한국의 임시투자세액공제제도 효과에 관한 실증분석
Investment Tax Credit of Korea: An Empirical Analysis
1
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
임시투자세액공제제도가 1982년 도입된 이래 2011년 고용창출투자세액공제 제도로 변경될 때까지 투자촉진 세제로서 활용된 바 있다. 본 제도의 효과에 관한 많은 관심에도 불구하고, 효과식별이 쉽지 않아 엄밀한 실증분석은 부족한 편이다. 본 연구에서는 2009년도 금융위기 시기에 수도권 대비 비수도권 임투세액공제율을 한시적으로 차등 적용한 정책변화 에피소드를 자연실험으로 보고 접근한다. 이중차분법에 의거한 임시투자세액공제제도 효과에 관한 실증분석 결과는 다음과 같이 요약된다. 자산을 10% 이상 증대시키는 정도로 투자를 촉진함이 통계적으로 유의하게 나타났으나, 고용에 미치는 영향은 미미한 것으로 나타났다. 종합적으로 경기안정화 기능이 존재한다고 해석된다.
Abstract
This paper examines investment tax credit effects using a firm-level database. We take advantage of a policy change episode in which differential investment tax credit rates have been applied to different regions. Our empirical analysis reveals a substantial increase in investment with a relatively weak employment effect.
참고문헌 (41)
- 법인세 부담이 기업의 투자활동에 미치는 효과 분석, "김우철", 한국조세연구원, ~, pp.한국조세연구원연구보고서 05-8 (2005)
- 조세 중립성 제고를 위한 비과세 감면제도 운용방안, "박기백", 한국조세연구원, ~ (2006)
- 우석진, "종합부동산세가 전세가격에 미치는 효과 : 준자연적 실험으로부터의 증거", 재정학연구, 2(2), pp.87~119 (2009), 한국재정학회
- 윤영선, "임시투자세액공제 제도가 설비투자에 미치는 영향 분석", 국제회계연구, (37), pp.281~310 (2011), 한국국제회계학회[DOI]
- 조세감면제도의 평가, "임주영", 한국조세연구원, ~ (1997)
- Abel, A. B., "A Unified Model of Investment Under Uncertainty", American Economic Review, 84, pp.1369~1384 (1994)
- Investment and q with Fixed Costs: An empirical Analysis, "Abel, A. B", ~ (1996)
- Abel, A. B., "Optimal Investment under Uncertainty", Review of Economic Studies, 3, pp.581~593 (1996)
- Abel, A. B., "Dynamic Effects of Permanent and Temporary Tax Policies in a q Model of Investment", Journal of Monetary Economics, 9(3), pp.353~373 (1982)
- Auerbach, A. J., "Recent U.S. Investment Behavior and the Tax Reform Act of 1986: A Disaggregate View", Carnegie-Rochester Conference Series on Public Policy, 35, pp.185~215 (1991)
- Auerbach, A. J., "Tax Policy and Business Fixed Investment in the U. S", Journal of Public Economics, 47, pp.141~170 (1992)
- Auerbach, A. J., "Reassessing the Social Returns to Equipment Investment", Quarterly Journal of Economics, 109, pp.789~802 (1994)
- Barnett, S. A., "Non-Linear Response of Firm Investment to Q : Testing a Model of Convex and Non-Convex Adjustment", Journal of Monetary Economics, 42, pp.261~288 (1998)
- The Effect of Investment Tax Credit: Evidence from and Atypical Program in Italy, "Brozini, R.", Bank of Italy Economic, ~, pp.Bank of Italy Economic Working Paper No.661 (2008)
- Caballero, R. J., "Plant-Level Adjustment and Aggregate Investment Dynamics", Brookings Papers on Economic Activity, 2, pp.1~54 (1995)
- Chamley, C., "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives", Econometrica, 54, pp.485~517 (1986)
- Chari, V. V., "Sustainable Plans", Journal of Political Economy, 98, pp.784~802 (1990)
- Chari, V. V., "Optimal Fiscal Policy in a Business Cycle Model", Journal of Political Economy, 102(4), pp.617~652 (1994)
- Clark, P. K., "Tax Incentives and Equipment Investment", Brookings Papers on Economic Activity, 1, pp.317~339 (1993)
- A Retrospective Evaluation of the Effects of Temporary Partial Expensing, "Cohen, D.", Board of Governors of the Federal Reserve System (U.S.) Finance and Economics, ~, pp.Board of Governors of the Federal Reserve System (U.S.) Finance and Economics Discussion Series, 2006-19 (2006)
- Cummins, J. G., "A Reconsideration of Investment Behavior Using Tax Reform as Natural Experiments", Brookings Papers on Economic Activity, 2, pp.1~74 (1994)
- Cummins, J. G., "Have Tax Reforms Affected Investment?", Tax Policy and the Economy, 9, pp.131~149 (1995)
- Cummins, J. G., "Tax Reforms and Investment : A Cross-Country Comparison", Journal of Public Economics, 62, pp.237~273 (1996)
- De Long, J. B, "Equipment Investment and Economic Growth", Quarterly Journal of Economics, 106, pp.445~502 (1991)
- Dixit, A. K., "Investment under Uncertainty" (1994), Princeton University Press
- Eissa, N., "Labor Supply Response to the Earned income Tax Credit", Quarterly Journal of Economics, 111(2), pp.605~637 (1996)
- Goolsbee, A., "Investment Tax Subsidies and the Wages of Capital Goods Workers: To the Workers Go the Spoils?", National Tax Journals, LVI, pp.153~166 (2003)
- Hall, R. E., "Tax. Policy and Investment Behavior", American Economic Revenue, 57, pp.391~414 (1967)
- Harberger, A., "The Role of Direct and Indirect Taxes in the Federal Revenue System" (1964), Princeton University Press
- Hassett, K. A., "Chapter 20 of Handbook of Public Economics vol. 3" (2002), Auerbach and Feldstein
- Hayashi, F., "Tobin’s Marginal q and Average q : A Neoclassical Interpretation", Econometrica, 50, pp.213~224 (1982)
- House, C., "Phased-In Tax Cuts and Economic Activity", American Economic Review, 96(5), pp.1835~1849 (2006)
- House, C., "Temporary Investment Tax Incentives : Theory with Evidence from Bonus Depreciation", American Economic Review, 98(3), pp.737~768 (2008)
- Hubbard, R. G., "Internal Net Worth and the Investment. Process : An Application to U. S. Agriculture", Journal of Political Economy, 100, pp.506~534 (1992)
- Jorgenson, D. W., "Capital Theory and Investment Behavior", American Economic Review, 53(2), pp.247~259 (1963)
- Jorgenson, D. W., "Determinants of Investment Behavior" (1963), Columbia University Press
- Judd, K. L., "The Welfare Cost of Factor Taxation in a Perfect-Foresight Model", Journal of Political Economics, 95(4), pp.675~709 (1987)
- The Optimal Tax Rate for Capital Income is Negative, "Judd, K. L.", NBER, ~, pp.NBER Working Paper 6004 (1997)
- Corporate Response to Accelerated Tax Depreciation: Bonus Depreciation for Tax Years 2002-2004, "Knittel, M.", US Department of Treasury OTA, ~, pp.US Department of Treasury OTA Working Paper 98 (2007)
- Salinger, M. A., "Behavioral Simulation Methods in Tax Policy Analysis" (1983)
- Summers L. H., "Taxation and Corporate Investment : A q-Theory Approach", Brookings Papers on Economic Activity, 1, pp.67~127 (1981)
