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題名 證券交易所得稅對證券市場之影響
作者 陳如芳
貢獻者 劉玉珍<br>周雨田
陳如芳
關鍵詞 證所稅
證券市場
證所稅對證券市場的影響
日期 2000
上傳時間 31-Mar-2016 15:33:04 (UTC+8)
摘要 證所稅政策由於牽涉不同群體的利益，影響層面極廣，故一直是政府官員、學者、券商和投資人等，各界爭論不修的議題，其中最為大眾所矚目的焦點在於證所稅開徵對證券市場造成的影響。我國過去兩次課徵證所稅均為投資人帶來震撼性的衝擊，不但導致股價在極短的時間內呈現巨幅重挫的情形，市場成交量、波動性等交易指標亦反應劇烈，使得多數投資人一旦接觸任何證所稅相關問題均極為反感，即使政府在租稅收入的考量和學界在建立公平稅制上的堅持，亦難以抵擋證券市場造成傷害所帶來的壓力，致使難以兼顧不同群體利益的證所稅政策更難付諸實行。
參考文獻 一、中文部份
1、 方衍濱，「政策情境對政策執行策略的影響-以重新開徵證券交易所得稅政策為例」，中國行政，第50期，民80.08，頁39-53。
2、 朱秀芳，「日本證券交易所得課稅制度」，財稅研究，第26期，民83.05，頁108-118。
3、 李明機，「證券交易所得稅之研究」，國立政治大學財政研究所未出版碩士論文，民86。
4、 何業芳，「東亞及紐地區證券交易相關稅制」證交資料，民83年，頁6-7。
5、 邱靖博、蔡豐清，證券與金融，三民書局（二版），民81.01，頁281-286。
6、 財政部稅賦改革委員會，「資本增益課稅問題之研究」，民78年，頁7-9。
7、 財政部賦稅署，「世界主要國家對證券交易課稅比較表」，民83年。
8、 葉耿漢，「從證所稅的過去看未來」，中國稅務旬刊，第1558期，民84.01，頁7 - 10。
9、 蔡燕姈，「證券交易所得稅對股票市場的影響」，國立成功大學會計研究所未出版碩士論文，民83。
10、 歐森藩，「課徵證券交易所得稅實務上之分析」，會計與管理， 第879期，民78.01，頁3-5。
11、 鼎談會專欄，「復徵證所稅面面觀」，經濟日報，第三版，民84.06.05。
12、 薛明琳，「土地及證券交易稅方案解析及因應之道」，會計研究月刊，第108期，民83.09，頁45。
13、 劉安懷，「證券交易所得稅之政策面分析以七十八年恢復課徵為研究個案」，國立中興大學公共行政研究所未出版碩士論文，民85。
14、 其餘參考報紙部份簡列如下：
歷年工商時報
歷年中國時報
歷年中央日報
歷年台灣時報
歷年經濟日報
歷年聯合報
二、英文部份
1. Altig, David, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters, and Jan Walliser, October 1997, " Simulating U.S. Tax Reform ", NBER Working Paper No. W6248.
2. Auerbach, Alan J., 1989, " Capital Gains Taxation and Tax Reform ", National Tax Journal 42, p391-401.
3. Auerbach, Alan J., Leonard E. Burman, and Jonathan Siegel, February 1998, " Capital Gains Taxation and Tax Avoidance: New Evidence from Panel Data ", NBER Working Paper No. W6399.
4. Brealey, Richard A. and Sabrina Kwan, 1999, " Personal taxes and the time variation of stock returns-evidence from the UK ", Journal of Banking & Finance 23, p1557-1577.
5. Burman, Leonard E. and William C. Randolpf, September 1994, " Measuring permanent responses to capital-gain tax changes in panel data ", The America Economic Review 84, p795-809.
6. Chaplinsky, Susan, and H. Nejat Seyhun, 1990, " Dividends and taxes：Evidence on tax-reduction strategies ", Journal of Bussiness 63, p239-260.
7. Constantinides, George, 1984, " Optional stock trading with personal taxes ", Journal of Financial Economics 13, p65-89.
8. Dyl, Edward, 1977, " Capital gains taxation and year-end stock market behavior ", Journal of Finance 32, p165-175.
9. Dyl, Edward, 1979, " A state preference model of capital gains taxation ", Journal of Financial and Quantitative Analysis XIV, p529-539.
10. Feldstein, M. and S. yitzhaki, 1978, " The effect of the capital gains tax on the selling and switching of common stocks ", Journal of Public Economics, p17-36.
