다국적기업의 조세전략 - 이론과 실증연구 동향 - = Tax Strategies of Multinational Corporation - Review of Theory and Empirical Evidence -

다국어 초록 (Multilingual Abstract)

In this paper, I analyse tax strategies of multinational corporations(MNC) and review the related empirical research. Comparing to domestic firms, MNCs allocate capital across their foreign subsidiaries by direct investment, dividends and income shifting in order to maximize their firm value. As Scholes et al.(2014) said that the objective of a firm’s effective tax strategy should be to maximize its after－tax return, so strategies of MNCs are to allocate capital to maximize their after－tax return and to consider tax effects with global perspective.
The tax effects of capital allocation of MNCs are dependent upon tax system of home country, worldwide or territorial tax system. Under worldwide tax system, dividends from foreign subsidiaries are taxed at domestic tax rate and their foreign taxes are deducted to mitigate double taxation. On the other hands, under territorial tax system, dividends from foreign subsidiaries are exempted from home country taxes. Eventually, given the worldwide or territorial system, MNCs choose the optimal capital allocation vehicles to maximize after tax return.
My research questions are as follows；First, Are there some tax incentives to allocate capital of MNCs under worldwide tax system? I analyse it theoretically. Second, Did the tax incentives confirmed in prior empirical research? And which non tax factors were founded in prior studies? I review the previous empirical studies. Third, What are the effects of territorial tax system on MNC’s tax strategies comparing to worldwide tax system? While many tax policy makers and practitioners have much interest in MNC’s tax strategies, but academic responses seem to be insufficient. So, I wish my paper call so much interest from academic society and many useful studies for tax policy and practice be conducted.

국문 초록 (Abstract)

본 논문에서는 다국적기업의 조세전략을 이론적으로 분석하고 관련된 실증연구 동향을 살펴본다. 내국기업과는 달리 다국적기업은 기업가치 극대화를 위하여 직접투자, 배당과 소득이전과 같은 자본이전수단들을 이용해서 전세계적으로 자본을 이전시킬 수 있다. Scholes et al.(2014)에서 말한 바와 같이 기업의 세후수익률을 극대화하는 것이 조세전략의 목표라면 다국적기업의 조세전략은 전세계적으로 자본을 이전하면서 세금효과를 고려하여 세후수익률을 극대화하는 것이다.
다국적기업의 자본이전에 따른 세금효과는 다국적기업 소재국에서 전세계과세시스템과 지역과세시스템 중 어느 것을 채택하고 있는지에 따라서 달라진다. 전세계과세시스템은 해외자회사로부터의 배당에 대해서 국내세율로 과세한 후 외국납부세액을 공제한다. 반면에 지역과세시스템은 해외자회사로부터의 배당에 대해서 과세하지 않는다. 결과적으로 전세계과세시스템 혹은 지역과세시스템 하에서 다국적기업은 세후수익률 극대화를 목표로 최선의 자본이전 수단을 선택하게 된다.
본 논문에서의 초점은 첫째, 전세계과세시스템 하에서 다국적기업의 자본이전에 대해 세금유인이 있는지를 이론적으로 분석하는 것이다. 둘째는 전세계과세시스템 하에서 자본이전과 관련된 세금유인과 비조세요인에 대한 실증연구 동향을 파악하는 것이다. 셋째는 지역과세시스템 도입 효과를 분석하고 실증연구들을 검토하는 것이다.
이를 위해서 본 논문에서는 우선 전세계과세시스템 하에서 다국적기업의 조세전략을 직접투자, 배당, 소득이전과 같은 자본이전 수단 별로 구분하여 살펴본다. 그리고 그 다음으로 지역과세시스템과의 차이점에 대해서 살펴보았다.
다국적기업의 조세전략에 대해서 정책담당자나 실무자들의 관심이 높아지고 있지만 이에 대한 학문적 연구는 아직까지 활발하지 못하다. 이런 상황에서 본 논문이 학계의 관심을 불러일으켜서 향후 정책담당자나 실무자들에게 유용한 연구들이 나타나기를 기대한다.

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