법인세율 인하 정책의 유효성 평가

In spite of two corporation tax rate cuts in 2001 and 2005, the government decided additional corporation tax rate cuts in 2008 to raise the ability of economic growth through revitalizing investment of corporations. This study is verified practically to the influence of continuous tax rate cuts policy of the government on the promotion of corporation investment by the improvement of funding and cash flow due to increase after-tax net income. It analyzes the influence of corporation tax rate cuts on the company's actual net income (E), cash flow from operation (CFO), debt ratio (LEV), R&D expenses (R&D) by 2-year data before and after corporation tax rate cuts in 2005. The results are as follows: Firstly, as a result of paired t-test of variables before and after corporation tax rate cuts, all variables except LEV did not increase after the tax rate cuts between 2004 and 2005, and E, CFO and LEV decreased after tax rate cuts between 2004 and 2006. Also, when net income (E) in the previous year before tax rate cuts was divided into positive (+) company and negative (-) company, tax rate cuts caused an increase of E and a decrease of LEV for the negative (-) company between 2004 and 2005, and only LEV reduced for negative (-) company between 2004 and 2006, moreover, for positive company (+) E, CFO, and LEV declined while R&D rose. Secondly, as a result of the influence of corporation tax rate cuts on the net income, corporation tax rate cuts did not significantly influence on net income, however, it had a significant effect on CFO, LEV, and R&D each other. Thirdly, the company with positive(+) net income (E) in the previous year before tax rate cuts had negative (-) correlation between tax rates cuts and CFO, E, R&D and LEV of that had a significant correlation. Fourthly, tax rate cuts, E, and CFO had a negative correlation with LEV, and finally, E and CFO had a positive (+) correlation with R&D.