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외국인투자자의 투자성향에 따라 조세혜택이 투자에 미치는 영향은 달라지는가

Does the impact of tax benefits on investment depend on the investment orientation of foreign investors?

경영연구 v.33 no.1 , 2018년, pp.75 - 105  
홍영은, 김미숙
초록

The purpose of this study is to examine whether the effect of tax benefits on corporate investment expenditure depends on the investment propensity of foreign investors. As a result of the currency crisis and the global financial crisis, the internal reserves of Korean companies have increased, and the government has implemented various tax policies in order to induce internal reserves to flow out through investment and dividends. However, many examples and empirical studies show that the effectiveness of government tax cuts for investment stimulus is questionable. In this situation, to ensure that disposable income from tax cuts can be invested in investments with positive net present value (NPV) that can increase corporate value, factors affecting decision-making about disposable income should be identified. Therefore, this study focuses on the investment propensity of foreign investors as an important factor in the process of disposable income resulting from tax benefits leading to investment. Investment propensity of foreign investors can be measured in various ways. In this study, we define foreign direct investors as companion investors who value long-term corporate performance and foreign indirect investment is defined as foreign investor with short-term investment tendency. Therefore, it is expected that foreign direct investors will have a discriminative effect compared to foreign indirect investors in the process of disposable income resulting from tax benefits leading to investment. As a result of the empirical analysis, the tax benefits of foreign direct investment firms have a positive effect on corporate investment expenditures and the tax benefits of foreign direct investment firms have more impact on investment expenditure than the tax benefits of foreign indirect investment companies. The results of this analysis suggest that there is a need to consider the factors that influence the process leading to investment when establishing tax support policies for investment revitalization.

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