기업의 미환류소득에 대한 세제의 실효성 검증

초록

This paper examines whether the taxation of corporate non－circulation income has a practical effect on the amount of circulaton using the Korean Stock Exchange and KOSDAQ listed firms. In 2015, the government introduced a Corporate Earnings Circulation Taxation system to circulate corporate retained income to households, and established a Investment and Mutual Promotion tax system in 2018 by supplementing the defect of the existing tax system. The sample period is from 2012 to 2020, with a total observations of 18,340. This study examined the effectiveness of the overall tax system by analyzing the pre－tax period from 2012 to 2014, the Corporate Earings Circulation Taxation system from 2015 to 2017 and the newly established Investment and Mutual Promotion tax system from 2018. According to the results, when the circulation amount was investment and wages, no significant change were observed during the Corporate Earings Circulation Taxation period. During the Investment and Mutual Promotion tax period, the tax system was found to have a significant positive relationship for investment and wages, confirming the effectiveness of the tax system. As a result of regression analysis of the effect of taxation on investment by classifying it into investment inclusion type and investment exclusion type, the investment inclusion type in the Investment and Mutual Promotion tax system showed no significant change, and the investment exclusion type showed significant positive relationship, indicating that investment exclusion type is less reduced than investment inclusion type. This study contributes that it analyzed the overall effect of the tax system through the pre－tax period, the Corporate Earnings Circulation Taxation period, and the Investment and Mutual Promotion tax system period. This results can provide important policy implication for the direction of tax system operation.

키워드