법인세율 변화가 부가가치에 미치는 영향

This study analyses the impact of additional cash flows generated by changes in corporate tax rates on corporate value added, with the aim of helping policy makers and users of corporate information to make rational decisions by providing value-added information. The reduction in corporate tax rates was enacted to stimulate business investment and support job creation, while the increase in corporate tax rates was enacted to broaden the revenue base to support the proactive role of finance in overcoming low growth and polarisation. To analyse the impact of changes in corporate tax rates on the level of value added distributed to corporate stakeholders, an empirical analysis was conducted on listed companies from 2006 to 2022, during which changes in corporate tax rates occurred. The results of this analysis are as follows: First, the reduction in tax burden has a statistically significant positive (+) impact on total value added. This result supports the study's contention that the additional surplus cash flow generated by the reduction in corporate tax rates contributes to value added production in the current and subsequent periods. Second, the reduction in the tax burden statistically increases the value added components excluding dividends and interest expenses (retained earnings, labour costs and depreciation). This is evidence that the tax savings from the reduction in corporate tax rates contribute to the creation of value added and are passed on to various stakeholders. Third, the increase in the tax burden due to the increase in tax rates generally reduces value added, except in some cases. The analysis of the components of value added shows that the increased tax burden reduces dividends, retained earnings and labour costs. This study is significant in that it analyses the effects of corporate tax rate cuts and increases. It does so by examining the relationship between changes in tax rates and corporate value added. In addition, this study provides further evidence in support of the position that tax cuts are conducive to investment and stimulation of the economy. However, the limitation of this study is that, due to data constraints, there is no consideration of tax deductions and tax credits.