle of real estates in Taiwan over the past few decades, it was not hard to discover both politics and economy influence the market. Especially the construction industry, also known as the engine of industries, plays an important role in the national economic development. After our government implemented the integrated housing and land taxation on January 1, 2016, the real estate trading volume contracted and the market was in the doldrums, which caused a critical impact on the operation of the construction industry. This research investigated the direct impacts on the construction industry after tax reform in Taiwan. I analyzed the impact of the tax reform on listed construction companies’ operating performance by using the multiple regression model.
The empirical results of this study showed: the market performance of construction companies decreased after implementing the tax reform. In addition, the listed companies with larger size have better operating performances than those with smaller size. Operating margins and asset growth rates showed a positive impact on the operating performance. The empirical results of this study indicated that the implementation of integrated housing and land tax system does have a negative impact on the performance of construction companies.
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