11. Feldstein, M. and J. Slemrod, and S. yitzhaki, 1980, " The effects of taxation on the selling of corporate stock and realization of capital gains ", Quarterly Journal of Economics, p777-791.
12. Felistein, Martin, 1995, " Fiscal policities, capital formation, and capitalism ", European Economic Review 39, p399-420.
13. Feldstein, Martin, January 1995, " Behavioral Response to Tax Rates: Evidence from TRA86 ", NBER Working Paper No. W5000.
14. Feldstein, Martin, September 1997, " Capital Income Taxes and the Benefit of Price Stability ", NBER Working Paper No. W6200.
15. Gemmill, Robert F. 1956, "The Effect of Capital Gains Tax on Asset Price ", National Tax Journal 9, p289-301.
16. Gordon, Roger H., and Lan A.Bovenberg, July 1994, " Why is Capital so Immobile Internationally ? : Possible Explanations and Implications for Capital Income Taxation ", NBER Working Paper No. W4796.
17. Guenther, David A., 1994, " The relation between tax rates and pre-tax returns direct evidence from the 1981 and 1986 tax rate reductions ", Journal of Accounting and Economics 18, p379-393.
18. Guenther, David A. and Michael Willenborg, 1999, " Capital gains tax rates and the cost of capital for small business：evidence from the IPO market ", Journal of Financial Economics 53, p385-408.
19. Hendershott, Patric H., Eric Toder, and Yunhi Won, October 1991, " revenue and Welfare Implication for a Capital Gains Tax Cut", NBER Working Paper No. W3386.
20. Holt, C.C, and J.P. Shelton, 1962, " The lock-in effect of the capital gains tax ", National Tax Journal 15, p337-351.
21. Jang, Hwee-yong J., " The market reaction to the 1986 tax overhaul：a study of the capital gain tax change ", 1994, Journal of Business Finance & Accounting, V21n8, 1994 Dec, p1179-1193.
22. Klein, Peter, 1998, " The capital gain lock-in effect with short sales constraints ", Journal of Banking & Finance 22, p1533-1558.
23. Klein, Peter, 1999, " The capital gain lock-in effect and equilibrium return ", Journal of public Economics 71, p355-378.
24. Kovenock, Daniel J. and Micheal Rothschild, 1987, " Notes on the Effect of Capital Gains Taxtaion on Non-Austrian Assets ", Economic Policy in Theory and Practice.
25. Lang, Mark H. and Douglus A. Shackelford, January 1999, " Capitalization of Capital Gains taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction ", NBER Working Paper No.W6885.
26. Poterba, James M., October 1987, " Tax Evasion and Capital Gains Taxation ", NBER Working Paper No. W2119.
27. Reese, William A., JR, 1998, " Capital gains taxation and stock market activity：evidence from IPOs ", Journal of Finance, Vol. LIII, No 5, October 1998, p1799-1819.
28. Samwick, Andrew A., July 1995, " Tax Shelters and Passive Losses After the Tax Reform Act of 1986 ", NBER Working Paper No. W5171.
29. Slemrod, Joel, 1982, " Stock transactions volume and the 1978 capital gains tax reduction ", Public Finance Quarterly 10, p3-6.
30. Somers, Harold M., September 1948, " An Economic Analysis of the Capital Gains tax ", National Tax Journal, Vol.1, p226-232.
31. Stiglitz, Joseph E., 1983, " Some Aspects of the Taxation of Capital Gains ", Journal of Public Economics 21, p257-294.
32. The Salomon Smith Barney Guide to World Equity Markets 1998, Euromoney Publications DLC and Salomon Smith Barney, 1999.
