주주단계 세금이 주식가치평가에 미치는 영향

황규영 ( Gyu Young Hwang ),서정우 ( Chung Woo Suh ) 한국회계학회 2004 會計學硏究 Vol.29 No.1

본 연구에서는 주주단계의 세금요소인 자본이득세와 배당소득세가 해당 법인의 주식가치 평가에 영향을 주는 지에 대하여 Collins and Kemsley(2000)의 모형(이하 C&K모형이라 함)을 이용하여 실증분석하였다. 또한 C&K모형이 실증분석모형으로서 가지는 한계점에 대하여 알아보았다. 이를 위하여 1981년부터 2000년까지 기간 중에 상장되었던 기업을 대상으로 총 2,959개의 관찰치(기업-연도)를 표본으로 추출하였다. 실증분석 결과 부분적으로는 주주단계 세금(배당소득세와 자본이득세)이 주식가치평가에 영향을 미치는 것으로 보이나, C&K모형이 실증분석모형으로 적용되는 과정에서 나타나는 문제점으로 말미암아 주주단계 세금의 주가영향에 대한 실증적 결론을 도출하지는 못하였다. C&K모형을 실증분석모형으로 적용하는 과정에서 나타나는 문제점은 높은 상관관계를 갖는 설명변수가 모형식에 동시에 포함된다는 점이고 이에 따라 다중공선성 문제가 심각하게 발생한다는 것이다. 특히 한계세율의 대리변수로 법정최고세율을 적용함에 따라 변수간의 배수관계가 형성되고 이로 인해 다중공선성 문제가 심화되는 것으로 판단된다. 향후 세율변수를 이용한 주가영향에 대한 연구를 수행함에 있어서는 한계세율에 대한 연구가 우선되어야 할 것으로 생각하며, 이러한 연구를 수행하기 위하여 적용할 실증분석모형의 개발이 긴요하다 하겠다. This paper empirically examines whether there is stock price reflection of shareholder-level capital gains taxes and dividend taxes in the Korea Stock Exchange(KSE) and reexamines the suitability of the Collins and Kemsley(2000)`s model in the KSE. The capitalization of dividend taxes and capital gains taxes has potential implications for various issues in financing decisions, for example, dividend policy, choice of debt or equity financing, and the cost of capital. Harris and Kemsley(1999), and Collins and Kemsley(2000) interpreted their empirical evidence as being consistent with dividend taxes and capital gains taxes being fully capitalized. Hanron, Myers, and Shevlin (2003), and Dhaliwal, Erickson, Frank, and Banyi(2003), however, suggest that the model and tests in Harris and Kemsley(1999) may not show direct price effects arising from dividend taxes because the H&K extension of dividend taxes to the Ohlson model may not be appropriate, and the ratio of retained earnings to book value(REBV) may be proxying for correlated omitted variables. The sample of this study consists of 2,959 observations(firm-years), which are selected from KSE firms with a December fiscal year-end over the period of 1981-2000. The differences between the Korean and US markets may produce different results. The Korean Tax laws are especially different from US tax laws in that in Korea capital gains tax laws were introduced quite recently, and there are dividend tax allowance mechanisms for double taxation of dividend incomes. Empirical analyses seem to support shareholder-level tax capitalization with both dividend tax and capital gains tax reducing the equity price. But for the shortcoming of the C&K model as an empirical model, it is not clear that shareholder level tax capitalization exists. The C&K model is short in that it may give rise to multicollinearity problems caused by including all variables, highly correlated to each other, in the model at the same time. This problem rises severely when the top statutory tax rate is used as a proxy for the marginal tax rate. It is necessary to develop an empirical model that is suitable for the study associated with shareholder-level tax capitalization. Also, a study about marginal tax rates is necessary for a shareholder-level tax capitalization study.

