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한국해외직접투자의 조세피난처 파급효과 분석

Effects of Tax Havens on Korea’s Outward Direct Investment

이순철
지암남덕우경제연구원 (Nam Duck-Woo Economic Research Institute)|2013.10|시장경제연구 (Journal of Market Economy)|제42권 제3호|pp. 77-113

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참고문헌

키워드

조세피난처Foreign Direct Investment외국인직접투자자본이동한국의 FDICapital MovementTax HavenKorea’s FDI
주제분류경제학

초록

본고는 한국의 해외직접투자에서 조세피난처의 파급효과가 중요한지를 비조세피난처 98개국과 조세피난처 25개국을 이용하여 패널모델 분석을하였다. 분석결과, 조세피난처의 근접성과 조세피난처로 유입되는 FDI가 정(+)의 값을 갖는 것으로 분석되었다. 또한 한국의 조세피난처에 대한 해외직접투자와 그 주변 국가에 대한 한국의 직접투자 간에도 정(+)의 관계가 있다는 점도 발견하였다. 한국의 주요 투자국인 중국과 미국을 분리하여 분석한 결과, 조세피난처의 파급효과는 발견되지 않았다. 하지만 중국과 미국을 제외한 분석에서는 기존과 동일한 효과가 있는 것으로 나타났다. 따라서 본고는 한국의 해외직접투자에서 조세피난처의 파급효과가 존재하고 있으며, 한국의 해외직접투자와 조세피난처간에는 보완적 관계가 있다는 결론을 내렸다. 이에 본고는 한국의 해외직접투자에서 조세피난처가 중요한 만큼 이에 대한 새로운 접근과 정책적지원이 필요하다는 시사점을 제시하였다.

Abstract

This study investigates the spillover effects of tax havens on the Republic of Korea’s outward direct investment during 1980-2012 utilizing panel data on 98 and 25 tax haven countries. The results as follows: (i) Proximity to tax havens is positively correlated with Korea’s foreign direct investment (FDI)inflows into nearby non-tax haven countries. (ii) Global FDI inflows into tax havens have positive effects on Korea’s FDI inflows into the nearby non-tax haven countries. In addition, Korea’s FDI inflows into tax havens are also positively correlated with those into the nearby non-tax haven countries. (iii)On analyzing separately the data on China and the United States—the two most preferred destinations for Korea’s FDI—the spillover effects of tax havens on this FDI disappear but are significant on excluding these two countries. Thus, this study concludes that the spillover effects of tax havens on Korea’s FDI and that a complementary relationship exists between tax havens and such FDI. The study suggests the adoption of a new policy approach in this regard, as tax havens are important destinations inKorea’s FDI outflows.

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