Capital Gains Taxes and Real Corporate Investment: Evidence from Korea
利用韩国2014年改革中企业层面税率差异，发现减税企业投资增加34%，并更多发行股权融资，支持传统观点：降低分红税通过提高投资边际回报刺激股权融资投资。
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.