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題名 振興三倍券之所得差異化影響-以綜合商品零售業為例
Differential Impact of Triple Stimulus Vouchers by Income-Level: Evidence from Retail Sale in Non-specialized Stores作者 黃詩涵
Huang, Shih-Han貢獻者 林信助<br>連賢明
Lin, Shinn-Juh<br>Lien, Hsien-Ming
黃詩涵
Huang, Shih-Han關鍵詞 振興三倍券
電子發票
差異中之差異法
事件研究法
riple Stimulus Vouchers
E-invoice
Difference-in-difference
Event study日期 2022 上傳時間 1-Jul-2022 16:00:59 (UTC+8) 摘要 本文主要針對在2020年疫情期間受損程度高之民生產業－綜合商品零售業為目標產業，探討「振興三倍券」發放後，不同所得階層在政策影響下之振興程度。本文將臺灣鄉鎮市區資料區分為最低20%與最高20%兩個所得階層，並採用財政部2019至2020年臺灣每日電子發票交易紀錄，以事件研究法與差異中之差異分析法，瞭解政策效果在高低所得地區的持續時間長短，以及「振興三倍券」實施期間對於綜合商品零售業所帶來的消費刺激差異。實證結果顯示，振興政策在不同所得階層之效果顯著最長持續約5週，最低階層與最高所得階層之綜合商品零售業每週平均銷售額分別顯著增加8.94%與3.80%，顯示所得差異在政策影響上相當顯著。綜合以上研究結果，說明在各所得階層中「振興三倍券」對刺激消費存在正面影響，其中以低所得階層的效用為大，且在政策實施的短期內，具有提振民眾消費的顯著效果。
This thesis investigates the differential impact of the Triple Stimulus Vouchers scheme conducted in Taiwan in 2020 by income-levels. We focus on Retail Sale in Non-specialized Stores that were highly damaged during the 2020’s pandemic. Daily E-invoice transaction data are compiled for 2019 to 2020 from the Ministry of Finance, Taiwan. Event Study and difference-in-difference (DID) methods are performed to estimate different effective durations and the consumption stimulation effect of the scheme on Retail Sale in Non-specialized Stores between top 20% and lowest 20% income level areas. Our empirical results show that the effect of the Triple Stimulus Vouchers scheme lasted for a maximum of five weeks in different income-level areas, and the average weekly consumption of Retail Sale in Non-specialized Stores in the lowest and highest income level area increase significantly by 8.94% and 3.80%, respectively. To summarize, the Triple Stimulus Vouchers scheme has a positive effect on stimulating consumption among all income-levels, especially the lowest income level. We also find a significant policy effect on boosting consumption in the short term.參考文獻 財政部（2021）。電子發票實施作業要點。陳孟朔（2020）。國際財經：文在寅宣布向韓國七成家庭發放災害補助，四口之家可獲約百萬韓元。財訊快報。審計部（2020）。中央政府振興經濟消費券發放特別決算審核報告。劉容皿（2020）。振興經濟強心針 美、日、韓直升機大撒錢。聯合新聞網。Andrew Taylor, & Lisa Mascaro (2020). Senate passes $2.2 trillion economic coronavirus relief bill on unanimous vote. Retrieved from https://www.chicago tribune.com/coronavirus/ct-nw-coronavirus-stimulus-rescue-package-20200325-wnws3gxb2jdxzeck3q6mfp345y-story.htmlAndersen, Asger Lau & Hansen, Emil Toft & Johannesen, Niels & Sheridan, Adam (2020). Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. CEPR Discussion Papers 14809, C.E.P.R. Discussion Papers.Baker, Scott R. and Farrokhnia, R. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine (2020). Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments. University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-55, Available at SSRN 3587894.Baker, Scott R. and Farrokhnia, R.A. and Farrokhnia, R.A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine (2020). How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic. Available at SSRN 3565521.Carvalho, V & Garcia, Juan R. & Hansen, S. & Ortiz, A. & Rodrigo, T. & More, J. V. R. (2020). Tracking the COVID-19 Crisis with High-Resolution Transaction Data. Cambridge Working Papers in Economics 2030, Faculty of Economics, University of Cambridge.Cox, Natalie, Peter Ganong, Pascal Noel, Joseph Vavra, Arlene Wong, Diana Farrell, and Fiona Grieg (2020). Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data. Brookings Papers on Economic Activity, Summer, 35-69.Chronopoulos, Dimitris K. and Lukas, Marcel and Wilson, John O. S. (2020). Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain. Available at SSRN 3586723.Clarke, D., & Tapia-Schythe, K. (2021). Implementing the panel event study. The Stata Journal, 21(4), 853-884. DOI: https://doi.org/10.1177/1536867X211063144Dunn, Abe, Kyle Hood, Andrea Batch, and Alex Driessen (2021). Measuring Consumer Spending Using Card Transaction Data: Lessons from the COVID-19 Pandemic. AEA Papers and Proceedings, 111: 321-25. DOI: 10.1257/pandp.20211049Fisher KA, Tenforde MW, Feldstein LR, et al. (2020). Community and Close Contact Exposures Associated with COVID-19 Among Symptomatic Adults ≥18 Years in 11 Outpatient Health Care Facilities — United States. MMWR Morb Mortal Wkly Rep 69:1258–1264. DOI: http://dx.doi.org/10.15585/mmwr.mm6936a5external icon.Halvorsen, Robert, and Raymond Palmquist (1980). The Interpretation of Dummy Variables in Semilogarithmic Equations. American Economic Review 70: 474-475.Kim, Seonghoon and Koh, Kanghyock and Lyou, Wonjun (2020). Do COVID-19 Stimulus Payments Stimulate the Economy? Evidence from Card Transaction Data in South Korea. Available at SSRN 3701676.Misra, Kanishka and Singh, Vishal and Zhang, Qianyun Poppy (2020). Impact of Stay-at-home-orders and Cost-of-living on Stimulus Response: Evidence from the CARES Act. NYU Stern School of Business, Available at SSRN 3663493.So Kubota, Koichiro Onishi, Yuta Toyama (2021). Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data. Journal of Economic Behavior & Organization, Volume 188, 1-17. DOI: https://doi.org/10.1016/j.jebo.2021.05.006.Yuko Takeo, & Emi Urabe (2020). Japan’s Savings Rate Hits 20 - Year High as Handouts Get Banked. Bloomberg. Retrieved from https://www. bloombergquint.com/onweb/japan-s-savings-rate-hits-20-year-high-as-govt-cash-gets-banked. 描述 碩士
國立政治大學
國際經營與貿易學系
109351028資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109351028 資料類型 thesis dc.contributor.advisor 林信助<br>連賢明 zh_TW dc.contributor.advisor Lin, Shinn-Juh<br>Lien, Hsien-Ming en_US dc.contributor.author (Authors) 黃詩涵 zh_TW dc.contributor.author (Authors) Huang, Shih-Han en_US dc.creator (作者) 黃詩涵 zh_TW dc.creator (作者) Huang, Shih-Han en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:00:59 (UTC+8) - dc.date.available 1-Jul-2022 16:00:59 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:00:59 (UTC+8) - dc.identifier (Other Identifiers) G0109351028 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140559 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 109351028 zh_TW dc.description.abstract (摘要) 本文主要針對在2020年疫情期間受損程度高之民生產業－綜合商品零售業為目標產業，探討「振興三倍券」發放後，不同所得階層在政策影響下之振興程度。本文將臺灣鄉鎮市區資料區分為最低20%與最高20%兩個所得階層，並採用財政部2019至2020年臺灣每日電子發票交易紀錄，以事件研究法與差異中之差異分析法，瞭解政策效果在高低所得地區的持續時間長短，以及「振興三倍券」實施期間對於綜合商品零售業所帶來的消費刺激差異。實證結果顯示，振興政策在不同所得階層之效果顯著最長持續約5週，最低階層與最高所得階層之綜合商品零售業每週平均銷售額分別顯著增加8.94%與3.80%，顯示所得差異在政策影響上相當顯著。綜合以上研究結果，說明在各所得階層中「振興三倍券」對刺激消費存在正面影響，其中以低所得階層的效用為大，且在政策實施的短期內，具有提振民眾消費的顯著效果。 zh_TW dc.description.abstract (摘要) This thesis investigates the differential impact of the Triple Stimulus Vouchers scheme conducted in Taiwan in 2020 by income-levels. We focus on Retail Sale in Non-specialized Stores that were highly damaged during the 2020’s pandemic. Daily E-invoice transaction data are compiled for 2019 to 2020 from the Ministry of Finance, Taiwan. Event Study and difference-in-difference (DID) methods are performed to estimate different effective durations and the consumption stimulation effect of the scheme on Retail Sale in Non-specialized Stores between top 20% and lowest 20% income level areas. Our empirical results show that the effect of the Triple Stimulus Vouchers scheme lasted for a maximum of five weeks in different income-level areas, and the average weekly consumption of Retail Sale in Non-specialized Stores in the lowest and highest income level area increase significantly by 8.94% and 3.80%, respectively. To summarize, the Triple Stimulus Vouchers scheme has a positive effect on stimulating consumption among all income-levels, especially the lowest income level. We also find a significant policy effect on boosting consumption in the short term. en_US dc.description.tableofcontents 第壹章 緒論 1第貳章 資料說明 5第一節 樣本選取與分層 5第二節 疫情後各所得階層之銷售額 12第三節 小結 14第參章 研究方法與模型 15第肆章 實證結果 18第一節 敘述統計 18第二節 估計結果 22第三節 穩健性分析 26第伍章 結論 28參考資料 31附錄 34 zh_TW dc.format.extent 3053415 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109351028 en_US dc.subject (關鍵詞) 振興三倍券 zh_TW dc.subject (關鍵詞) 電子發票 zh_TW dc.subject (關鍵詞) 差異中之差異法 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) riple Stimulus Vouchers en_US dc.subject (關鍵詞) E-invoice en_US dc.subject (關鍵詞) Difference-in-difference en_US dc.subject (關鍵詞) Event study en_US dc.title (題名) 振興三倍券之所得差異化影響-以綜合商品零售業為例 zh_TW dc.title (題名) Differential Impact of Triple Stimulus Vouchers by Income-Level: Evidence from Retail Sale in Non-specialized Stores en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 財政部（2021）。