高階管理者會選擇家族成員間股票贈與之時機嗎？

Do Managers Choice Timing of Making a Stock Gift to Family Members?

本研究以2001年至2012年台灣上市櫃公司為研究對象，探討董事長或總經理轉讓持股給家族成員時，是否會因贈與稅之考量，而選擇在股價低點進行轉讓，並討論此一擇時行為是否在高贈與稅率、高贈與申報比率及非12月份時更為明顯。實證結果發現董事長或總經理轉讓持股予家族成員前股價報酬率顯著為負，惟轉讓後股價報酬率並無顯著異於零。此結果支持董事長及總經理可能基於贈與稅之考量，而擇時贈與之假說。其次，高贈與稅率相較於低贈與稅率，在轉讓持股前有較大的負向累積異常報酬率，也就是說高贈與稅率下董事長及總經理比較有強烈動機選擇贈與時機點。高申報轉讓比率者則在贈與日前有顯著負的股價報酬率，在贈與日後則是低申報轉讓比率者有顯著正的股價報酬率。此外，在非12月份贈與者，於贈與日前有負的股價報酬率，贈與日後則是贈與月份在12月者有正向股價報酬率。整體而言，我們的實證結果與預期部份符合，即家族成員間股票贈與會選擇在股價低點，但其擇時效果僅限於贈與日前，贈與日後股價則並未顯著上揚。

Using a sample of publicly traded companies on Taiwan Stock Exchange during 2001-2012, this paper explores whether the chairman or CEOs attempt to transfer stocks to their family members as gifts when their stock prices were perceived to be the lowest in order to reduce the gift tax. Moreover, this paper also examines whether the timing effect is more obvious under higher gift tax rate, higher ownership transfer rate and in month other than December. The empirical results find that the cumulative abnormal returns is significant negative before the chairman or CEOs ownership transfer to their family members. But, the abnormal returns is not significant positive following CEOs’ stock gifts to family members. Thus, the chairman or CEOs indeed time their ownership transfer to minimize their gift tax. Besides, when gift tax rate is higher, the negative cumulative abnormal returns before CEOs’ ownership transfer is more significant. In other word, the ownership transfer timing is more pronounced if the gift tax rate is higher. Moreover, for the higher ownership transfer rate subsample, the cumulative abnormal returns is significant negative before CEOs’ ownership transfer, and the abnormal returns is significant positive following CEOs’ stock gifts to family members for the lower ownership transfer rate subsample. Finally, if the ownership transfer occurs in December, the cumulative abnormal returns is significant negative before CEOs’ ownership transfer, and the abnormal returns is significant positive following CEOs’ stock gifts when the ownership transfer occurs in months other than December. In summary, the empirical results find the chairman or CEOs indeed transfer stocks to their family members as gifts when their stock prices were perceived to be low. However, the ownership transfer timing effect is found just before CEOs’ stock gifts to family members. After CEOs’ stock gifts date, stock prices do not increase significantly.