투자자 단계의 조세가 전환사채 전환에 미치는 영향

The purpose of this study is to analyze that convertible bond investor's stock conversion amount and timing is related with tax expense such as income tax on redemption premium. For this study, we investigate the tax incentives which affect stock conversion of investor who have the convertible bond using financial and issuance data of the firms that issue public offering convertible bonds from 1999 year to 2006 year. In this study, We form the hypotheses reagrding investor's conversion incentive and coduct logit regression and linear regression. The summary of results of our study are as below. after global taxation on financing income was reenforced on 2001 year, stock conversion of investors who have the convertible bond was increased and the convertible bond was converted early in case of the redemption premium ratio was high in comparison with the issuing amount of convertible bond rather than the redemption premium ratio was low. This result imply that disadvantage of tax system like taxation of the income from interest about redemption premium have an effect to the stock conversion amount and timing of investors who have the convertible bond. This study is expected to make contribution to set up more the realistic stock－conversion model that is reflecting convertible bond's redemption premium and investor's tax status. In addition, this study is useful for establishing convertible bond's interest income taxation system with economic substance.