奢侈稅對投資人情緒的影響 : 以奢侈稅對相關產業的衝擊為例

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Title:	奢侈稅對投資人情緒的影響 : 以奢侈稅對相關產業的衝擊為例
Other Titles:	The impact of luxury tax on investor sentiment : an illustration by observing its influence on related industries
Authors:	陳香文;Chen, Xiang-wen
Contributors:	淡江大學會計學系碩士在職專班林谷峻;韓幸紋;Lin, Gu-jun;Han, Xing-wen
Keywords:	奢侈稅;投資人情緒;週轉率;淨個人交易;事件研究法;Luxury Tax;Investor Sentiment;Turmover rate;Net Individual Trading;Event Study
Date:	2014
Issue Date:	2015-05-04 09:52:13 (UTC+8)
Abstract:	論文名稱：奢侈稅對投資人情緒的影響頁數：６７：以奢侈稅對相關產業的衝擊為例校系(所)組別：淡江大學會計學系碩士在職專班畢業時間及提要別： 103 學年度第2學期碩士學位論文提要研究生：陳香文指導教授：林谷峻博士、韓幸紋博士論文提要內容：本研究旨在探討奢侈稅對投資人情緒的影響，分別以週轉率和淨個人交易衡量專業投資人與散戶投資人情緒，採用事件研究法，分析該租稅政策在修訂期間，專業投資人與散戶投資人情緒是否受到影響。　　實證結果顯示，專業投資人與散戶投資人對奢侈稅實施的反應是截然不一樣的態度，當奢侈稅實施前，週轉率大都是顯著負向反應，代表專業投資人對房市前景的勘慮。而淨個人投資交易(NIT)的結果大致是正向影響，說明散戶投資人希望政府能抑制高房價，進而支持奢侈稅政策。從實施後到閉鎖期屆滿，週轉率回正，代表專業投資人認為政府可能會因為稅收效果不佳，進而修法或廢除，使專業投資人對未來房市投資又抱持一絲希望，但淨個人投資交易(NIT)為負向顯著，代表散戶投資人認為用奢侈稅打房的效果不佳，因為房價仍然高漲。這是值得政府在檢討稅制時，可多多思考之處，如何才能兼顧專業投資人與散戶投資人之間的平衡，進而達到投資人的需求。關鍵字:奢侈稅、投資人情緒、週轉率、淨個人交易、事件研究法表單編號：ATRX-Q03-001-FM030-01 Thesis Title: Pages:67 The Impact of luxury tax on investor sentiment- an illustration by observing its influence on related industries Graduation and Summary Category: 103 Year 2nd Semester Master''s Thesis Summary Graduate: Chen Xiangwen Advisor: Dr. Lin Gujun, Dr. Han Xingwen Abstracts content： This study aimed to discuss the effect of the luxury tax on investor sentiment,respectively, turnover rate and net individual trading measure of professional investors and retail investor sentiment, by using the event study method, the revised tax policy analysis period, professional investors and retail investor sentiment is affected. The empirical results show, professional investors and retail investors react to the implementation of the luxury tax is completely different attitude, when implemented before the luxury tax, turnover mostly significant negative reaction, representatives of professional investors on the housing market outlook survey considered. The net result of personal investment transactions (NIT) is generally positive effect, description retail investors hope the government can curb high prices, further support for the luxury tax policy. To the lock-up period from the expiry of the implementation, turnover back positive, representatives of professional investors think the government may be ineffective because of the tax, further amending the law or repeal, so that professional investors invest for the future housing market and hold a glimmer of hope, but the net personal investment transactions (NIT) is significantly negative, on behalf of retail investors who think the poor play house with a luxury tax effect, because the prices are still high. This is something the government in reviewing the tax system, can place a lot of thinking, how to balance both professional investors and retail investors between, thus achieving the investor''s needs. Keywords: Luxury tax、Investor sentiment、Turmover rate、Net individual trading、Event Study 表單編號：ATRX-Q03-001-FM031-01
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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