우리나라에 대한 외국인 직접투자의 결정요인:세무요인을 중심으로

This study is motivated to investigate factors that influence the size of direct investment toward Korea. Survey method was adopted for collecting research data. Corporations, which have all of the characteristics shown below, have been included in the sample. (1) Industry sector: manufacturing. (2) Accumulated amount of FDI by 2004: more than 1 million dollars. (3) Equity ratio of foreign investors: more than 50% of outstanding equity.As a result, we've found 730 corporations to fit with the above conditions. Questionnaires have been mailed to the executives in charge of accounting and taxation, resulting in 106 valid responses. Our research model includes one dependent variable, four independent variables, and three control variables. Dependent variable is the amount of foreign direct investment transformed by natural logarithm. Independent variables are as follows. (1) Whether or not each corporation has received tax incentives for foreign investments.(2) Evaluation on the services provided by tax officials. (3) Evaluation on the system of tax administration.(4) Whether or not each company has experienced tax audit in the past 3 years. Control variables are evaluation on the business environment, sales volume divided by total assets, and net profit divided by capital of each enterprise. Regression analyses show that tax incentives for foreign investment have important effects on the size of investment. Therefore, efficient tax incentive system is very important to attract foreign direct investment. We also have found that those who experienced tax audits are likely to invest less money, compared with those who didn’t. This fact tells that current tax audit methods need improvement. Relevant research for audit design as well as education for tax administrators are strongly recommended to be conducted.