실시간 검침 데이터를 활용한 누수 및 독거자 진단 시스템 아키텍처 설계

황규영(Gyu-Young Hwang),김미선(Meesun Kim),김휘(Whui Kim) 대한전자공학회 2021 대한전자공학회 학술대회 Vol.2021 No.11

남자 프로 골프 선수의 기술 통계 분석

황규영(Hwang Gyu-Young) 한국체육과학회 2009 한국체육과학회지 Vol.18 No.4

The purpose of this study was to analyze and compare with the professional male golf players' performance in the US PGA tour, Champions tour, and Nationwide tour. Top thirty money-ranked players from each tour in 2000, 2005, and 2008 were selected. ANOVA, t-test, and regression analysis were conducted to examine the players' performance in fourteen categories such as driving distance, driving accuracy, green in regulation(GIR), and scoring average. The results showed that Champions tour players exhibited superior performance in driving accuracy, birdie average, GIR, and par 3 birdie or better percentage while PGA tour players had significantly lower scoring average, more money earning, and better performance in par 5 birdie or better percentage. Nationwide tour players performed the longest driving distance. PGA and Nationwide tour players provided evidence of powerful playing performance on the teeing ground while Champions tour players gave delicate approach to the green.

근로소득의 비과세규정 개선에 관한 연구

황규영(Gyu Young Hwang),홍창목(Chang Mok Hong) 한국세법학회 2010 조세법연구 Vol.16 No.2

현행 소득세법상 비과세근로소득에 대한 규정은 소득세법 제12조 제3호에 언급되어 있다. 이러한 비과세근로소득 중 사회보장보험(국민건강보험, 고용보험, 노인장기요양보험)의 사용자 부담금과 각종 연금법상 사용자 부담금은 본질상 근로소득에 해당하기 보다는 법에 따라 사용자가 부담하는 공과금 또는 근로자에 대한 연금급여의 선급에 해당한다. 그러므로 이들 항목은 비과세근로소득이 아니라 근로소득에서 제외하는 항목으로 규정되어야 타당하다. 법인세법과 달리 소득을 개별적으로 구분하고 이에 대하여 별도의 계산구조를 갖추고 있는 소득세법의 논리구조를 고려할 경우, 비과세근로소득에 대한 이러한 불명확한 구분은 세법규정의 논리적인 정합성을 감소시키고 있다. 더욱이 이들 항목과 연계하여 비과세를 판단하는 소득항목인 생산직근로자의 연장근무수당에도 영향을 미쳐서 그 비과세 여부의 판단이 달라지는 문제점을 발생시키고 있다. 이러한 문제점을 해소하기 위해서는 사회보장보험 등의 사용자 부담금을 비과세근로 소득이 아닌 근로소득에서 제외하는 소득으로 재분류할 필요가 있고, 조세법률주의에 입각한 법적 안정성을 고려할 경우 근로소득에서 제외하는 소득에 대한 규정을 현행 소득세법 시행령에서 모법인 소득세법으로 이관할 필요성이 있는 것으로 분석되었다. The existing provision on the tax-free earned income is described at Article 12, Number 3 of Income Tax Law. Among these tax-free earned income, the employer contributions on social security and pension essentially correspond to utility bills or to pension payments-in-advance rather than earned income. Therefore these current prescription about tax-free earned income should be enacted as an exclusion items from earned income. Income Tax Law, which itemizes the income and provides different calculation scheme per each income, has a different logical structure in contrast with Corporate Tax Law. Therefore these unclear income classification decreases the logical matching of Income Tax Law. Futhermore, they cause the confusion in judging whether the manufacturing worker's overtime pay is tax-free or not. In order to solve these shortcoming, it is necessary to reclassify the employer contributions on social security and pension as an exclusion items of earned income. Considering legal stability based on tax legalism, it is necessary to alterate the provision about exclusion items of earned income from Income Tax Enforcement Ordinance to Income Tax Law.

