资本利得税与实体企业投资:来自韩国的证据

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2022-08-01 DOI:10.1257/aer.20201272

Terry S. Moon

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引用次数: 10

摘要

本文评估了资本利得税对大韩民国(以下简称韩国)投资的影响，资本利得税税率因公司规模而异。在2014年的改革之后，与未受影响的公司相比，减税的公司增加了34个百分点的投资，每1美元滞后收入发行9美分的股票。此外，对于那些现金短缺或改革后上市的公司，这种影响更大。综上所述，这些发现与“传统观点”一致，即较低的派息税通过提高投资边际回报来刺激股权融资投资。(凝胶d25, g31, g32, h25, h32, l25)

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Capital Gains Taxes and Real Corporate Investment: Evidence from Korea

This paper assesses the effects of capital gains taxes on investment in the Republic of Korea (hereafter, Korea), where capital gains tax rates vary at the firm level by firm size. Following a reform in 2014, firms with a tax cut increased investment by 34 log points and issued more equity by 9 cents per dollar of lagged revenue, relative to unaffected firms. Additionally, the effects were larger for firms that appeared more cash constrained or went public after the reform. Taken together, these findings are consistent with the “traditional view” predicting that lower payout taxes spur equity-financed investment by increasing marginal returns on investment. (JEL D25, G31, G32, H25, H32, L25)

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来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.