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研究生： 高偵嫚
Kao, Chen-Man
論文名稱： 菸品稅制下之定價策略與市場力量：以台灣菸草產業為例
Pricing Strategy and Market Power under Excise Taxation: Evidence from Taiwan’s Tobacco Industry
指導教授： 徐愛恩
Tsui, Stephanie
口試委員: 羅光達
張景宏
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2026
畢業學年度： 114
語文別： 英文
論文頁數： 65
中文關鍵詞： 菸草稅制 、定價策略 、市場力量 、台灣菸草產業
外文關鍵詞： Tobacco taxation, pricing strategy, market power, Taiwan tobacco industry
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    • 本研究以臺灣菸草產業為主要研究對象，探討菸草企業在相對低稅率且稅制長期穩定的環境下，如何調整定價策略並維持獲利能力。雖然菸品稅捐普遍被視為降低吸菸率的重要政策工具，但現有文獻對企業層級的定價行為探討仍相對有限。

    研究結果顯示，近年臺灣紙菸價格的上漲並非主要由稅負調整所驅動，而是來自於集中化市場結構與需求相對缺乏價格彈性下的策略性定價行為。企業能夠透過逐步調漲價格、維持產品差異化，以及在不顯著流失市場占有率的情況下維持利潤空間，顯示其具備超越單純稅負轉嫁（tax pass-through）的市場勢力與定價能力。

    與泰國的比較分析進一步凸顯稅制結構的重要性。泰國的雙軌稅制會影響企業定價行為並造成價格群聚現象，而臺灣相對較低的稅負水準則賦予企業更大的定價彈性，使其能夠更充分地獲取價格調漲所帶來的收益。

    整體而言，本研究認為菸草稅制的政策效果不僅取決於稅制結構，也受到稅負水準的影響。在低稅負環境下，政府可能同時錯失公共健康改善與財政收入增加的機會，而企業則得以保留較大的市場勢力與額外的定價收益。

    This study examines how tobacco firms adjust pricing strategies and sustain profitability under a relatively low and stable tax environment, using Taiwan’s tobacco industry as the primary case. While excise taxation is widely recognized as a key tool for reducing tobacco consumption, limited attention has been given to firm-level pricing behavior.
    The findings show that recent cigarette price increases in Taiwan are not primarily driven by tax changes, but by strategic pricing decisions in a concentrated market with relatively inelastic demand. Firms are able to raise prices gradually, maintain product differentiation, and preserve margins without significant loss of market share, indicating substantial pricing power beyond simple tax pass-through.
    A comparison with Thailand further highlights the role of tax structure. While Thailand’s two-tier system influences pricing behavior and creates price clustering, Taiwan’s relatively low tax burden allows firms greater flexibility to capture the gains from price increases.
    Overall, the study suggests that the effectiveness of tobacco taxation depends not only on tax structure but also on tax level. In a low-tax environment, governments may forgo both public health benefits and fiscal revenue, while allowing firms to retain excess pricing power.

    1. Introduction 1
    1.1. Research Background 1
    1.2. Research Motivation 3
    1.3. Research Objectives 4
    1.4. Research Questions 5
    1.5. Structure of the Thesis 6
    2. Market and Policy Review 7
    2.1. Overview of Taiwan’s Regulated Tobacco Market 7
    2.1.1. Economic Significance of the Tobacco Sector 10
    2.1.2. Market Structure, Key Firms, and Regulatory Authorities 11
    2.2. Excise Taxation Framework in Taiwan 12
    2.2.1. Evolution of Tobacco Excise Taxes and Health Surcharges 13
    2.2.2. Fiscal Contribution and Revenue Trends 14
    2.2.3. Pricing Regulation and Constraints in a High-Tax Environment 16
    2.3. Heated Tobacco Products (HTPs) in Taiwan 19
    2.3.1. Regulatory Background and Legalization Timeline 19
    2.3.2. Tax Treatment and Policy Uncertainty 20
    2.3.3. Market Expectations and Strategic Implications 22
    2.4. Summary of Taiwan Market and Policy Environment 23
    3. Research Design and Methodology 25
    3.1. Research Approach 25
    3.2. Case Selection and Scope 25
    3.3. Data Sources 26
    3.4. Interview Design and Role 27
    3.5. Analytical Framework 27
    3.6. Methodological Justification and Limitations 28
    4. Pricing Behavior and Market Dynamics in Taiwan’s Tobacco Market 29
    4.1 Market Structure and Key Players 29
    4.2 Price Evolution and Retail Pricing Behavior 31
    4.2.1 Post-2023 Retail Price Increase Timeline 31
    4.2.2 Price Clustering and Market Segmentation 32
    4.3 Firm Pricing Strategy under a Stable Tax Environment 34
    4.3.1 Price Increases without Tax Changes 34
    4.3.2 Possible Margin Effects and Pass-Through Behavior 35
    4.4 Discussion: Pricing Power in a Regulated Market 37
    5. Comparative Case – Thailand’s Two-Tier RMC Tax Structure 39
    5.1 Overview of Thailand’s Tobacco Tax System 39
    5.2 Design of the Two-Tier RMC Excise Tax 41
    5.3 Market Effects of the Two-Tier Structure 42
    5.4 Insights from Expert Interview 44
    5.5 Comparative Reflection: Taiwan vs. Thailand 46
    6. Discussion 48
    6.1 Cross-Market Synthesis (Taiwan vs. Thailand) 48
    6.2 Strategic Responses under Excise Taxation 49
    6.3 Policy–Business Trade-offs in Tobacco Tax Design 49
    6.4 Implications 51
    6.5 Theoretical and Practical Contributions 51
    7. Conclusion 53
    7.1 Summary of Research Insights 53
    7.2 Policy and Managerial Recommendations 54
    7.3 Study Limitations 54
    7.4 Directions for Future Research 55
    8. Reference 56
    9. Appendix 60
    9.1 Timeline of Taiwan Tobacco Tax Reforms 60
    9.2 Interview Protocol and Summary 60

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