법인세율 및 자본비용의 변화가 기업규모별 자본투자에 미치는 영향 = The Effects of Changes in Corporate Income Tax Rate and Cost of Capital on Firms` Capital Investments

다국어 초록 (Multilingual Abstract)

We examine the effects of changes in corporate income tax rate and firms` cost of capital on the capital investments. The empirical findings indicate that : ( 1 ) decreases in corporate income tax rate declines stimulates corporate capital investments (2) firms` cost of capital is positively correlated with firms` capital investments (3) in large firms, the positive effects of decreases in corporate income tax rate on capital investments dominate other effects arising from firms` cost of capital, while in small firms, the effects of the increased cost of capital on capital investments dominate other effects arising from the decreases in income tax rate. Our findings support the policy maker`s view that economic policy through the changes in tax rate is effective.