33. Market Information on FIBV Members and other Exchanges-2000 "Infobours. xls, http://www.FIBV.com.
描述 碩士
國立政治大學
財務管理研究所
87357014
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2002002086
資料類型 thesis
dc.contributor.advisor 劉玉珍<br>周雨田zh_TW
dc.contributor.author (Authors) 陳如芳zh_TW
dc.creator (作者) 陳如芳zh_TW
dc.date (日期) 2000en_US
dc.date.accessioned 31-Mar-2016 15:33:04 (UTC+8)-
dc.date.available 31-Mar-2016 15:33:04 (UTC+8)-
dc.date.issued (上傳時間) 31-Mar-2016 15:33:04 (UTC+8)-
dc.identifier (Other Identifiers) A2002002086en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/83283-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 87357014zh_TW
dc.description.abstract (摘要) 證所稅政策由於牽涉不同群體的利益，影響層面極廣，故一直是政府官員、學者、券商和投資人等，各界爭論不修的議題，其中最為大眾所矚目的焦點在於證所稅開徵對證券市場造成的影響。我國過去兩次課徵證所稅均為投資人帶來震撼性的衝擊，不但導致股價在極短的時間內呈現巨幅重挫的情形，市場成交量、波動性等交易指標亦反應劇烈，使得多數投資人一旦接觸任何證所稅相關問題均極為反感，即使政府在租稅收入的考量和學界在建立公平稅制上的堅持，亦難以抵擋證券市場造成傷害所帶來的壓力，致使難以兼顧不同群體利益的證所稅政策更難付諸實行。zh_TW
dc.description.tableofcontents 封面頁
證明書
致謝詞
論文摘要
目錄
附表目錄
附圖目錄
第一章 緒論
第一節 研究動機與目的
第二節 研究範圍
第三節 研究方法與限制
第四節 研究架構與流程
第二章 證券交易所得稅之歷史與各國制度比較
第一節 證券交易所得稅制度的歷史沿革
第二節 世界各國證券交易稅制比較
第三章 文獻探討
第一節 關於稅制與賦稅收入方面
第二節 關於課稅的經濟效益方面
第三節 對證券市場的影響方面
第四章 研究設計與資料分析
第一節 研究假說
第二節 研究設計
第三節 資料分析
第四節 實證模型
第五章 實證分析
第一節 證所稅對股市的短期影響-t檢定分析
第二節 證所稅對股市的長期影響-迴歸分析
第三節 綜合分析
第六章 結論與建議
第一節 研究結論與分析
第二節 對課徵證所稅的建議
參考文獻		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2002002086en_US
dc.subject (關鍵詞) 證所稅zh_TW
dc.subject (關鍵詞) 證券市場zh_TW
dc.subject (關鍵詞) 證所稅對證券市場的影響zh_TW
dc.title (題名) 證券交易所得稅對證券市場之影響zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部份
1、 方衍濱，「政策情境對政策執行策略的影響-以重新開徵證券交易所得稅政策為例」，中國行政，第50期，民80.08，頁39-53。
2、 朱秀芳，「日本證券交易所得課稅制度」，財稅研究，第26期，民83.05，頁108-118。
3、 李明機，「證券交易所得稅之研究」，國立政治大學財政研究所未出版碩士論文，民86。
4、 何業芳，「東亞及紐地區證券交易相關稅制」證交資料，民83年，頁6-7。
5、 邱靖博、蔡豐清，證券與金融，三民書局（二版），民81.01，頁281-286。
6、 財政部稅賦改革委員會，「資本增益課稅問題之研究」，民78年，頁7-9。
7、 財政部賦稅署，「世界主要國家對證券交易課稅比較表」，民83年。
8、 葉耿漢，「從證所稅的過去看未來」，中國稅務旬刊，第1558期，民84.01，頁7 - 10。
9、 蔡燕姈，「證券交易所得稅對股票市場的影響」，國立成功大學會計研究所未出版碩士論文，民83。
10、 歐森藩，「課徵證券交易所得稅實務上之分析」，會計與管理， 第879期，民78.01，頁3-5。
11、 鼎談會專欄，「復徵證所稅面面觀」，經濟日報，第三版，民84.06.05。
12、 薛明琳，「土地及證券交易稅方案解析及因應之道」，會計研究月刊，第108期，民83.09，頁45。
13、 劉安懷，「證券交易所得稅之政策面分析以七十八年恢復課徵為研究個案」，國立中興大學公共行政研究所未出版碩士論文，民85。
14、 其餘參考報紙部份簡列如下：
歷年工商時報
歷年中國時報
歷年中央日報
歷年台灣時報
歷年經濟日報
歷年聯合報
二、英文部份
1. Altig, David, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters, and Jan Walliser, October 1997, " Simulating U.S. Tax Reform ", NBER Working Paper No. W6248.
2. Auerbach, Alan J., 1989, " Capital Gains Taxation and Tax Reform ", National Tax Journal 42, p391-401.
3. Auerbach, Alan J., Leonard E. Burman, and Jonathan Siegel, February 1998, " Capital Gains Taxation and Tax Avoidance: New Evidence from Panel Data ", NBER Working Paper No. W6399.
4. Brealey, Richard A. and Sabrina Kwan, 1999, " Personal taxes and the time variation of stock returns-evidence from the UK ", Journal of Banking & Finance 23, p1557-1577.
5. Burman, Leonard E. and William C. Randolpf, September 1994, " Measuring permanent responses to capital-gain tax changes in panel data ", The America Economic Review 84, p795-809.
