세율이 비상장 중소기업의 투자활동에 미치는 영향

Abstract

The purpose of this study is to analyze the impact of the tax rate on unlisted small & medium business in investing activities. Previous studies were primarily the research style for study of publicly traded companies, and most studies examined the relationship between tax rates and investment activities of unlisted small and medium businesses. In this study, because it is difficult to obtain objective financial data of unlisted small & medium business, questionnaire method was created on the basis of previous studies. In this study, 500 questionnaires distributed to workers and CEO of unlisted small business, and the 243 questionnaires was collected except 20 questionnaires to be answered poorly. The results and implications of this study can be summarized as follows. First, the tax rate cuts for unlisted small businesses will increase investment activity. Namely, the hypothesis testing results showed that the rate of regression coefficient is negative (-) and statistically significant effects. This means that even when the tax cuts for unlisted small & medium business as well as publicly traded companies increase investment activities. Second, the characteristics of company and member have an positive(+) influence on the investment activities of unlisted small & medium businesses. This means that investment activities of unlisted small & medium business can vary, depending on the characteristics of firm and the willingness of the CEO.