생명보험회사의 한계세율이 변액보험특별계정의 유가증권매매에 미치는 영향 = Impact of life insurers' marginal tax rate on securities transaction in separate account of variable insurance

다국어 초록 (Multilingual Abstract)

Variable insurance separate account held by life insurers can be said to be a sort of trust fund of the policyholders, but its occurring income in variable insurance, as an exception of taxation on trust fund are added intogeneral account of life insurance company before being taxed, so profit and loss occurring in transaction is considered as taxable income, but profit and loss on valuation is treated as unrealized profit and loss and not taxed.
Such corporate tax system creates an opportunity for life insurers to adjust transaction timing of trading securities, a major investment under separate account of variable insurance, to lesson burden on corporate tax on their general account. But the problem here is that there arises a possible conflict of interest among variable policy holders.
Therefore, purpose of this study is to identify whether or not adjustment of transaction timing of trading securities under separate account of variable insurance depending on change in marginal tax rate and taxable income creates a possibility of the conflict of interest among investors (i.e. variable insurance policyholders), with substantial evidence.
To do this, the study conducted empirical analysis on all life insurers operating in Korea from the period of 2003 – 2007.
Summary of the study results is as follows.
First, the univariate analysis t-test showed that life insurers with higher marginal tax rate (when deficit carried over remains) saw meaningful changes in an average discretionary profit and loss ratio on valuation of trading securities at the year-end variable separate account.
Second, the regression analysis found that marginal tax rate of life insurers (whether or not they have deficit carried over) significantly affected discretionary profit and loss ratio on valuation of trading securities at the year-end variable separate account.
Third, the regression analysis result did not find evidence that growth in fiscal income has a meaningful impact on discretionary profit and loss ratio on valuation at the year-end variable separate account. However, the study assumes that that outcome was due to a possible error in the research methodology.
Taking all these into consideration, life insurers make timing adjustment for trading securities transaction, a major investment under variable insurance separate account, to reduce their corporate tax burden on general account. But it does not necessarily mean that such adjustments made by life insurers directly lead to creation of a conflict of interest among variable insurance policyholders. At least, the study found that there is a possibility for it.
In the meantime, this study has limitations as follows.
First, number of this study sample is just 85,although it surveyed all life insurers operating in Korea from the period of 2003 – 2007, which can affect reliability of the study. However not enough the number of samples may be, the study targeted all life insurers in the Korean market for the period when sales of variable insurance have activated, so the research had inevitably go on.
Second, the study failed to find significant evidence that shows growth in taxable income affects timing of transaction of trading securities under variable insurance separate account. It might be because of incomparability of change in taxable income and fiscal income, which should be dealt with possibly in next research.
Third, the study presumed that life insurers with fiscal income growth,but no carried-over deficit have higher marginal tax rate. In the meantime, Grahan (1996a, 1996b) and Jong Kwon, Ko (2002) assumed that the past time-series taxable income follows randomwalk model with trend component, and used taxable income forecast of the next 5 years in simulation to measure marginal tax rate. If this study used this sophisticated methodology for obtaining marginal tax rate, it could increase its reliability furthermore.
Fourth, the research and survey of this study was conducted when many life insurers had their deficit carried over deducted for their corporate tax income. Therefore, these companies could have made more active selective transactions for variable insurance securities than those with deficit carried over in tax deduction period. However, the study looks into impact of deficit carried over on transaction of variable insurance securities only as the study could not obtain many samples. The study results could be more interesting and compelling when it draws on many samples and surveys.

목차 (Table of Contents)

• 제1장 서 론 1
• 제1절 연구목적 1
• 제2절 연구방법 및 범위 4
• 제3절 선행연구의 검토 5
• 제2장 이론적 배경 7
• 제1절 변액보험 특별계정의 특징 7
• 1. 변액보험의 특징 7
• 가. 변액보험의 역사 7
• 나. 변액보험의 판매현황 8
• 다. 변액보험에 대한 법적규제 9
• 2. 변액보험의 상품내용 10
• 가. 변액보험의 상품의 종류 10
• 나. 변액보험 상품특징 10
• (1) 실적배당형 상품 10
• (2) 특별계정 상품 11
• 다. 변액보험 상품구조 12
• 3. 변액보험의 자산운용 13
• 가. 특별계정 13
• (1) 특별계정의 필요성 13
• (2) 특별계정(변액보험)의 현금흐름 13
• (3) 특별계정의 종류 16
• 나. 자산운용 18
• (1) 기본원칙 18
• (2) 운용대상 19
• (3) 자산 평가방법 19
• 제2절 변액보험 특별계정의 회계․세무처리 20
• 1. 보험업법에 의한 1차 회계처리 20
• 가. 특별계정 재무제표 작성 20
• 나. 일반계정 재무제표 작성 21
• 2. 법인세법에 의한 2차 세무처리 22
• 가. 통합 재무제표 작성 22
• 나. 변액보험특별계정 세무조정 22
• 제3장 가설 및 연구모형 24
• 제1절 연구가설의 설정 24
• 제2절 연구모형과 변수측정 25
• 1. 변수측정 25
• 가. 종속변수 25
• 나. 관심변수 27
• (1) 한계세율 27
• (2) 각사업연도소득의 증가여부 28
• 다. 통제변수 30
• (1) 변액보험운용 수익률 30
• (2) 지급여력비율 31
• (3) 전년말 유가증권평가손익 비율 32
• 라. 기타 민감도분석을 위한 변수 33
• (1) 이월결손금 33
• (2) KOSPI200 33
• 2. 연구모형 35
• 3. 표본선정 36
• 제4장 실증분석결과 38
• 제1절 기술통계량 및 상관관계 분석 38
• 1. 기술통계량 38
• 2. 상관관계분석 39
• 제2절 단일변량분석 41
• 1. 한계세율에 따른 재량적 유가증권평가손익의 평균차이 41
• 2. 이월결손금 존재여부에 따른 재량적 유가증권평가손익의 평균차이 41
• 3. 각 사업연도소득의 부호에 따른 재량적 유가증권평가손익의 차이 42
• 4. 각 사업연도소득의 증가여부에 따른 재량적 유가증권평가손익의 차이 42
• 제3절 회귀분석 43
• 제4절 추가분석 46
• 1. 한계세율 대신에 이월결손금을 사용한 분석 46
• 2. KOSPI200 지수를 변수에 추가한 분석 47
• 제5장 결론 및 연구의 한계점 48
• 참고문헌 51
• ABSTRACT 52