내재적 조세를 이용한 벤처기업 조세지원정책의 효과분석

Abstract

The government aims to promote the growth and efficiency of the national economy. It wants to induce individual and corporate companies’investment, production, and financing decisions towards an equilibrium that it deems to yield great social welfare. For that purpose, the government grants tax preferences to the companies investing in the business area designated by itself. Until the implicit tax concept was established, the tax preferences,which mean the reduction of tax burden, had been considered to be retained within the company. According to the theory of the effective tax management under the micro-economic approach introduced by Scholes and Wolfson(1992), as a market structure approaches to a perfect competition,the excessive profit caused by the tax preferences disappears and,accordingly, the pre-tax return decreases. From an enterprise's point of view the decrease of the pre-tax return or the implicit tax is not paid in cash but is still a tax burden essentially not different from the explicit tax. This study examines whether tax preferences lead to a decline in pretax returns of venture companies traded on the KOSDAQ. In particular,the possibility of implicit taxes was examined for newly established venture companies separately from other companies. This study differs from former studies in that, while former studies sampled and analyzed companies enlisted with the Security Exchange Commission, this study compares newly established venture companies traded on the KOSDAQ with existing venture companies and nonventure companies traded on the same KOSDAQ. Once a company is registered as a newly established venture company,it enjoys tax benefits over other companies in terms of corporate income tax, property tax and so on. To be registered, the company must be a new technology enterprise through R & D investments. This study performs an empirical analysis on the cross-firm and through time relations between pre-tax return and tax preferences for 1303firms(KOSDAQ；754 firms, SEC；549 firms as of 2002) during the 1999～2002 period. The results are consistent with the implicit tax hypothesis,an inverse relation between pre-tax return and tax preferences. However,the inverse relation is weaker than predicted and is not so much significant as expected. This result suggests barriers (market frictions and restrictions) to entry into the new venture market. It enhances the possibility that the tax benefits to the newly established venture company are not converted into an implicit tax and, instead, are retained within the venture company itself. This study is expected to be useful for analyzing the effectiveness of the government's tax policy to induce new investors into the venture business.