한계세율과 기업투자와의 관계에 대한 연구

This study analyzed the impact of corporate tax on corporate investment using the marginal tax rates. The types of investment include tangible fixed assets, R&D, labor costs, and the growth rate of labor costs. The empirical analysis was conducted by dynamic panel models. In addition to marginal tax rates, the description variables include sales, debt ratios, corporate size, cash flow, and yearly dummy variables. The analysis shows that the marginal tax rate has a positive impact on tangible fixed asset investment and the growth rate of labor costs, indicating that as the marginal rate increases, all of these investments are increasing. While descriptive variables such as corporate sales, debt ratios, and size of firms have a significant positive impact on tangible fixed asset investments and the growth rate of labor costs, free cash flows reduce tangible fixed assets and the growth rate of labor costs. The yearly dummy variables did not show any particular characteristics with regard to the timing of the change of corporate tax. Since the marginal tax rate accurately represents the tax burden recognized by corporate CEOs, I think that this study may provide better implications for determining the corporate tax system than for previous studies.