本研究旨在探討Organisation for Economic Cooperation and Development (OECD)提出的稅基侵蝕與利潤移轉2.0（Base Erosion and Profit Shifting 2.0，BEPS2.0）支柱二(Pillar Two) 對台灣股票市場的影響，該支柱要求年營業額超過7.5億歐元的跨國企業必須遵循稅率為15%之全球最低稅負制。首先，本研究使用台灣上市公司2021年至2022年中符合全球最低稅負制適用標準之公司，藉由事件研究法來探討全球最低稅負制發布後對台灣股票市場的股價影響，其後利用多元迴歸模型探討在事件窗期內的累積異常報酬率(Cumulative Abnormal Returns)是否會受到公司特徵影響，最後分析股票交易量在事件窗期內是否會顯著上升。本研究發現當全球最低稅負制相關訊息發布時，如期實施的相關訊息將對可能適用之公司股價帶來顯著的負向異常報酬率，而延後實施的相關訊息將對可能適用之公司股價帶來顯著的正向異常報酬率，並發現稅前淨利率越高、稅率越低、股票週轉率越高之公司越有顯著之累積異常報酬率，且在多數事件窗期內公司之股票交易量皆有明顯上升。

The study aims to investigate the impact of Pillar Two of the Base Erosion and Profit Shifting 2.0 (BEPS 2.0) proposal by the Organization for Economic Cooperation and Development (OECD) on the Taiwanese stock market. Pillar Two requires multinational enterprises with annual revenue exceeding 750 million euros to comply with a global minimum tax rate of 15%. Using event study , this study examines the effect of the global minimum tax announcement on the stock prices of Taiwanese listed companies that meet the applicable criteria from 2021 to 2022. Furthermore, a multiple regression model is used to analyze the impact of firm characteristics on the cumulative abnormal return during the event window, and the trading volume of the stock during the event window is also analyzed. The results indicate that the global minimum tax announcement has a significant negative abnormal return on the stock prices of companies that may be subject to the tax when implemented as planned, while a significant positive abnormal return is observed for companies that may be subject to the tax when the implementation is delayed. Moreover, firms with higher pre-tax profit margins, lower tax rates, and higher stock turnover rates show significant cumulative abnormal returns during most event windows, and the trading volume of the stock also increases significantly during the event window.

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