The Impact of the Capital Gains Retaxation on the Taiwan's Listed Securities Companies in 2013

Fairness of income distribution is an important foundation of social stability in recent years, countries are faced with the problem of unequal distribution of income, and therefore how to effectively use fiscal policy to the secondary distribution of national income, the resulting gap narrowing ratio and the Gini coefficient make income equalization, is the most important issue in Taiwan, for the implementation of necessary mental taxable income for tax fairness and the voice of the community to respond appropriately, it is 2013 years since the government securities transactions tax levy from the complex, while the move is bound to impact on Taiwan''s stock market, which is the most influential securities industry giant, this study used the event study method (event study), analyze the stock 2013 permits the tax levy year after five important events have been listed on the Taiwan securities industry if abnormal rate will generate significant rewards or cumulative abnormal returns, the empirical results are as follows: 1.Event one: 2013 years on April 12 - the tax certificate issued Treasury Edition In the declaration of the cumulative abnormal returns after the second to fourth days to produce a negative impact on the average abnormal returns in the announcement of the first day to the fifth day and after are all positive declaration. 2.Event 2: 2013 years on June 4 - Permits tax KMT legislators amended the motionedition cameout To declare the first two, three, five trading days after each abnormal returns are all positive, and declared the first 4 days Each day abnormal returns are quite significant. 3.Event Three: 2013 years on July 25 - Legislative Yuan passed the third reading of the tax certificate Recently announced the next day was all negative abnormal returns, while other events day abnormal returns are mostly not significant for the case forward. 4.Event Four: 2013 years on April 16 - the tax certificate corrected by the Control Yuanthe case Announced Sunday and declaredthe first two trading days subsequent to no significant negative cumulative abnormal returns, declaring after the third, fourth, fifth trading cumulative abnormal returns are not significant day forward. 5.Event Five: 2013 years on June 25 - The Legislative Yuan passed the amendment permits the tax Declared of the first, two days before the cumulative abnormal return was positive, declaring the day and the first to declare after the first Cumulative abnormal returns five trading days are all significantly negatively correlated.