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    政大機構典藏 > 學術期刊 > 會計評論 > 期刊論文 >  Item 140.119/122832
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/122832


    Title: 大法官解釋對金融業股價及成交量之影響-以釋字693號為例
    Impact of Constitutional Interpretation No. 693 on Stock Price and Trading Volume of Financial Institutions
    Authors: 簡銀瑩
    Chien, Yin-Ying
    黃士洲
    Huang, Shih-Chou
    林世銘
    Lin, Suming
    Contributors: 會計評論
    Keywords: 大法官解釋;稅務訴訟;司法治理
    Constitutional Interpretation;Tax litigation;Judicial governance
    Date: 2018-07
    Issue Date: 2019-04-02 09:06:32 (UTC+8)
    Abstract: 金融機構之證券交易課稅爭議,往往涉訟金額大,其勝敗對營運活動及財報數字皆產生重大影響,有時還須訴諸司法院大法官會議作成釋憲解釋。一旦釋憲解釋公布,纏訟多年的所有稅務爭議,乃至應付稅款所需的現金流量等同塵埃落定,影響應可觀。根據現金流量假說,當公司未來現金流量改變時,其市值亦會受到影響。本文透過現金流量假說,利用事件研究法探討2011年底司法院公布大法官釋字693號權證課稅解釋時,相關金融機構之股價及成交量是否產生異常波動。本研究之實證結果發現,釋字693號公布時,因發行權證而未預期現金流出的應補繳稅額愈高者,事件期間之累積異常報酬率下跌愈多,顯示股市投資人對於大法官解釋之反應,符合現金流量假說之預期,至於成交量則未有影響。
    The outcomes of tax litigation, especially in cases involving controversies over securities trading among financial institutions, usually have a critical impact on the operational activities and financial performance of litigants. The Constitutional Interpretation is the final resort for judicial controversies that might have lasted for years and thus plays a decisive role in the litigation process. From the perspective of cash flow hypothesis, a company’s market value is affected by changes in future cash flows. The empirical results of this study reveal that during the event period when Constitutional Interpretation No. 693 was declared, a considerable decline of cumulative abnormal returns was observed along with high unexpected cash outflows on tax due, this is consistent with the cash flow hypothesis; however, no abnormal trading volume was observed.
    Relation: 會計評論, 67, pp.123-154
    Data Type: article
    DOI 連結: https://doi.org/10.6552/JOAR.201807_(67).0004
    DOI: 10.6552/JOAR.201807_(67).0004
    Appears in Collections:[會計評論] 期刊論文

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