A Study on the Impact of the Abnormal Returns of Construction Industry’s Stock Prices after Implementing the Income Tax on the Consolidated Income from House and Land Transactions in Taiwan

• Main Authors: LO, YU-FANG, 羅毓芳
• Other Authors: 楊葉承
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/cer9vx

碩士 === 東吳大學 === 會計學系 === 106 === This study aims to explore if some specific events affected related stock markets during the process of the draft of the Income Tax on the consolidated income from house and land transactions submitted to Executive Yuan by Ministry of Finance on 29 January, 2015 to the approval of related income tax laws by Legislative Yuan on 5 June in the same year. It adopted event study method to analyze if there is any abnormal return in stock market. In addition, it tried to understand each event through statistic and test results if individual events significantly affect stock. The empirical results were compiled and reorganized as follows: (1) the event ” Finance of Ministry summits the draft of the Income Tax on the consolidated income from house and land transactions to Executive Yuan” did not affect the prices of construction and asset concept stocks in Taiwan stock market and did not show significant abnormal returns. (2) the event “Finance of Ministry summits the amendment of the Income Tax on the consolidated income from house and land transactions to Executive Yuan again” did not show the positive impact on the average and accumulated abnormal returns of construction stocks; however, it showed the significant and positive average and accumulated abnormal returns of asset concept stocks when the news was announced. (3) the event ” Finance of Ministry announced the draft of the Income Tax on the consolidated income from house and land transactions” did not show significant and positive accumulated abnormal returns of construction and asset concept stocks and did not support the hypothesis of the study. (4) the event ” Finance of Ministry summit the amended draft of the Income Tax on the consolidated income from house and land transactions to Executive Yuan formally” showed negative accumulated abnormal returns of construction stocks, as expected, and did not show average and significant abnormal returns of asset concept stocks, not as expected. (5) the two events” Executive Yuan approved the amended draft of the Income Tax on the consolidated income from house and land transactions summited by Finance of Ministry” and “Approval of the amendments of the Income Tax on the consolidated income from house and land transactions by Legislative Yuan” did affect the price of construction and asset concept stocks and showed negative accumulated abnormal returns.