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증권거래세가 자본시장에 미치는 영향에 대한 연구동향- 자본시장 안정화 기능관련 연구들을 중심으로 -

Review of Studies on the Impact of Financial Transaction Tax on Capital Market - Focusing on Financial Market Stabilizing function -

이영한
한국조세연구포럼 (Korea Tax Research Forum)|2013.12|조세연구|제13권 제3호|pp. 263-294

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참고문헌

키워드

변동성Volatility시장 효율성Market Efficiency거래량Trading Volume금융거래세Financial Transaction Tax

초록

본 연구에서는 최근 EU소속 일부국가에서 과세가 논의되고 있는 금융거래세 관련 선행연구들을 살펴보고, 향후 연구를 위한 시사점을 검토한다. 금융거래세의 도입논의가 진행되고 있는 상황에서 해외에서 금융거래세의 도입효과가 어떻게 나타났는지를 분석함으로써 우리나라에서 금융거래세를 도입할 경우 나타날 수 있는 상황들을 미리 예상해보고, 우리나라 자본시장을 대상으로 한 금융거래세 관련 실증연구가 어떠한 방법론으로 수행될 수 있는지 분석해 볼 필요가 있다고 판단된다. 금융거래세 찬성론자들은 금융거래세가 자본시장의 단기 투기거래를 억제하는 효과를 가지며, 시장의 과도한 변동성을 완화하고 시장의 거품이 발생하고 금융위기가 발생하는 현상을 예방할 수 있다고 본다. 또한 금융부문의 단기적 투기거래에 과도하게 치우친 자산배분을 생산적이고 장기적인 관점의 실물부분에 효과적으로 배분할 수 있으며 시장참여자들의 시각을 보다 단기적인 관점에서 장기적 관점으로 전환하는 효과가 있다고 주장한다. 금융거래세의 반대론자들은 금융상품의 변동성을 완화하는 효과가 없으며, 거래량을 위축시켜 시장의 유동성과 효율성을 저해하고, 자본비용을 상승시키며 금융거래세가 공평성을 증진하는데 도움이 되지 않고, 포트폴리오 및 자본구조의 왜곡을 가져오게 될 가능성이 있다고 주장한다. 실증연구결과들에 따르면 금융거래세의 부과는 거래량을 위축시키며, 금융상품의 가격을 하락시키는 것으로 나타났다. 그러나 변동성의 경우에는 금융거래세가 금융상품의 가 격변동성을 낮춘다는 실증결과는 거의 보고되지 않고 있으며, 유의한 결과를 얻지 못하거나 일부 연구들은 오히려 가격변동성을 높인다는 연구결과를 보고하고 있다. 이러한 실증결과들은 반대론자들의 견해를 지지하는 것으로 보일 수 있지만, 금융거래세 관련 선행 실증연구들은 중요한 방법론적 한계를 안고 있다. 지금까지의 실증연구들은 금융거래세 부과효과의 횡단면적 차이를 개별 금융상품의 특성을 고려하여 분석해내지는 못하였으며, 금융거래세 세율 변경전과 변경후의 거시경제변수의 영향을 분리해내지 못하였다. 따라서 이러한 방법론적 한계를 극복한 실증연구의 시행이 필요할 것으로 보인다.

Abstract

This study reviews recent previous researches related to financial transaction tax(hereafter FTT) in which some countries in EU discuss the taxation of it recently and also find the implication for future research in this field. It is necessary to analyze the effect of FTT introduction in overseas nations for expecting the situation which FTT would be taxed in Korea. This analysis is also helpful to understand how to implement the empirical study on FTT taxation effect in Korea. Proponents of FTT insist that FTT can suppress the short-term speculative transaction in capital market and mitigate excessive market volatility, additionally prevent market bubble and financial crisis. They also think that FTT make resource reallocation for productive and long-term real investment from short-term, speculative financial investment and make market participants' viewpoint change forward long-term perspective from short-term. Opponents of FTT argue that FTT can't mitigate market volatility, lower market liquidity and efficiency by reducing trading volume. They also insist that FTT can raise cost of capital, distort portfolio and capital structure and FTT isn't helpful to enhancing equity of taxation. Empirical evidence shows that FTT taxation mitigate trading volume, lower the price of financial instrument. In case of market volatility, Most empirical results couldn't show that FTT reduce market volatility. Some study rather showed the contrary result. These previous empirical result can be regarded as supporting evidence for FTT opponents, but they have significant methodological problems. They can't analyze cross-sectional difference in FTT taxation effect in considering individual financial instruments' characteristics and separate macro variable's effect from FTT taxation effect. So the empirical study that overcome these limitation is needed.

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