법인세율 차이가 해외직접투자에 미치는 영향 = The Effect of the Difference of Corporate Income Tax Rate on Foreign Direct Investment

다국어 초록 (Multilingual Abstract)

Recently foreign direct investment of Korean firms has been increasing rapidly since 2002. However, few research has focused on the causes of foreign direct investment from the viewpoint of corporate tax rate. Our aim in this paper is to identify the inducement of foreign direct investment in perspective of corporate tax rate.
We investigate whether the difference of corporate tax rate between Korea and other countries affect foreign direct investment of Korean firms after measuring effect tax rate and statutory tax rate of 19 countries during 1996－2006.
The result shows that the difference of corporate tax rate between Korea and other countries affect the numbers and the amounts of foreign direct investment of Korean firms significantly.
In three additional tests, the results of additional tests show that the positive effect of the difference of corporate tax rate on foreign direct investment still exists after we, first, control Chinese effect and, second, divide into two samples, higher tax rate country groups than that of Korea and the other groups and, third, control the effect of the financial and currency crisis in Korea.
This implies that tax policy－maker can induce domestic investment from accelerated foreign investment when Korea's economy suffer from unemployment.

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