미환류소득 결정요소가 유보이익에 미치는 영향

This study investigates whether the intent of the reflux tax on corporate income has validity. The reflux tax policy has standpoints on big companies, which have been criticized for huge retained earings that can otherwise be used to increase salaries, dividends and investments. The reflux tax policy is to impose additional taxes on companies passive in investing, raising wages, and paying dividends in order to distribute corporate income to households. The purpose of this study is to get empirical evidences of the effect of the ‘undistributed income’ determinants on retained earnings. The results are following. First, the relation between the retained earnings(RE) and the cumulative cash dividend is significantly positive, which means the company having higher retained earnings paid cash dividend more. Second, the relation between RE and the investment variable is significantly negative, which means that the company having higher RE invested less. Third, the relation between RE and the wage variable is not significant. The findings mean that the criticism for being passive in raising wages and paying dividends by big companies having huge RE is not valid, but the criticism for passive in investing is valid. This study suggests that in order to provide incentives for companies’ investment, it may be reasonable to discontinue the application of the reflux tax on corporate income after the temporal application periods, and to use investment tax credits.