다국적 기업의 조세회피 및 소득 이전에 대한 분석: 조세회피처 및 무형자산 활용을 중심으로 = Multinational Firms’ Tax Avoidance and Profit Shifting: Tax Havens and Intangible Asset Location Decision

다국어 초록 (Multilingual Abstract)

This study examines whether tax rates influence location decision of intangible assets for Korean multinational enterprises using Orbis dataset. The results show that the effect of tax rates on where intangible assets are located within the multinational firms are not statistically significant, whereas it appears to be statistically significant when the sample is reduced to the multinational firms which have foreign affiliates in tax havens. In addition, the effect of tax rate on the location intangible assets is stronger for industries that possess a higher number of intangible assets and for technology-intensive manufacturing industries.

국문 초록 (Abstract)

본 연구는 오르비스의 다국적 기업 중 최종 소유주의 국적이 한국인 기업만을 대상으로 이들의 무형자산 위치 결정이 세율의 영향을 받는지 분석하였다. 분석 결과, 한국 다국적 기업 전체적으로는 세율이 무형자산 위치결정에 통계적으로 유의한 영향을 주지 않지만, 조세회피처에 자회사를 둔 다국적 기업만을 대상으로 분석한 경우에는 해당 자회사와 동일 그룹 내 다른 자회사가 직면한 세율 차이가 무형자산 위치결정에 영향을 주는 것으로 나타났다. 그리고 이러한 영향은 무형자산 비중이 높은 산업과 기술 집약적 제조업에서 더 큰 것으로 나타났다.

참고문헌 (Reference)

1 Tørsløv, T., "The Missing Profits of Nations" 90 : 1499-1534, 2023

2 Buettner, T., "The Impact of Thin-Capitalization Rules on the Capital Structure of Multinational Firms" 96 (96): 930-938, 2012

3 Jones, C., "The Determinants of Tax Haven FDI" 51 (51): 237-250, 2016

4 Desai, A. M., "The Demand for Tax Haven Operations" 90 (90): 513-531, 2006

5 Zucman, G., "Taxing across Borders: Tracking Personal Wealth and Corporate Profits" 26 (26): 121-148, 2014

6 Altshuler, R., "Repatriation Taxes, Repatriation Strategies and Multinational Financial Policy" 87 (87): 73-107, 2003

7 Griffith, R., "Ownership of Intellectual Property and Corporate Taxation" 112 : 12-23, 2014

8 Heckemeyer, J. H., "Multinationals’ Profit Response to Tax Differentials: Effect Size and Shifting Channels" 50 (50): 965-994, 2017

9 Dyreng, S. D., "Long-Run Corporate Tax Avoidance" 83 (83): 61-82, 2008

10 Davies, R. B., "Knocking on Tax Haven’s Door: Multinational Firms and Transfer Pricing" 100 (100): 120-134, 2018

11 Huizinga, H., "International Profit Shifting within Multinationals: A Multi-country Perspective" 92 (92): 1164-1182, 2008

12 Buettner, T., "Internal Debt and Multinationals' Profit Shifting - Empirical Evidence from Firm-Level Panel Data" Oxford University Centre for Business Taxation 2009

13 Hines, James R. Jr., "Fiscal Paradise: Foreign Tax Havens and American Business" 109 (109): 149-182, 1994

14 Driffield, Nigel, "FDI Motives and the Use of Tax Havens: Evidence from South Korea" 135 : 644-662, 2021

15 Dharmapala, D., "Earnings Shocks and Tax-motivated Income-shifting: Evidence from European Multinationals" 97 : 95-107, 2013

16 Dischinger, M., "Corporate Taxes and the Location of Intangible Asses within Multinational Firms" 95 (95): 691-707, 2011

17 Karkinsky, T., "Corporate Taxation and the Choice of Patent Location within Multinational Firms" 88 (88): 176-185, 2012

18 Clausing, K.A., "Corporate Tax Revenues in OECD Countries" 14 : 115-133, 2007

19 Hebous, S., "At your service! The Role of Tax Havens in International Trade with Services" 135 (135): 2021