법인세의 기업고용효과분석 – 한계실효세율을 중심으로 (The Effect of Corporate Tax Burden on Employment – On Marginal Effective Tax Rate)

서지정보

· 발행기관 : 한국기업경영학회
· 수록지 정보 : 기업경영연구 / 23권 / 2호 / 155 ~ 173페이지
· 저자명 : 황상현, 설윤, 이선화

초록

경영분야에서 기업고용을 설명하는 주요 변수에 대한 관심은 주로 기술혁신이나 연구개발의 효과에 대해 분석하거나 제품이나 공정혁신, 최근에는 재무관련 변수의 역할에 대한 관심으로 확장되어 오고 있다. 본 연구는 우리나라 상장기업을 대상으로 법인세가 고용에 어떻게 미치는지를 실증 분석하였다. 1986~2012년 동안 기업수준(firm-level)에서 우리나라의 기업별 평균실효세율과 한계실효세율의 법인세와 고용의 동태적모형을 구성하고 이러한 모형을 이용하는 경우 발생할 수 있는 내생성 문제를 해결하기 위해 1계 차분 일반화된 적률법(Generalized Method of Moments: GMM)의 방법론을 이용하였다. 실증분석 결과, 평균유효세율과 한계유효세율 모두 기업의 고용에 음(-)의 유의한 영향을 미치는 것을 발견하였다. 이는 정부의 법인세 정책에 따라 기업의 고용에 대한 의사결정이 영향을 받을 수 있음을 의미한다. 전체표본을 대기업과 중소기업으로 분할하여 분석한 결과 둘 다 음(-)의 값으로 추정되었으나 중소기업보다 대기업의 효과가 통계적으로 유의하고 더 큰 것으로 나타났다. 이러한 법인세 효과는 대기업 그룹에 더 큰 것으로 나타나 상대적으로 고용이 증가하는 대체효과보다 규모의 효과가 더 큰 것으로 해석할 수 있으며 기업의 특성과 규모에 따라 달라질 수 있음을 알 수 있다. 또한 정부가 법인세 인하로 인한 고용효과를 기대하는 경우 중소기업보다는 대기업의 고용효과가 상대적으로 크게 나타날 수 있음을 시사한다.

영어초록

In view of management of a firm, a firm employment is an independent decision by firm managements. The firm employment owns the property of independent to explain other variables, while firm employment has the dependent property which is explained by other independent variables. In Business, recently an interest on firm employment is recently extended to product and process innovation, and financial variables which explains firm employment as major variables from the effect of technical innovations or R&D. However, corporate tax burden as other factors to explain firm employment is not much considered as research subject. Under this background, our interest is to extend to explore the relationship between corporate tax and firm employment. Compared to existing studies, our paper is the first analysis using marginal tax rate for analysis and marginal tax rate is defined as the tax rate of return occurred from additional one unit of investment. In economics and business, marginal tax rate as well as average tax rate are important concept for financial decision maker and business manager.
Using Korean firm-level data from 1986 to 2012, this paper empirically analyzes the effect of corporate tax burden on firms’ employment. We first estimate an average and marginal effective tax rate and, then construct an dynamic employment model which is present in form of an persistence of labor panel regression model. To solve the problem of endogeneity, we utilize the first-difference GMM and empirical results are compared to the first-step and the second-step estimation. This econometric approach allows us to provide more precise estimates for better understanding what the effect of firm tax burden on firm employment under dynamic panel setting.
Our results contribute to the existing literature in view of using a marginal effective tax rate. We compare results for average tax rate and marginal rax rate under different specifications. For the various estimation results, we find the significant negative effect of tax burden on employment for both tax rates. Thus, when tax rate increases, then firm employment decreases and results hold when firms face different tax burdens. This implies the decision for firm employment by manager of firm is affected by the government policy for corporate tax.
For comparison between Large and S&M enterprise, the effect on employment is significant negative for the Large firms but is not significant for the S&M enterprise. For results for average effective rate, we find the significant negative effect of on employment for only the Large firms using the first-step GMM and second-step GMM and also these results are the same for marginal effective tax rate.
We explain that positive effect for employment is from larger scale effect rather than substitute effect occurring when corporate tax burden exists. These results are robust for both the first-step and the second-step GMM using an average and marginal effective tax rate. Government would anticipate effective policy effect for the Large enterprise rather than the S&M enterprise when they implement the corporate tax policy.

참고자료

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