프로 골퍼의 연속 라운드 스코어 비교 분석

황규영(Hwang Gyu-Young) 한국체육과학회 2008 한국체육과학회지 Vol.17 No.3

The purpose of this study was to examine if there is dependence between professional golfer's scores on consecutive rounds within tournaments. This study involved golfers who played in 2007 on the Korea Professional Golfers' Association Tour (KPGA Tour, n=934), Korea Ladies Professional Golfers' Association Tour (KLPGA, n=1,064), U.S. Ladies Professional Golfers' Association Tour (LPGA, n=1,735), and Champions Tour (n=1,988). The results showed that the mean correlations between golfers' scores on consecutive rounds within four round tournaments for players on the KPGA Tour (r=.11, p<.01) and LPGA(r=.12, p<.01) were significant but weak and of little practical importance. There was a small correlation (r=.21, p<.01) between scores on consecutive rounds within four round tournaments for players on Champions Tour. The results also showed that the mean correlations between golfers' scores on consecutive rounds within three round tournaments for players on KLPGA Tour (r=.30, p<.01) and Champions Tour (r=.31, p<.01) were moderate while the mean correlation for players on LPGA Tour (r=.02, p<.01) was negligible. The results suggested that the greater ranges of players' skill on KLPGA Tour and Champions Tour may influence the higher correlation of golf scores on consecutive rounds.

남자 프로 배구의 경기력 분석

황규영(Hwang Gyu-Young),이종경(Lee Jong-Kyoung),신영철(Shin Young-Chul) 한국체육과학회 2009 한국체육과학회지 Vol.18 No.3

The purpose of this study was to analyze the difference of male players' performance among professional volleyball teams. Six professional volleyball teams played from 2008~2006 V-league to 200~2009 V-league in Korean Volleyball Federation(KOVO) were divided into three groups, high-, middle-, and low-ranked group. Each team played the total of 135 games during these periods. The dependent variables such as open attack, quick attack, serve, blocking, receive, set, and dig were measured. The results showed that a high-ranked group had higher success rate in open attack and back attack while a low-ranked group had higher quick attack rate. A high-ranked and a middle-ranked group also showed higher success rate and trials in blocking than a low-ranked group. Dig did not have any influence on team's winning. The results concluded that a fine offense is more important than the defense to get a winning record.

InceptionV3 와 Xception 을 사용한 Transfer Learning 성능 비교

황규영(Gyu-Young Hwang),최호빈(Ho-Bin Choi),허주성(Joo-Seong Heo),한연희(Youn-Hee Han) 한국통신학회 2019 한국통신학회 학술대회논문집 Vol.2019 No.6

안정적인 학습을 위한 멀티-스텝 DQN

황규영(Gyu-Young Hwang),김주봉(Ju-Bong Kim),한연희(Youn-Hee Han) 한국통신학회 2020 한국통신학회 학술대회논문집 Vol.2020 No.8

한 · 중 · 일 수산물의 수출경쟁력에 관한 연구

황규영(Gyu-Young Hwang),이제홍(Je-Hong Lee) 한국무역연구원 2017 무역연구 Vol.13 No.2

Japan is the world’s highest consumer of marine products and depends on imports for about half of the amount its populace consumes. In spite of encountering a recent long-term economic depression, Japan continues to prefer marine products. On the other hand, China has occupied an important position which can not that is hailed as the world’s. China has a great influence on the supply and demand of marine products in Korea and Japan which belong to the same food culture belt as it. Of course, when safety problems with marine products from China occur, disorder in trade between the countries has happened, but trade among China, Korea and Japan is increasing. This study analysed the changes in competitive power in the exports of marine products among Korea, China and Japan item by item. For an analysis of export competitive power in marine products, the Intra-Industry Trade Index (IIT) was used. The analysis period ranged from 2005 to 2015.

전기오류수정에 대한 회계처리기준 변경의 효과

황규영(Hwang, Gyu-Young),이재경(Yi, Jae-Kyung) 대한경영학회 2008 大韓經營學會誌 Vol.21 No.5