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研究生:曾柏仁
研究生(外文):Bo-Ran Zeng
論文名稱:中國法律大翻修對台商股票市場之反應以企業所得稅法和勞動合同法為例
論文名稱(外文):The Taiwan Market Reaction to The 2007 China Legislation Overhaul: A Study of Business Income Tax law and Labor Contract Law
指導教授:潘偉華潘偉華引用關係
指導教授(外文):Wei-hwa Pan
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:企業管理系碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:109
中文關鍵詞:事件研究大陸投資績效多角化勞動合同法企業所得稅法
外文關鍵詞:China investmentdiversificationBusiness Income Tax lawperformanceLabor Contract Lawevent study
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2008年一月一日,隨著中國大陸新勞動合同法和企業所得稅法的正式實施及多項政策調整,直接增加了台商在中國的營運成本和經營難度。不但多方報導以聳動的標題指出台商的困境,遷徙潮,停工潮,各種的負面消息不脛而走。而在台灣對外投資日漸依賴中國的情形下,在中國大陸設廠的台商是否為因此造成影響,而台灣要如何因應此一環境的變化。本研究以事件研究法檢驗大陸企業所得稅法和大陸勞同合同法對台商股票市場的反應,並建立迴歸方程式對多角化、公司經營績效、投資大陸比重、投資大陸模式以及投資沿海地區比重來檢視這些因素下對台的影響,和何種資源配置能降低此一外部環境的衝擊,希冀能以此研究能提供未來學術界後續研究發展,及實務界做參考。
本研究以台灣上市電子業為研究對象,經實證結果發現,企業所得稅法對台商在股票市場的影響是正面的,而勞動合同法則是負面的影響。台商透過第三地轉投資的方式確實達到正面的效果;投資大陸比重較高的台商在企業所得稅法是正面的,而在勞動合同法中,則是有負面的異常報酬率;投資沿海比重高的台商在勞動合同法中,較有顯著的負面影響;另外在公司經營績效,發現了預期效應和過度反應的現象,在公司經營績效較好的台商,在事件之前會有正面的異常報酬率,但是在事件發生的時間,則轉變成負面的影響,高股利的公司在事件後都有正面的影響。另外在企業年限較高的台商,在勞動合同法則有明顯負面影響。
On Jan. 1 2008, China government implements a lot of legislations and regulation reforms which increase directly Taiwanese firms development cost and managerial problem, including Business Income Tax Law (BITL) and Labor contract Law (LCL). The situation of Taiwanese firms investing China become dependent, we are interesting whether BITL and LCL influence to Taiwanese firms which invest in China. This study uses event study to measure BITL and LCL impact to Taiwanese firms’ market reaction; moreover we make regression analysis to examine how diversification, performance, investment China ratio, entry mode and investment coast ratio influence to Taiwanese firms. Through this study, we hope to construct an essential structure that may provide useful reference of academic and practical purpose.
The sample of this research is from Taiwan electronic manufacture listed company. The empirical research result is listed follows. The influence of BITL is positive to Taiwanese firms, but the influence of LCL is negative. The entry modes which invest China indirectly by set company in the third part area is positive related to market reaction, however the relationship of investment coast ratio is opposite. In addition, we discovered the expected effect and overreaction effect. The firms which are performance well will obtain good market reaction prior to event day; however the relation is reverse in event period. The firms who have higher dividend will get positve market reaction after the event period.
TABLE OF CONTENTS
CHINESE ABSTRACT………………………………………………………………I
ENGLISH ABSTRACT……………………………………………………………..II
CHINESE ACKNOWLEDGEMENT……………………………………………..IV
TABLE OF CONTENTS…………………………………………………………....V
CHAPTER ONE INTRODUCTION………………………………………………..1
1.1 Research Background……………………………………………………………1
1.2 Motivations……………………………………………………………………….4
1.3 Purpose……………………………………………………………………………7
1.4 Research Flow…………………………………………………………………….8
1.5 Research Structure……………………………………………………………….8
CHAPTER TWO LITERATURE REVIEW……………………………….…….10
2.1 Event Study………………………………………………….…………………..11
2.2 The Effect of Regulation………………………………………………………..12
2.3 The Effect of Tax Law…………………………………………………………..14
2.4 Hypotheses Development……………………………………………………….18
CHAPTER THREE METHODS…………………………………………………..25
3.1 Data Sources and Chosen Standard……………………………………………25
3.2 Event Study……………………………………………………………...………26
3-3 Regression Analysis……………………………………………………………..34
CHAPTER FOUR RESULTS……………………………………………..……….43
4.1 Abnormal Return for Taiwanese firms………………………………………...43
4.2 Descriptive Statistics……………………………………………………...…….63
4.3 Linear Regression analysis……………………………………………………..69
CHAPTER FIVE CONCLUSION AND SUGGESTION…………………….…..86
5.1 Conclusions……………………………………………..……………………….86
5.2 Managerial Implication……………………………………………….………..88
5.3 Limitation………………………………………………………………………..89
5.4 Suggestions for Future Research……………………………………………....90
References…………………………………………..………………………………91
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