조세피난처 투자자가 투자 기업 및 주식시장에 미치는 영향

This study examines the effect of stock holdings and trading by investors from offshore tax havens (hereafter, tax haven investors) on their target firms and the Korean stock market. This study identifies how tax haven investors’ holdings affect target firms in terms of firm value, corporate governance, dividends, R&D investment, liquidity, information efficiency, and idiosyncratic risk. Moreover, this study investigates the effect on tax haven investors’ trading on liquidity and volatility in the Korean stock market, by focusing on total trading volume, gross buy volume, gross sell volume, and net buy volume. The main findings of this study are threefold. First, target firms show a different pattern of value changes subsequent to block acquisition announcements by tax haven investors than to those by domestic or other foreign investors. Second, we find that while tax haven investors' shareholding deteriorates target firms' corporate governance, it has a positive influence on information efficiency. We do not find a significant impact on tax haven investors' ownership on dividends, R&D investments stock liquidity, or idiosyncratic risks. Third, tax haven investors’ trading exacerbates liquidity in the Korean stock market and increases stock return volatility. Based on these findings, this study suggests that regulatory authorities should continue monitoring existing policies to prevent the above-mentioned negative influences of tax haven investors in the Korean stock market.