| Summary: | 碩士 === 國立成功大學 === 財務金融研究所碩士在職專班 === 106 === Taiwan’s stock market has experienced rapid growth since 1988. The number of investors, the number of listed companies, the volume of foreign capital transactions, and the total market value of stocks has all grown substantially. However, the long-term securities market trading volume will be affected by the tax reform proposed by the government, which will then impact the profitability of the securities companies. Looking back at the historical development of Taiwan securities, the Ministry of Finance proposed in 1988 the tax reform measure of “levying a securities transaction income tax,” which was the so-called “Kuo Incident” that had caused Taiwan stock market to decline for 19 consecutive days. Investors panicked, investment confidence nearly collapsed.
This study will use descriptive statistics and t-test analysis to verify the market segments for day-trading before its implementation in 2013 to the day-trading available to all Taiwan’s stocks in 2017, and when all listed companies can be a security subject of Margin Trading and Short Selling and the listed companies can do short selling. It evidences the achievement of activating market trading volume goal as announced by the government and verifies the day-trading system as an effective policy. It is also found that there is a credit alternating effect between day-trading and margin trading and short selling, which means that when the investor finds an opportunity for day-trading, day-trading will be considered with priority due to the consideration of transaction cost.
Keywords: Day-Trading, Securities Market Trading Volume, Day-Trading Tax Cut
|
|---|