電子發票實施作業要點。陳孟朔（2020）。國際財經：文在寅宣布向韓國七成家庭發放災害補助，四口之家可獲約百萬韓元。財訊快報。審計部（2020）。中央政府振興經濟消費券發放特別決算審核報告。劉容皿（2020）。振興經濟強心針 美、日、韓直升機大撒錢。聯合新聞網。Andrew Taylor, & Lisa Mascaro (2020). Senate passes $2.2 trillion economic coronavirus relief bill on unanimous vote. Retrieved from https://www.chicago tribune.com/coronavirus/ct-nw-coronavirus-stimulus-rescue-package-20200325-wnws3gxb2jdxzeck3q6mfp345y-story.htmlAndersen, Asger Lau & Hansen, Emil Toft & Johannesen, Niels & Sheridan, Adam (2020). Consumer Responses to the COVID-19 Crisis: Evidence from Bank Account Transaction Data. CEPR Discussion Papers 14809, C.E.P.R. Discussion Papers.Baker, Scott R. and Farrokhnia, R. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine (2020). Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments. University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-55, Available at SSRN 3587894.Baker, Scott R. and Farrokhnia, R.A. and Farrokhnia, R.A. and Meyer, Steffen and Pagel, Michaela and Yannelis, Constantine (2020). How Does Household Spending Respond to an Epidemic? Consumption During the 2020 COVID-19 Pandemic. Available at SSRN 3565521.Carvalho, V & Garcia, Juan R. & Hansen, S. & Ortiz, A. & Rodrigo, T. & More, J. V. R. (2020). Tracking the COVID-19 Crisis with High-Resolution Transaction Data. Cambridge Working Papers in Economics 2030, Faculty of Economics, University of Cambridge.Cox, Natalie, Peter Ganong, Pascal Noel, Joseph Vavra, Arlene Wong, Diana Farrell, and Fiona Grieg (2020). Initial Impacts of the Pandemic on Consumer Behavior: Evidence from Linked Income, Spending, and Savings Data. Brookings Papers on Economic Activity, Summer, 35-69.Chronopoulos, Dimitris K. and Lukas, Marcel and Wilson, John O. S. (2020). Consumer Spending Responses to the COVID-19 Pandemic: An Assessment of Great Britain. Available at SSRN 3586723.Clarke, D., & Tapia-Schythe, K. (2021). Implementing the panel event study. The Stata Journal, 21(4), 853-884. DOI: https://doi.org/10.1177/1536867X211063144Dunn, Abe, Kyle Hood, Andrea Batch, and Alex Driessen (2021). Measuring Consumer Spending Using Card Transaction Data: Lessons from the COVID-19 Pandemic. AEA Papers and Proceedings, 111: 321-25. DOI: 10.1257/pandp.20211049Fisher KA, Tenforde MW, Feldstein LR, et al. (2020). Community and Close Contact Exposures Associated with COVID-19 Among Symptomatic Adults ≥18 Years in 11 Outpatient Health Care Facilities — United States. MMWR Morb Mortal Wkly Rep 69:1258–1264. DOI: http://dx.doi.org/10.15585/mmwr.mm6936a5external icon.Halvorsen, Robert, and Raymond Palmquist (1980). The Interpretation of Dummy Variables in Semilogarithmic Equations. American Economic Review 70: 474-475.Kim, Seonghoon and Koh, Kanghyock and Lyou, Wonjun (2020). Do COVID-19 Stimulus Payments Stimulate the Economy? Evidence from Card Transaction Data in South Korea. Available at SSRN 3701676.Misra, Kanishka and Singh, Vishal and Zhang, Qianyun Poppy (2020). Impact of Stay-at-home-orders and Cost-of-living on Stimulus Response: Evidence from the CARES Act. NYU Stern School of Business, Available at SSRN 3663493.So Kubota, Koichiro Onishi, Yuta Toyama (2021). Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data. Journal of Economic Behavior & Organization, Volume 188, 1-17. DOI: https://doi.org/10.1016/j.jebo.2021.05.006.Yuko Takeo, & Emi Urabe (2020). Japan’s Savings Rate Hits 20 - Year High as Handouts Get Banked. Bloomberg. Retrieved from https://www. bloombergquint.com/onweb/japan-s-savings-rate-hits-20-year-high-as-govt-cash-gets-banked. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200592 en_US
