建设产业财务绩效与风险值奢侈税前後比较.PDF

55 71 JOURNAL OF HOUSING STUDIES, VOLUME 24 NO. 2, DECEMBER 2015 Financial Performance and Value at Risk Analysis of the Construction Industry: Before and After the Implementation of the Luxury Tax ****** Kai-Chiung Peng*, Chia-Wen Chang**, Ssu-Han Wu*** 摘　要 20107~12 20117~12 48 50% 87.5% 4 20 22 2 關鍵詞 ：奢侈稅，資料包絡分析法，財務績效，風險值，麥氏指數 ABSTRACT 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. Key words: luxury tax, data envelopment analysis, financial performance, value at risk, malmquist index (本文於2013年6月18日收稿，2015年3月11日審查通過，實際出版日期2015年12月) * Associate Professor, Chien Hsin University of Science and Technology, Taoyuan City, Taiwan. E-mail: pk