아파트의 조세부담과 거래량 간의 관계에 대한 실증연구

Abstract

The study is on the connection between housing tax burden and the trading volume. For total number of 16 quarters from the third quarter of 2006 to the last of 2012, the association between IRR reduction from tax and trading volume was demonstrated using fixed effect model(FE model). From the analysis of acquisition tax, it was found that the correlation between IRR reduction from effective acquisition tax and acquisition taxation and the trading volume was all negative. It indicates that increase of acquisition tax will reduce IRR resulting in drop of real estate demand, and actually lower trading volume. From the analysis of property tax, the result to show correlation between tax and the trading volume was found to be different depending on the model, in which property tax, effective tax rate, and trading volume were in statistically significant negative relation while reduction of investment profit and trading volume due to effective tax rate of comprehensive real estate holding tax and real estate tax were not in statistically significant negative relation. The result of capital gains tax analysis shows that reduction of investment profit, caused by effective capital gains tax rate and capital gains tax, and apartment trading volume was in negative relation. negative relation between effective capital gains tax and trading volume was to analyze the effect of capital gains tax in the aspect of demand that the higher effective capital gains tax the lower demand resulting in reduction of trading volume. Having negetive relation between reduction of investment profit by capital gains tax and trading volume proves that capital gains tax can factually lower the investment profit decreasing trading volume.