종합부동산세 도입에 따른 주식시장 반응에 관한 연구

This study analyzed what kind of impact was caused on the stock prices of corporations by the introduction of comprehensive real estate tax. An increase to the tax burden of a corporation weakens its competitive edge,which in turn leads to a drop of the stock value that's the current value of the corporation's future cash flow. Analyzing the relationships between taxes and corporations and their stock prices, the previous studies on the subject focused on the changes to the corporation tax and dividend tax and their connections with the stock market. Thus this study would be the first empirical research that analyzed the effects of comprehensive real estate tax or property tax on the stock market. While income-based taxes vary in terms of tax burdens according to the amount of income,property-based taxes should be paid according to a certain taxation standard every year until the owner sells the concerned property. Thus it's safe to say that comprehensive real estate tax affects any decisions regarding purchase and dealing of a corporation's property. The investigator tested if there were negative reactions on the stock prices of the construction industry and the corporations that owned excessive land when the comprehensive real estate tax was introduced (Event Day 1) and the tax bill was passed at the congress(Event Day 2). As for the construction industry, the cumulative abnormal return showed negative(－) reactions, which were significant, on Event Day 1. But Event Day 2 saw the positive(＋) reactions of cumulative abnormal return,which were not significant. And as for the corporations that possessed excessive land, the cumulative abnormal return exhibited significant negative(－) reactions both on Event Day 1 and 2. The results support Hypothesis II, which assumed that the cumulative abnormal return of the corporations that possessed excessive land would be negative(－). In this study, we conducted empirical analysis of the influences of taxes on the stock price on two event days, which were the day when the introduction of comprehensive real estate tax was announced and the day when the bill was passed. As a result, it turned out that the investors were aware of the comprehensive real estate tax of corporations that possessed excessive land, which was reflected on their stock prices. The most significance of the study comes from the fact that it first proved the relations.