Abstract
Recently the mutual fund has been popular for the representative financial investment. In the decision making procedure of the investor about this fund investment, this research analyze whether the tax factor was considered as expected or not. This paper tried to analyze whether the investment increased the time of implementation of this time－limited overseas fund tax exemption system and time of the sunset by the either before or after due to the tax induction or it reduced.
The result of this research is as follows. First, overseas fund sale and fund cash inflow statistically significantly increases in the temporary tax exemption system of overseas fund in comparison with the before implementation. When this imposed the fund profit generated in the overseas proceeds from sale of stock or evaluation gain, the overseas fund investment increased for the period which compared and does the fund profit the tax exemption.
Second, the overseas fund sale and fund cash inflow statistically significantly decreases after the sunset in comparison with the before sunset. This phenomenon can be interpreted as meaning that the fund investors consider the tax factor as to the investment since the investment in the overseas fund reduced after relatively the tax burden of the fund profit is big. Third, the result of being similar above research result is observed in the result of reducing in the sample of ±3 week and ±2 week but the result of noting statistically is not observed in the sample of ±1 week. Because the fund market recognizes already that tax exemption system about the overseas fund applies to the specified period. Third, the result of being similar above research result was observed in the result of reducing and analyze the research sample and sample of ±3 week and ±2 week. However the result of noting statistically is not observed in the sample of ±1 main part. Finally, the result that it classified into the large fund management company and small and medium fund management company and it analyze the research sample and result of being similar above research result in the sample of the large fund management company were observed but it notes in the sample of small and medium fund management company the level of result was not observed.
The importance is the tax factor in the fund market in the point that the result of this research analyze called the objective research. And there is the contribution of the research in that it provides the political implied meaning that the change of the fund investment practice can be generated and it can arouse the change of the fund cash flow in modifying the taxation system about the fund.
The result of this research is as follows. First, overseas fund sale and fund cash inflow statistically significantly increases in the temporary tax exemption system of overseas fund in comparison with the before implementation. When this imposed the fund profit generated in the overseas proceeds from sale of stock or evaluation gain, the overseas fund investment increased for the period which compared and does the fund profit the tax exemption.
Second, the overseas fund sale and fund cash inflow statistically significantly decreases after the sunset in comparison with the before sunset. This phenomenon can be interpreted as meaning that the fund investors consider the tax factor as to the investment since the investment in the overseas fund reduced after relatively the tax burden of the fund profit is big. Third, the result of being similar above research result is observed in the result of reducing in the sample of ±3 week and ±2 week but the result of noting statistically is not observed in the sample of ±1 week. Because the fund market recognizes already that tax exemption system about the overseas fund applies to the specified period. Third, the result of being similar above research result was observed in the result of reducing and analyze the research sample and sample of ±3 week and ±2 week. However the result of noting statistically is not observed in the sample of ±1 main part. Finally, the result that it classified into the large fund management company and small and medium fund management company and it analyze the research sample and result of being similar above research result in the sample of the large fund management company were observed but it notes in the sample of small and medium fund management company the level of result was not observed.
The importance is the tax factor in the fund market in the point that the result of this research analyze called the objective research. And there is the contribution of the research in that it provides the political implied meaning that the change of the fund investment practice can be generated and it can arouse the change of the fund cash flow in modifying the taxation system about the fund.
| Translated title of the contribution | Do Mutual Fund Investors Consider Capital Gain Taxes? Evidence from Korea |
|---|---|
| Original language | Korean |
| Pages (from-to) | 45-72 |
| Number of pages | 28 |
| Journal | 세무학연구 |
| Volume | 31 |
| Issue number | 1 |
| State | Published - 2014 |