기업부문 암시적 조세의 재측정과 법인세 보조금률 및 세전이익률과의 관계

Prior studies on the relation between the pre-tax return on equity and its implicit tax in the corporate sector have fundamental flaws. They measure the implicit tax in a perfectly competitive market and try to find the negative relationship between such a measure and the pre-tax return on equity under the implicit tax hypothesis. In the presence of a monopolistic market and entry barriers, however, firms can earn excessive after-tax returns and bear less liability of implicit taxes than those in a perfectly competitive market. The implicit tax in a perfectly competitive market is not an actual implicit tax but an ideal implicit tax, which is the same as the pre-tax equivalent of tax subsidy on equity suggested by Wilkie(1992). This paper suggests an alternative generalized measure of the implicit tax without a perfectly competitive market assumption and analyses empirically the relationship of the tax subsidy on equity with the alternative implicit tax measure and the pre-tax return on equity. According to univariate and regression analyses, the tax subsidy on equity has a positive relation with the alternative implicit tax, while the positive tax subsidy on equity shows a positive relation with the pre-tax return on equity and the negative tax subsidy does a negative relation with the return.