기업규모별 환류세제 부담 능력에 대한 비교연구

The purpose of this study is to review the current status of internal reservations of Korean companies and to examine the abilities of reflux-tax burden by examining the measures for promoting reflux income, and to present empirical evidence on the direction of expanding and reducing the subject of reflux-tax. From 2006 to 2016, KOSPI, KOSDAQ, and companies subject to external audit were measured for reflux-tax burden. The tax burden is measured by the trend of level change in the ratio of retained earnings to total assets, ratio of cash assets to total assets, and effective tax rate. The ratio of the composition of retained earnings and the ratio of cash and cash equivalents for small and medium-sized enterprises, which are not subject to refund tax, have gradually increased during the sample period as well as those corporations with capital of 50 billion won or more. But the tax burden has gradually decreased. As a result of comparing the sample frequency included in the top 25% and the bottom 25% of the tax burden, companies with smaller size(bottom 25%) of the equity capital show higher frequencies in the bottom 25% of the tax burden. On the other hand, companies with larger size(top 25%) of the equity capital size show higher frequencies in the top 25% of the tax burden. A further review of the criteria is necessary because the capital size of 50 billion won, which is the criteria for applying the current reflux-tax, may not reflect the tax burden of the company. In addition, it is reasonable to exclude those firms with less than 10 billion won equity capital for their poor ability to bear the tax even when the tax refund targets are expanded to SMEs.