개인주주의 투자이익 관련 세법개정이 소유구조에 미친 영향의 분석

The purpose of this study is to analyze the effects of the tax system revisions related to individual investors’ investment profit on a proportion of individual shareholder stake and that of individual major shareholder stake after collecting shareholder stake data of 791 listed companies that appointed KSD as a Stock Transfer Agency, and it investigates whether the ownership structure of the company is sufficiently influenced by the tax revisions for 10 years from 2007 to 2016 as the analysis period. The preliminary prediction of this study is that the proportion of individual shareholder stake decrease, increase and decrease respectively, according to the amendment of the tax law of 2013(strengthening of comprehensive taxation on financial income and the expansion of the scope of major shareholders of listed companies), 2015(introduction of the taxation package to boost dividend income) and 2016(expansion of the scope of major shareholders). However, in the case of taxation package to boost dividend income, it is somewhat uncertain because it is only for high dividend companies, not for whole companies. As a result of the empirical analysis, the proportion of individual shareholder stake and that of individual major shareholder stake decreased as expected in 2013 when tax revisions that could reduce after-tax investment profit of individual investors. On the other hand, in 2015, these stakes did not increase significantly as expected. This insignificant result related to the implementation of tax package to boost dividend income is interpreted as the fact that the scope of the application was limited to the high dividend company and the tax-cut effect was concentrated on a small number of individual major shareholders. In 2016, the proportion of individual shareholder stake did not decrease significantly, while that of individual major shareholder stake decreased. This is because the amendment of the tax law only affected the tax burden of the major shareholder under the Income Tax Act, which was subject to capital gains tax, rather than the entire individual shareholder. On the other hand, in the case of a large number of ordinary individual shareholders irrelevant to the tax revision, this policy effect was diluted and can be interpreted as not being significantly confirmed. Except where the application of the tax revision was limited, the results of this study shows that the amendment of the tax law, which generally affected after-tax investment profit of individual investors, affected the proportion of individual shareholder stake, and this can be interpreted as it affected the ownership structure and governance structure of the companies ultimately.