기업투자에 대한 기업 금융구조와 법인세의 영향분석 연구
Investment, Financial structure, and Corporate taxation: Empirical evidence of Firm level Panel Data
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초록
본 논문은 내부금융 또는 외부금융을 이용한 자금조달방식의 차별화로 인하여 법인세 인하의 기업 투자증대효과가 상이하게 나타날 수 있다는 점을 1996~2014년 21개국 상장기업자료를 활용하여 패널VAR모형으로 실증분석하고 있다. 분석결과, 첫째, 내부금융 의존도가상대적으로 높은 기업들이 법인세 변동효과로 인한 투자결정반응에 있어서 법인세부담 증가 시 투자 감소 및 생산성 위축 유의미한 결과를 도출할 수 있었다. 내부금융 비율이 낮은 기업들의 투자행태는 법인세부담 변화충격에 대응하여 불안정한 반응을 나타내거나 유의미한 결과를 도출하지 못했다. 둘째, 은행대출의 비중이 낮은 기업들이 법인세 변동 충격이 발생했을 때, 매출이나 투자 등에 보다 즉각적인 반응을 보였다. 셋째, 서비스업종을 제외한 제조업들은 법인세충격에 대해 전체기업과 대체로 비슷한 반응을 보였으나, 기업투자와 매출의 감소폭이 보다 작게 나타났다.
Abstract
In this paper, we conducted the empirical analysis that the corporate financial structure and corporate tax affect a corporate investment. Considering the heterogenous companies which rely on internal financing or external financing, we tried a dynamic analysis on the corporate income tax under the different financial structure. We employed the panel VAR model on the international panel data in 21 major countries’ firms during 1996-2014. In particular, financing for investments in the path, which is separated by the proportion of internal finance or external finance plays a crucial role to determine the size and duration of responses of investment decision to the impacts on corporate income tax. The main results we found follow. Firstly, our empirical results presented that the internal financial-intensive firms reduce their investments according to the corporate tax increase shock. However, firms using less internal finance show no significant evidence of investment changes to the corporate tax shock. Secondly, when we divided the firms into the two groups, higher and lower bank loaned companies, higher bank loaned companies responded immediately to the corporate tax shock. Finally, when we compare the manufacturers’ sample and the entire sample, they showed the similar patterns to the shocks, but the responses of investment and sales revenue according to the corporate tax shock are smaller in the manufacturers’ sample than in the entire sample.
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