배당소득세 변화가 주식시장 반응에 미치는 영향

This study is a case study for the effect of the change of tax policy-general taxation of financial income standard amount change on stock market viewing from tax capitalization hypothesis. The previous general taxation of financial income standard amount was 40 million KRW for the sum of interest and income from dividend while as it was reduced to 20 million KRW, the subjects for general taxation of financial income increased and, simultaneously, the burden for tax is expected to increase significantly. this study analyzed the effect of the increase of shareholder-level dividend tax due to the general taxation of financial income standard amount reduction on stock price and, furthermore verified tax capitalization hypothesis through empirical study. The conclusions of the study are as follows: First, the analysis result confirmed more negative response for the price of stock in corporate with high inclination of dividend than corporate with less inclination. This result is interpreted as supporting partial dividend tax capitalization hypothesis among tax capitalization hypotheses. Second, the hypothesis that relaxation on negative effect on the price of stock in corporate with high inclination of dividend due to high ratio of limit investors was not supported. This result is considered to be due to lack of the data for the share of institutional investors representing limit investor. There is a possibility that the estimated share of limit investor is not representing limit investor properly.