주요 연구개발 관련 조세지원 제도에 대한 유효성 검토

This study investigates the effectiveness of tax incentive system for Research and Human Resource Development Expenses(hereafter “R&D”) using 10,780 firm-year samples from 2000 to 2010. Specifically, we investigate the effectiveness of tax incentive system included in the ‘Special Tax Treatment Control Act’ Article 10(tax credit for R&D and R&D for the source of new growth techniques), Article 9(Reserve for R&D in deductible expenses) and Article 11(Tax credit for investment in facilities for R&D) by examining the association between policy stance for R&D tax incentive and R&D investment decision of individual firms. Our main findings are as follows. First, we find that tax incentive system for R&D affect firms’ decision on R&D investment level. That is, we observe that firms respond to policy stance by increasing(decreasing) their R&D investment when government more favorably(unfavorably) changes tax incentive system. Second, we also find that tax incentive system makes differentiated effects on R&D investment decision by the firm type(small and medium or large enterprises). Our study contributes to the literature by empirically examining the effectiveness of tax incentive system for R&D by providing empirical results by specific regulation code stipulated in the ‘Special Tax Treatment Control Act’. Findings in our study also contribute to policy makers with insights on how to properly mix tax incentive system for R&D accordingly to its differentiated impact on individual firms.