종합부동산세 도입이 개별기업에 미치는 영향 -주식시장 반응에 관한 연구-

종합부동산세 도입이 개별 기업의 주식시장 가치에 미친 영향을 분석한다.

This study examines the impact of Comprehensive Real Estate Holding Tax (CREHT, hereafter) introduced in 2005 on the market value of firms. The CREHT was imposed as a national tax on residential houses and land with a tax base exceeding certain thresholds. The two policy objectives of the tax are ⑴ to improve equity in tax burden and ⑵ to stabilize the real estate market by curbing speculative demand. Prior literature focuses mainly on whether the tax is constitutional or how it would affect local governments. While debates on the CREHT were centered on its influence on individual taxpayers, more than eighty six percent of the tax was imposed on corporate taxpayers in 2005.

Our study investigates how stock market participants responded to the introduction of the new tax. We identify three major event dates in the legislation process of the CREHT, and examine the association between abnormal daily returns on each event date and firms’ land holdings. Two major results are reported. First, we find significant negative associations between the abnormal daily returns and the extent of land holdings by firms. Second, there exists a cross-sectional variation in the association. The negative association is significantly stronger for the firms in construction industry and in transportation industry than for those in other sectors.

The Special Tax Treatment Control Law alleviates the CREHT burden of firms belonging to selected industries. The construction industry, however, is excluded from the list. Our results suggest that there might be a conflict between the policy objectives of the CREHT and its actual impact on the housing market.