자본시장에 존재하는 암묵적 조세에 관한 실증연구: 코스닥시장을 중심으로

Abstract

This study investigates whether tax favors lead to a decline of before-tax rate of returns of

the firms traded in KOSDAQ market. In particular, the possibility of this implicit tax has

been examined for venture firms separately from non-venture firms. Contrary to the implicit

tax hypothesis, the empirical results demonstrate that most tax benefits are retained by the

KOSDAQ firms. It is also discovered that the extent to which tax benefits are retained is

higher for non-venture firms than for venture firms. These results could be an evidence that

there are too many frictions and/or restrictions in the market in which most KOSDAQ firms

operate, so that competition is essentially deterred. It is also observed that before-tax rate of

returns of venture firms are more sensitive to tax benefits than those of non-venture firms.