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국내 기업의 해외직접투자 결정요인 분석 : 법인세의 영향을 중심으로

Determinants of outward FDI in Korea :role of corporate income tax

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주제분류경제학

초록

본 논문은 국내 기업의 해외직접투자 결정요인 중 법인세의 역할을 분석한다. 계량 분석을 위해 2007~2020년 동안 한국의 해외직접투자가 향한 21개 주요 투자유치국별 해외직접투자 패널 데이터를 구성하였고 Devereux and Griffith(1999, 2003)의 방법을 사용해 국가별 평균실효세율을 계산하여 변수로 사용하였다. 전체 투자액을 사용한 분석 외에 산업별과 목적별로 투자를 구분하고, 최근 들어 증가한 조세피난처로의 투자를 구별하여 법인세의 역할을 분석하였다. 실증분석 결과 전체 해외직접투자는 법인세 차이에 유의미하게 반응하지 않지만, 제3국 진출을 목적으로 투자한 경우 조세피난처로 향한 투자는 법인세에 유의미하게 반응하고 이는 주로 금융·보험업에서의 해외직접투자에 기인함을 알 수 있다. 이처럼 법인세의 영향이 여러 요인에 따라 다르게 나타나는 결과는 해외직접투자 관련 정책 수립에 시사점을 줄 수 있다.

Abstract

This paper analyzes the effects of corporate income tax on outward Foreign Direct Investment(OFDI) in Korea. We construct the panel data of OFDI heading towards 21 main hosting countries from 2007 to 2020. We follow Devereux and Griffith(1999, 2003) to calculate effective corporate income tax rates of Korea and destination countries. In addition to the aggregate OFDI data, we classify OFDI data by industry and purpose of investment, and separate investment into tax haven countries. Empirical results show that corporate income tax does not have significant effects on aggregate OFDI but do have significant effects on OFDI for the purpose of third-country seeking, especially investment towards tax havens and in financial and insurance industry. The results that the role of corporate income tax differs by various factors can provide policy implications regarding beneficial OFDI.

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