주식양도소득세 변천과 주식거래에 대한 영향
The Study Trends of Capital Gain Tax for Stock and Their Effects on Stock Trading
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.
Abstract
Purpose - This study seeks to summarize the tax changes in stock trading and analyze K-OTC stock trading data in 2017 and 2018 to infer the effects of the application of capital gains taxes by individual investors. Design/methodology/approach - This study analyzes the case of the expansion of the 2018 capital gains tax exemption in the K-OTC market, which exempts capital gains tax on the proceeds from the sale of individual investors of certain stocks under the temporary special law. Findings - In the K-OTC market, the amount of transactions has expanded since the capital gains tax exemption in 2018, but the volume of transactions and transaction turnover have decreased. In particular, the result of lower transaction turnover after the expansion is contrary to expectations. To control the macroscopic effects of the stock market, further analyses the transactions of capital gains tax-exempt stocks and non-exempt stocks. The turnover rate of exemption stocks is higher than that of the non-exempt stocks. In the case of transaction turnover, the two results are not consistent. However, the latter result is more meaningful because the comparison of exempt and non-exempt reduces distortion by macro effects. Research implications or Originality - To mitigate the impact of capital gains taxes on stock market, government authorities need to consider the gradual expansion of the scope of taxation, the application of separate taxation in the introduction of capital gains, the reduction tax rate on transfer income of listed shares, and the reduction tax rate on long-term holdings.
참고문헌 (21)
- 곽태원, "증권양도차익 과세의 현황과 정책과제", 서강경제논집, 29(2), pp.213~234 (2000)
- 주식과제도의 개선방향에 관한 연구, "김갑래", 자본시장연구, ~ (2014)
- 박성욱, "상장주식의 양도세제에 관한 연구", 회계저널, 25(3), pp.29~53 (2016), 한국회계학회
- 박종상, "주식양도차익 과세의 필요성과 정책 과제", 금융포커스, 26(8), pp.11~12 (2017)
- 박중영, "주식양도차익 과세제도의 평가와 문제점에 관한 연구 : 소액주주 상장주식 양도차익 비과세를 중심으로", 박사, pp.2018
- 엄현순, "주식 양도차익 과세에 대한 연구 : 저가·고가양도를 중심으로", 석사, pp.2016
- 유지선, "소득세법상 상장법인 대주주 요건의 개정이 주식시장에 미치는 영향 : 코스닥 상장기업을 중심으로", 회계저널, 26(4), pp.113~160 (2017), 한국회계학회[DOI]
- 윤상용, "한국 주식시장에서 유동성 요인을 포함한 3요인 모형의 설명력에 관한 연구", 재무연구, 22(1), pp.1~44 (2009), 한국재무학회
- 이영한, "소액주주의 상장주식 자본이득 과세추진에 대한 자본시장의 반응", 세무와회계저널, 13(1), pp.159~188 (2012), 한국세무학회
- 장지경, "상장주식 자본이득 과세제도의 개선방안에 관한 연구", 국제회계연구, (44), pp.223~248 (2012), 한국국제회계학회[DOI]
- 유가증권 양도차익 등 금융소득에 대한과세제도 개선방안, "전영준", 한국조세연구원, ~ (2000)
- 정유석, "세수확보와 과세형평 차원의 개인 주식양도차익 과세의 당위성에 관한 연구", 국제회계연구, (39), pp.363~378 (2011), 한국국제회계학회[DOI]
- Auten, G., "Permanent Versus Transitory Tax Effects and the Realization of Capital Gains", Quarterly Journal of Economics, 97(4), pp.2783~2801 (1982)
- Bolster, P. J., "Tax-induced Trading : The Effect of the 1986 Tax Reform Act on Stock Market Activity", The Journal of Finance, 44(2), pp.327~344 (1989)
- Feldstein, M., "The Effect of the Capital Gains Tax on the Selling and Switching of Common Stock", Journal of Public Economics, 9, pp.17~36 (1978)
- Feldstein, M., "The Effects of Taxation on the Selling of Corporate Stock and the Realization of Capital Gains", Quarterly Journal of Economics, 94(4), pp.777~791 (1980)
- Klein, P., "The Capital Gain Lock-in Effect with Short Sales Constraints", Journal of Banking and Finance, 22(12), pp.1533~1558 (1998)
- Klein, P., "The Capital Gain Lock-in Effect and Equilibrium Returns", Journal of Public Economics, 71(3), pp.355~378 (1999)
- Lang, M. H., "Capitalization of Capital Gains Taxes : Evidence from Stock Price Reactions to the 1997 Rate Reduction", Journal of Public Economics, 76(1), pp.69~85 (2000)
- Ricketts, R., "Do We Really Need Special Tax Relief for Capital Gains?", Accounting Horizons, 4(3), pp.43~49 (1990)
- Stiglitz, J., "Some Aspects of the Taxation of Capital Gains", Journal of Public Economics, 21, pp.257~294 (1983)