6. Chaplinsky, Susan, and H. Nejat Seyhun, 1990, " Dividends and taxes：Evidence on tax-reduction strategies ", Journal of Bussiness 63, p239-260.
7. Constantinides, George, 1984, " Optional stock trading with personal taxes ", Journal of Financial Economics 13, p65-89.
8. Dyl, Edward, 1977, " Capital gains taxation and year-end stock market behavior ", Journal of Finance 32, p165-175.
9. Dyl, Edward, 1979, " A state preference model of capital gains taxation ", Journal of Financial and Quantitative Analysis XIV, p529-539.
10. Feldstein, M. and S. yitzhaki, 1978, " The effect of the capital gains tax on the selling and switching of common stocks ", Journal of Public Economics, p17-36.
11. Feldstein, M. and J. Slemrod, and S. yitzhaki, 1980, " The effects of taxation on the selling of corporate stock and realization of capital gains ", Quarterly Journal of Economics, p777-791.
12. Felistein, Martin, 1995, " Fiscal policities, capital formation, and capitalism ", European Economic Review 39, p399-420.
13. Feldstein, Martin, January 1995, " Behavioral Response to Tax Rates: Evidence from TRA86 ", NBER Working Paper No. W5000.
14. Feldstein, Martin, September 1997, " Capital Income Taxes and the Benefit of Price Stability ", NBER Working Paper No. W6200.
15. Gemmill, Robert F. 1956, "The Effect of Capital Gains Tax on Asset Price ", National Tax Journal 9, p289-301.
16. Gordon, Roger H., and Lan A.Bovenberg, July 1994, " Why is Capital so Immobile Internationally ? : Possible Explanations and Implications for Capital Income Taxation ", NBER Working Paper No. W4796.
17. Guenther, David A., 1994, " The relation between tax rates and pre-tax returns direct evidence from the 1981 and 1986 tax rate reductions ", Journal of Accounting and Economics 18, p379-393.
18. Guenther, David A. and Michael Willenborg, 1999, " Capital gains tax rates and the cost of capital for small business：evidence from the IPO market ", Journal of Financial Economics 53, p385-408.
19. Hendershott, Patric H., Eric Toder, and Yunhi Won, October 1991, " revenue and Welfare Implication for a Capital Gains Tax Cut", NBER Working Paper No. W3386.
20. Holt, C.C, and J.P. Shelton, 1962, " The lock-in effect of the capital gains tax ", National Tax Journal 15, p337-351.
21. Jang, Hwee-yong J., " The market reaction to the 1986 tax overhaul：a study of the capital gain tax change ", 1994, Journal of Business Finance & Accounting, V21n8, 1994 Dec, p1179-1193.
22. Klein, Peter, 1998, " The capital gain lock-in effect with short sales constraints ", Journal of Banking & Finance 22, p1533-1558.
23. Klein, Peter, 1999, " The capital gain lock-in effect and equilibrium return ", Journal of public Economics 71, p355-378.
24. Kovenock, Daniel J. and Micheal Rothschild, 1987, " Notes on the Effect of Capital Gains Taxtaion on Non-Austrian Assets ", Economic Policy in Theory and Practice.
25. Lang, Mark H. and Douglus A. Shackelford, January 1999, " Capitalization of Capital Gains taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction ", NBER Working Paper No.W6885.
26. Poterba, James M., October 1987, " Tax Evasion and Capital Gains Taxation ", NBER Working Paper No. W2119.
27. Reese, William A., JR, 1998, " Capital gains taxation and stock market activity：evidence from IPOs ", Journal of Finance, Vol. LIII, No 5, October 1998, p1799-1819.
28. Samwick, Andrew A., July 1995, " Tax Shelters and Passive Losses After the Tax Reform Act of 1986 ", NBER Working Paper No. W5171.
29. Slemrod, Joel, 1982, " Stock transactions volume and the 1978 capital gains tax reduction ", Public Finance Quarterly 10, p3-6.
30. Somers, Harold M., September 1948, " An Economic Analysis of the Capital Gains tax ", National Tax Journal, Vol.1, p226-232.
31. Stiglitz, Joseph E., 1983, " Some Aspects of the Taxation of Capital Gains ", Journal of Public Economics 21, p257-294.
32. The Salomon Smith Barney Guide to World Equity Markets 1998, Euromoney Publications DLC and Salomon Smith Barney, 1999.
33. Market Information on FIBV Members and other Exchanges-2000 "Infobours. xls, http://www.FIBV.com.		zh_TW