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篇名
建設產業財務績效與風險值:奢侈稅前後比較
並列篇名
Financial Performance and Value at Risk Analysis of the Construction Industry: Before and After the Implementation of the Luxury Tax
作者 彭開琼張佳雯吳思函
中文摘要
選取台灣上市櫃建設公司,以2010年7~12月與2011年7~12月為研究期間,選用麥氏指數探討奢侈稅對48家建設公司財務績效跨期表現,藉由股價風險值得出投資各公司股票每日最大損失情形後,整合財務績效與風險值進行討論。研究發現,奢侈稅實施後,建設公司財務績效退步者佔50%,股價風險值上升者佔87.5%,顯示奢侈稅影響投資人信心大於建設公司本身財務績效退步情形。將績效與風險值分為四個區塊,績效進步風險值下降的建設公司僅4家,績效進步風險值上升的建設公司共20家,績效衰退風險值上升的建設公司共22家,績效衰退風險值下降的建設公司共2家。
英文摘要
This paper investigates the overall performance of 48 listed construction industry companies in the TSE or OTC. We select data from June to December of both 2010 and 2011 to compare results, employ the data envelopment analysis of the Malmquist Index to assess each construction company's financial performance, and calculate the value at risk (VaR) of these companies by using the historical simulation method. This paper demonstrates that, after the implementation of the luxury tax, 50% of construction companies have regressed in financial performance, and 87.5% of construction companies have increased in VaR. This reveals that the positive impact of luxury tax on investor confidence exceeds regression of construction companies' financial performance. We classify the construction companies into four groups: four companies have improved in financial performance and declined in VaR; 20 companies have improved in financial performance and increased in VaR; 22 companies have regressed in financial performance and increased in VaR; and two companies have regressed in financial performance and declined in VaR.
起訖頁 55-71
關鍵詞 奢侈稅資料包絡分析法財務績效風險值麥氏指數luxury taxdata envelopment analysisfinancial performancevalue at riskmalmquist index
刊名 住宅學報  
期數 201512 (24:2期)
出版單位 中華民國住宅學會
該期刊-上一篇 大中華經濟圈跨境房價之擴散與動態傳遞分析
該期刊-下一篇 金融海嘯蔓延效應──以REITs市場為例
 

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