한계세율의 대체측정치에 대한 평가 = An Evaluation of Alternative Measures of Marginal Tax Rates

국문 초록 (Abstract)

한계세율은 자금조달 의사결정(부채정책), 자본비용의 계산, 보상의사결정, 자산가격결정(과세증권과 비과세증권간의 상대적인 가격결정) 등과 같은 다양한 재무의사결정에 있어 중요한 역할을 수행해 왔다.
본 연구는 한계세율을 측정하는 최선의 방법에 초점을 맞추고 있다. 본 연구에서는 우리 나라의 법인세법 규정을 고려하고 기업의 재무자료를 사용하여 시뮬레이션을 사용한 한계세율을 측정하고, 시뮬레이션 한계세율 측정치를 기존연구에서 사용된 한계세율의 대리변수와 비교함으로써 시뮬레이션 한계세율이 합리적인 한계세율의 측정치인지 여부를 분석한다.
분석결과를 요약하면, 시뮬레이션 한계세율이 완전예측 한계세율을 예측하는데 가장 우수한 측정치라는 것을 알 수 있으며, 시뮬레이션 한계세율을 추정하기 어려운 경우에는 법정한계세율, 4분변수, 3분변수, 과세소득 더미변수가 한계세율에 대한 대리변수로 이용가능한 대안이 될 수 있다는 것을 알 수 있다.

다국어 초록 (Multilingual Abstract)

The marginal tax rate plays an important role in many topics in financial decision making, including debt policy, cost of capital calculation, and corporate compensation decisions, and relative pricing between taxable and nontaxable securities.
This paper focuses on how best to measure the corporate marginal tax rate. This paper examines to find out whether the simulated marginal tax rate is a reasonable proxy for the marginal tax rate using Korean Corporate Tax Code and financial statement database(KIS-FAS).
The list of alternative proxies includes three measures of the marginal tax rate(the perfect foresight marginal tax rate, the simulated marginal tax rate, a marginal tax rate variable developed by Manzon), five dummy variables based on the sign of taxable income and/or net operating loss carryforward status(the statutory marginal tax rate, taxable income dummy, non NOL dummy, a trichotomous variables, and an uniform tax rate), and two measures of the effective tax rate(an average tax rate and an effective tax rate variable developed by Zimmerman).
The results indicated that the simulated tax rate, although difficult to calculate, is the best available proxy for the 'true' marginal tax rate. And, if the simulated marginal tax rate is unavailable, the statutory marginal tax rate, an uniform tax rate, a trichotomous variables, and the taxable income dummy variable are reasonable alternative.

참고문헌 (Reference)

1 "한계세율의 추정에 관한 연구" (10) : 129-148, 1997

2 "한계세율의 대용치" (4) : 859-879, 2002

3 "한계세율과 부채조달의사결정" 3-25, 2001

4 "대체적인 유효세율 측정치간의 공통성분석" 6 (6): 45-80, 2001

5 "기업의 조세전략" 조세통람사 2001

6 "기업규모와 유효세율간의 관계를 이용한 정치적 영향이론과 정치적 비용이론의 비교" (14) : 29-66, 1999

7 "Which Effective Tax Rate?" 23-41, 1984

8 "The Role of Debt in Early Debt Retirement" 87-100, 1994

9 "The Relation between Firm Size and Effective Tax Rates A Test of Firm's Political Success" 158-169, 1991

10 "The Journal of the American Taxation Association" 1-21, 1992

11 "The Journal of the American Taxation Association" porca : 17-31, 1986

12 "The Information Content of Security Prices Journal of Accounting and Economics" 3-28, 1980

13 "The Effect of Tax Legislation During the 1980s The Journal of the American Taxation Association" 80-96, 1992

14 "Taxes and Firm Size" 119-149, 1983

15 "Taxes and Business Strategy: A Planning Approach, 2nd ed" Prentice-Hall Inc 2002

16 "Tax Clientele and Debt Maturity" 22-39, 2000

17 "Regulatory Capital Planning and Financial Reporting Strategy for Commercial Banks Review of Financial Studies" 625-650, 1990

18 "Proxies for the Corporate Marginal Tax Rate" 187-221, 1996a

19 "Optimal Capital Structure under Corporate and Personal Taxation" 3-29, 1980

20 "Measurement of Effective Corporate Tax Rates Using Financial State- ment Information The Journal of the American Taxation Association" 77-92, 1991

21 "Issues in the Measurement and Interpretation of Effective tax Rates" 307-316, 1986

22 "Investment Incentives and Frequent Tax Reforms" 211-216, 1988

23 "Estimating Corporate Marginal Tax Rates with Asymmetric Tax Treatment of Gains and Losses" 51-67, 1990

24 "Empirical Tax Research in Accounting" 321-387, 2001

25 "Do Taxes affect Corporate Financing Decision?" 1471-1493, 1990

26 "Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status" University of Utah. 1996

27 "Debt and the Marginal Tax Rates" 41-73, 1996b

28 "Commonality among Alternative Measures of Corporate Effective Tax Rates Advances in Taxation" 175-195, 1993

29 "An Evaluation of Alternative Measure of Corporate Tax Rates" Uni- versity of Washington 1999

30 "An Evaluation of Alternative Measure of Corporate Tax Rates" Journal of Accounting of Economics 201-226, 2003

31 "Advantage for Corporate Taxpayers An Alter- native to Average Effective Tax Rates The Journal of the American Taxation Association" 46-71, 1993

32 "A Synthesis of the Literature Journal of Accounting Literature" 1-43, 1994