본 연구는 시장의 경쟁정도에 따라 내재적 조세의 실현에 차이가 발생하는 지를 분석하고자 Heritage Foundation의 경제자유화지수가 세전자기자본조세혜택과 세전자기자본이익률의 관계에 미치는 영향을 검증 하였다. 본 연구의 분석결과는 다음과 같다. Wilkie(1992)의 내재적 조세분석모형에 따라 시장의 내재적 조세실현여부를 확인한 결과, 대체로 내재적 조세가 실현되지 않고 있었다. 경제자유화지수가 내재적 조세의 실현가능성에 미치는 영향을 분석한 결과, 조세혜택과 세전이익률 간에 음(-)의 관련성을 확인할 수 있었다. 경제자유화지수의 세부측정지표별로는 사업, 무역, 재정, 화폐, 투자의 자유 및 금융의 자유가 내재적 조세의 실현가능성을 높이는 결과를 관찰할 수 있었다. 그러나 정부지출, 재산권 및 부패탈피지수가 오히려 내재적 조세의 실현가능성을 낮추었는데 기업경영환경에 직접적인 영향을 주는 경영규제, 조세, 투자, 금융 등의 규제 수준이 낮은 경우에 기업들은 조세혜택을 사내유보가 가능한 시장진입장벽 등 보호막이 상대적으로 낮아지게 되어, 결국 내재적 조세의 실현가능성이 높아진다는 것을 시사하고 있다. 유가증권시장과 코스닥시장별로 구분하여 세부측정치표들의 영향을 분석하여 보면, 사업자유화지수는 유가증권시장에서 내재적 조세의 실현가능성을 높이고 있으며, 정부지출은 오히려 코스닥시장에서 내재적 조세의 실현가능성을 높이고 있음을 확인할 수 있었다. 본 연구는 선행연구들이 사용한 변수 외에 경제 전반적인 경제자유도를 나타내는 경제자유화지수를 활용하여 시장에서의 경제자유에 따른 내재적 조세의 실현가능성이 달라질 수 있다는 실증적 결과를 제시하였다는 데에 의의가 있다.
There is no theoretical implicit taxes in the perfect competitive market. Some frictions and entry barriers occur due to government policy and imperfections of supplier and demander. So, many prior papers argue that implicit taxes exist in present market. We investigate the effects of EFI (Economic Freedom Index of Heritage foundation) on the realization of implicit taxes.
According to Scholes et al. (2009), Implicit tax is the result of interaction between tax subsidies and market structure. However, in general, it is not likely for implicit tax to be realized because of incomplete competitive market factors. Also, many prior studies argue that realization of implicit tax can be impossible due to market friction and entry barriers in the market. Especially, this paper implements assumptions that EFI can reflect these market frictions and entry barrier.
The purposes of this paper are to analyze the difference of the possibility of implicit taxes accordance with the market conditions in Korea. In other words, employing the result of the EFI from the Heritage Foundation which announce the index of each country every year, we investigates that EFI of Korea affects the pretax tax benefit of equity and the pretax return of equity.
We execute this empirical analysis using a data set containing virtually all Korean publicly listed firms (including KSE and KOSDAQ) for the period 2000~2010. And the results of this study are as following; First, contrary to the implicit tax hypothesis, the empirical results demonstrate that most tax benefits are retained by the KSE and KOSDAQ firms. This results supports domestic prior papers. Second, we find a significantly positive relation between EFI and the possibility of implicit taxes.
EFI is composed of many variables in four categories, which are Rule of law, Limited government, Regulatory efficiency and Open markets. Among these, we examines the relations between the possibility of implicit taxes and specific variables, such as Business Freedom, Trade Freedom, Fiscal Freedom, Government Spending, Monetary Freedom and Freedom from Corruption. Four variables, Business Freedom, Trade Freedom Fiscal Freedom and Monetary Freedom, have positive relations with the possibility of implicit taxes and other two variables, Government Spending and Freedom from Corruption, have negative relations with this possibility.
According to two analysis, we divided the samples by the KSE and KOSDAQ. There is distinction of significant variables in each market. the possibility of implicit taxes have positive relations with Business Freedom in KSE, otherwise, negative relations with Government Spending in KOSDAQ. Thus, it says that firms in KOSDAQ, comparing KSE, receive lots of subsidy and tax benefit.
In shorts, higher EFI can enhance the possibility to realize implicit taxes because EFI can be reflected by complete competitive market conditions. The viewpoint of this research has the strong merits that reflects the real market status comparing the prior literatures which employes many assumptions to set the perfect competition market status.
However, there is little researches about the variables, EFI, in Korea, the limitations of the interpretations of the result. Therefore, we expect more researches that can bring out the relationship between research and the other tax variables