외환위기 전후에 있어서 금융소득종합과세가 배당률 변화에 미친 영향

Abstract

The purpose of this study is to show a practical proof of taxation's economic effect by comparative analyzing how the financial composite taxation, which is composite taxation system of income from dividends, influenced dividend rate of a corporation dividend rates in periods before and after the foreign exchange crisis. To verify this study, 128 sample corporations among those listed were examined by using dividend rates as an independent variable. This variable influenced dividend rate as a dependent variable and periodic variable as a dummy variable from 1994 to 2003. Multiple regression, correlation analysis and t-test was used for this study. The result of the study can be summarized as follows： Namely, dividend rates between periods before and after the foreign exchange crisis showed statistically significant difference by executing the financial income composite taxation as a result of multiple regression. That difference of dividend rates was eliminated by the foreign exchange crisis and the execution of the financial income composite taxation before the foreign exchange crisis, but it is considered that the difference has since became greater with removal of these external variables.