The Impact of Actual Transaction Price Registration System on the Stock Return of the Construction Industry
|關鍵字:||事件研究;實價登錄;event study;actual transaction price registration system|
To help make real estate prices available to the general public, the Ministry of the Interior (MOI) has launched the actual transaction price registration system in Taiwan. At the same time, the government levied luxury tax and marked up both the price of oil and electricity, therefore, all the industry, general public and media paid a lot of attention to the system. Applying event study method, the goal of this research is to find out whether there was significant abnormal return for listed construction companies when the news related to actual transaction price registration system were announced. The abnormal return may be positive or negative, it could even be insignificant when the positive and negative effect cancel each out. When the empirical result showed that the excess return was significant, this research also aimed to investigate where there was a significant relationship between abnormal return and financial characteristics of listed construction companies . This research found that： 1.During the periods of the events related to the actual transaction price registration system, most of listed construction companies had significant abnormal returns. 2.Most of the period when news related actual transaction price registration system were announced , the cumulative average excess returns of listed construction companies were negative. 3.According to the results of the regression analysis of cumulative abnormal returns and enterprises’ financial characteristics, during the periods of most of the events, financial characteristics such as asset scale were indeed significantly related to abnormal returns.
|Appears in Collections:||Thesis|