The Effect of the Integrated Housing and Land Tax on Taiwan’s Listed Construction Company

[[abstract]]這20年間全球發生了網路泡沫化、SARS等危機，在全球性的事件中，常常影響著台灣的總體經濟，台灣政府為了要挽救經濟以及房地市場，也陸續推出一連串的房地政策，因此本研究的目的在探討政府房地合一稅措施對營建類股報酬率之影響，研究對象為上市營建類45家公司，股價季資料，並以立法院在2016年1月1日宣布房地合一稅1.0實施日及2021年7月1日宣布房地合一稅2.0實施日做為本研究之事件日，研究之解釋變數為六都 (台北市、新北市、桃園市、台中市、台南市、高雄市) 房價指數;應變數為貨幣供給、國內生產毛額、五大銀行利率、消費者物價指數、營建類股股價指數。研究中使用事件研究法計算異常報酬，在事件期中顯著水準的高達為33次，證實了房地合一稅政策對營建類股股價有這正向的影響。以一般迴歸模型研究，把六都直轄市各別分開估計分析證實了房價指數對營建類股價為正向的影響。總體經濟變數中的國民生產毛額、五大銀行平均利率、貨幣供給都有顯著的水準出現，有明顯造成營建類股股價有正向影響。實證結果顯示政府房地合一稅措施對營建類股報酬率有相當的影響。[[abstract]]In the past 20 years, Internet bubble, SARS and many other crises has occurred globally which gradually affectting Taiwan’s overall economy. In order to save the economy and real estate market in Taiwan, the government has managed to introduce effective policies to improve the overall economy. The purpose of this study is to explore the impact of the government's real estate integration tax measures on construction stocks and return rates. The event day of this study is during the implementation date of the Land Consolidation Tax 1.0 annnounced by the Legislative Yuan’s on January 1, 2016 till the implementation date of the Real Estate Consolidation Tax 2.0 announced on July 1, 2021, which involved 45 listed construction companies , with quarterly stock price data. The explanatory variables of the study are the six capital cities (Taipei City, New Taipei City, Taoyuan City, Taichung City, Tainan City, Kaohsiung City) house price index; the dependent variables are money supply, gross domestic product, interest rates of five major banks, consumer price index, and construction stock price index. In the study, the study method is used to calculate abnormal returns, and the empirical results are as high as 33 times during the event period , which confirms that the real estate integration tax policy has a positive impact on the stock price of construction stocks. Based on the Traditional method, it is found that there is a positive impact on studying the influences between six capital cities’ stock price and construction stock. Among the overall economic variables, the gross national product, the average interest rate of the five major banks, and the money supply have given a significant influence on the stock price of construction stocks