기업미환류소득세제, 차선의 선택은 아니었나?: 기업미환류소득세제 도입이 투자비효율성에 미치는 영향

In 2014, the government introduced tax system of non-recycled corporate income. If a certain amount of enterprise income does not return to investment, wage increase, and dividend, tax is levied on corporation tax of 10%. There is a real difficulty for such large corporations' dividend, investment, and wage policy to be achieved for short-term tax avoidance. If investment to avoid tax of non-recycled corporate income leads to inefficient investment, this will result in social inefficiency due to policy. In order to verify this, this study attempted to find out whether the companies subject to the tax system of non-recycled corporate income are efficient investments or inefficient investments after the period. According to the analysis, companies that increased investment after the introduction of the tax system of non-recycled corporate income had a significant increase in investment inefficiency after the introduction of the tax system. However, it was confirmed that there was no significant difference in investment inefficiency before and after the introduction of tax in the case of companies that did not increase investment after the introduction of the tax system of non-recycled corporate income. Tax system of non-recycled corporate income is not only a failed policy that does not lead to increased employment, wages and investment in companies, but it also infers that the policy is socially inefficient because investment is inefficient. Therefore, this study suggests that, the government does not take into account only fragmentary situations in implementing policies. In addition, the investment and mutual benefit promotion tax, which is an extension of the tax system of non-recycled corporate income, is being applied for a limited period of three years from 2018, and the results of this study will also provide implications for the effectiveness of investment and mutual benefit promotion tax.