기업의 규모에 따라 법인세가 기업투자와 근로자 임금에 미치는 영향 분석

Abstract

Given empirical evidences about the effect of corporate income tax policy is mixed, we investigate whether the corporate income tax burden would affect firm’s investment and worker’s wages differently by firm size using the KISVALUE data with panel estimation model. Fixed effect estimation results show that firm’s investment tends to fall significantly as a corporate income tax burden increases. Such a negative association turns out to be greater for small-sized firms. These results support the view that the reduction in the corporate income tax burden would lower the user cost of capital, thus firm would increase investment accordingly. The same result is found for the effect on the worker’s wage. The negative effect of the corporate income tax burden on the worker’s wage appear to be greater in the small sized firms. These findings would contribute to the literature in the corporate income tax and provide relevant tax policy implications.