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研究生:楊雅鈴
研究生(外文):Ya-ling Yang
論文名稱:The Influence of 2007 New PRC Enterprise Income Tax Law on Taiwanese Enterprises’ Stock Prices on Taiwan Stock Market
論文名稱(外文):The Influence of 2007 New PRC Enterprise Income Tax Law on Taiwanese Enterprises’ Stock Prices on Taiwan Stock Market
指導教授:吳清在吳清在引用關係
指導教授(外文):Tsing-zai Wu
學位類別:碩士
校院名稱:國立成功大學
系所名稱:會計學系碩博士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:96
語文別:英文
論文頁數:52
外文關鍵詞:Preferential tax policyTaiwanese enterpriseEnterprise Income Tax LawSock price reaction
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In the past, domestic enterprises and foreign-invested enterprises in China were taxed under different enterprise income tax laws. Since China had accessed to the World Trade Organization (WTO) at the end of 2001, China government passed the Law of the People’s Republic of China on Enterprise Income Tax (New EIT Law) on March 16, 2007 and came into force on January 1, 2008. The New EIT Law unified the enterprise tax law applicable to both domestic enterprises and foreign-invested enterprises.
The New EIT Law canceled preferential tax policies under the Old EIT Law, owned by foreign-invested enterprises. The characteristics of the New EIT Law are: (1) broad tax base; (2) simple tax rate (3) changed preferential tax policy; (4) tighter administration of tax levying and collection.
Our study aims at that the announcement of the EIT Law, for the capital market if the performance of Taiwanese enterprise of stock prices generates significant abnormal return. Second, we observe the stock prices of Taiwanese manufacturing industry how to change under the New EIT Law. Third, we also observe used to enjoy preferential zones tax rates under the Old EIT Law and those Taiwanese enterprises’ stock price how to change.
Our analysis finds evidence that the New EIT Law is bad news for Taiwanese enterprises and really generates abnormal return on Taiwan stock market. We also find that manufacturing industry view the New EIT Law as bad news. For that result we indirectly support that tax preferential policies is definitely an important factor for Taiwanese manufacturing industry about deciding whether or not to invest in China. Since the New EIT Law has granted tax preferential treatment on an industry basis rather than on a location basis, for those zones used to enjoyed preferential tax rates under the Old EIT Law also regard the New EIT Law as bad news.
考試合格證明 Ⅰ
Abstract Ⅱ
致謝 Ⅳ
目錄 Ⅴ
表次 Ⅶ
1. Introduction 1
2. Prior Literature 4
2.1. China’s Enterprise Income Tax Law Brief Introduction 4
2.1.1. Taxpayers 4
2.1.2. Tax Rate 5
2.1.3. Deduction 6
2.1.4. Preferential Tax policies 7
2.1.5. Transition Period 11
2.1.6. Anti-tax Avoidance Measures 12
2.2. The Influence of China’s Enterprise Income Tax Law on Taiwanese Enterprises 13
2.2.1. The Influence on Taxpayers 13
2.2.2. The Influence on Tax Rate 13
2.2.3. The Influence on Tax Incentive 13
2.2.3.1. The Influence on Particular Industry 14
2.2.3.2. The Influence on Particular Zones 14
2.2.4. The Influence of Transition Period 15
2.2.5. The Influence of Firm Size 16
2.2.6. The Influence of Anti-tax Avoidance 16
2.2.7. Other Opinion on the New EIT Law 16
2.3. The Influence of the Changed Tax Structure on Capital Market 17
2.3.1. The Imputation Tax System 18
2.3.2. Alternative Minimum Tax Rate 20
3. Research Design 22
3.1. Hypothesis Development 22
3.2. Sample 23
3.3. Variables Definitions 24
3.3.1. Variables Definitions 24
3.3.1.1. Stock Holding Ratio 24
3.3.1.2. Investment in China 24
3.3.1.3. Earnings from China 25
3.3.1.4. Manufacturing 25
3.3.1.5. Special Economic Zone 25
3.3.2. Dependent Variables 25
3.3.2.1. Standardized Cumulative Abnormal Return 26
3.3.3. Control Variables 26
3.3.3.1. Size 26
3.3.3.2. Book-to-Market Ratio 26
3.3.3.3. Price-to-Earning Ratio 26
3.4. Methodology 27
3.4.1. Event Days 27
3.4.2. Measure 30
3.4.2.1. Standardized Cumulative Abnormal Return 30
3.4.2.2. Regression 32
4. Empirical Results 34
4.1. Descriptive Statistics 34
4.2. Correlation Coefficient 38
4.3. Abnormal Returns 41
4.4. Regression Results 43
5. Conclusions 48
Reference 49
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