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법인세율 변화가 기업투자에 미치는 영향(Impact of corporate tax cuts on corporate investment)

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Title 법인세율 변화가 기업투자에 미치는 영향(Impact of corporate tax cuts on corporate investment)
Similar Titles
Material Type Reports
Author(Korean)

남창우

Publisher

[세종]:한국개발연구원

Date 2016
Series Title; No KDI정책포럼 / 제264호
Pages 8
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < General
Economy < Financial Policy
Holding 한국개발연구원; KDI 국제정책대학원

Abstract

There has been growing public support for a tax hike as corporate investment remains stagnant despite the recent cut in the corporate tax rate. Accordingly, this study aims to closely examine the impact of the corporate tax rate on investment.
Managerial decisions, including those on investment, are based on a diverse range of factors, encompassing not only the corporate tax rate but also financial conditions and investment uncertainties. As such, corporate characteristics must be controlled, when possible, before estimating the impact of corporate tax change on investment. An empirical analysis found that Korea’s listed companies expand their investment significantly when the corporate tax rate is reduced. For the robustness of the analysis results, this study adopted various models and methodologies to analyze listed companies in 2002-2014 and found that a 1%p cut in the average effective corporate tax rate caused the investment rate to increase by 0.2%p. (The rest omitted)

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