세무자료를 사용한 한계세울 대체 측정치의 평가

The marginal tax rate plays an important role in many topics in financial decision making, including debt policy, cost of capital calculation, and corporate compensation decision, and relative pricing between taxable and nontaxable securities. Yet little research focuses on how to measure the marginal tax rate. This paper focuses on how best to measure the corporate marginal tax rate. This paper examines to find out whether the alternative measures of marginal tax rate is a reasonable proxy for the marginal tax rate using Korean Corporate Tax Code and tax return data.The list of alternative measures includes three measures of the marginal tax rate(the marginal tax rate using net income data, the simulated marginal tax rate, and a marginal tax rate variable developed by Manzon), five dummy variables based on the sign of taxable income and/or net operating loss carryforward status(the statutory marginal tax rate, taxable income dummy, non NOL dummy, a trichotomous variables, and an uniform tax rate), and two measures of the effective tax rate(an average tax rate and an effective tax rate variable developed by Zimmerman).The results indicated that the marginal tax rate using net income data is the best available proxy for the marginal tax rate using tax return data. And, a trichotomous variables, the simulated marginal tax rate, an uniform tax rate, and the statutory marginal tax rate are reasonable alternative.