Korean capital income taxation and the allocation of capital: critical interpretations of the Korean studies
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Buch |
| Sprache: | English |
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1992
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | München, Univ., Diss., 1993 |
| Beschreibung: | IX, 197 S. graph. Darst. |
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CONTENTS
Selected Symbob VI
Table* ... ...„„. „ „_ ™™»_™_ ...... ..... „. VIII
Figures . „,..., »™_™._™..™ VIII
Abbreviations IX
1 Introduction 1
2. An Overview of the Korean Economy, Source* of Economic Growth,
the Role of Government, and the Characteristics of the Capital Income
Tax System in Korea 7
21 An Overview of the Korean Economy 7
2.2 Sources of Korean Economic Growth 14
2.2.1 The Demand Components U
2.2.2 The Supply Side 16
2.3 The Role of Government in the Korean Economy 19
2.3.1 The Role of Government in Economic Growth 19
2.3.2 The Role of Government in Economic Policies 21
2.4 Characteristics of the Capital Income Tax System in Korea 26
2.4.1 Capital Income Taxes 26
2.4.1.1 Personal Income Tax 26
2.4.1.2 Corporate Income Tax 28
2.4.1.3 Wealth Taxes. 2S
2.4.2 Various Characteristics of the Current Korean Capital Income Tax System 28
2.4.2.1 The Depreciation System 2«
2.4.2.2 Tax Deductibility of Debt Interest Payments 29
2.4.2.3 The Legal Constraint on Debt Financing 29
2.4.2.4 The Limited Loss Onset 29
2.4.2.5 A Tax Credit for Dividend Incomes 29
2.4.2.6 The Residence Principle 30
2.4.2.7 The Asset Revaluation System 30
2.4.3 Various Tax Incentives for Investment 31
2.4.3.1 Tax Holidays 31
2.4.3.2 Investment Tax Credit 31
2.4.3.3 Special Depreciation 32
2.4.3.4 Tax Fiee Reserves for Export Promotion 32
i 2.4.3.5 Investment Reserves 32
2.5 Financial Institutions of Korea 33
2.5.1 Formal Financial Sector......!........... ...........!.. ...! 33
2.5.2 The Curb Market 34
n
3. Effects of the Korean Tax system on the Allocation of Capital:
The Korean Studio 37
3.1 The Korean Tax system, Investment Decision of the Korean Finn and the
Allocation of Capital in the Corporate Sector 37
3.1.1 The Studies of Taewon Kwack (1983,1985a, 1985b, 1988) 37
3.1.1.1 Derivation of a Korean Formula of the Cost of Capital 37
3.1.1.1.1 A Basic Formula of the Cost of Capital
by Jorgensoo(1967, 1971) 37
3.1.1.1.2 Consideration of the Characteristics of the
Korean Financial Policy 39
3.1.1.1.3 Consideration of the Diverse Tax Incentives
of the Korean Tax System. 41
3.1.1.2 Deiivatioo of a Korean Formula of the Effective Marginal
Tax Rate 46
3.1.1.2.1 A Basic Formula of the Effective Marginal
Tax Rate by Jorgenson/Sullivan (1981) 46
3.1.1.2.2 Consideration of the Diverse Tax Incentives
of the Korean Tax System 47
3.1.1.3 Empirical Results by Taewon Knack (1985a. 1985b, 1988) 47
3.1.1.3.1 Effects of the Korean Tax System on the
Investment Decision of the Korean Firm 47
3.1.1.3.2 Effects of the Korean Tax System on the
Allocation of Capital in the Corporate Sector 49
3.1.1.4 Tax Reform Proposal by Taewon Kwadc (1985b) 52
3.1.2 The Studies of Kunyoung Yun (1988a, 1988b) 53
3.1.2.1 Derivation of Korean Formulas of the Costs of Capital 53
3.1.2.1.1 A Korean Formula of the Cost of Capital under
the Traditional View 53
3.1.2.1.2 A Korean Formula oftbe Cost of Capital under
the New View 56
3.1.2.1.3 A Korean Formula ofthe Cost of Capital:
The 1984 King/FuUerton Model 57
3.1.2.2 Derivation of Korean Formulas of the Effective Marginal
Tax Rates 5»
3.1.2.3 Empirical Results by Kunyoung Yun (1988a, 1988b) 60
3.1.2.4 Tax Reform Proposal by Kunyoung Yun (1988a, 1988b) 62
3.2 Effects of die Korean Tax System on the Intersectoral Allocation of Capital:
The 1984 Study of Kwang ChcVTaeyoung Ha «
3.2.1 Derivation of a Double Taxation Formula for Korea *3
3.2.2 Empirical Results by Kwang Choi/Taeyoung Ha (1984) *
3.2.3 Tax Reform Proposal by Kwang Choi/Taeyoung Ha (1984) 67
3.3 Effectsof Inflation on the Investment Decision ofthe Korean Firm:
An Appraisal ofthe Korean Asset Revaluation System
by Taewon Kwack (1985b) 6*
3.3.1 Derivation of Formulas of the Costs of Capital under the Influence
of Inflation **
3.3.1.1 Cost of Capital without Any Asset Revaluation System. 68
3.3.1.2 Cost of Capital with the Current Korean Asset
Revaluation System
3.3.1.3 Cost of Capital with the Continuous Asset Revaluation System 70
3.3.2 Derivation of Formulas of the Effective Marginal Tax Rates under the
Influence of Inflation 70
3.3.3 Empirical Results by Taewon Kwack (1985b) 71
3.3.3.1 Inflation, Costs of Capital and Asset Revaluation Systems 71
3.3.3.2 Effects of Inflation on the Effective Marginal Tax Rates 73
3.3.4 Tax Reform Proposal by Taewon Kwack (1985b) 73
in
4. Korean Capital Income Taxation, Finance, and Investment Decision of
the Korean Firm ,—.,.„„ .............................75
4.1 Focus of Analysis 75
4.2 Taxation and Investment Decision of the Finn 7S
4.2.1 AnOptiimlliive«tina«Dec«oi oftheFiimBndertheInB ienceof
Corporate Taxation 79
4.2.2 Depreciation Patterns, Tax4)eductibi]ity or Noi4)ediic^
Interea and Investment Dedaon of the Finn 81
4.2.2.1 TraeEcommk Depredation and Tax Doiuctibility of
Debt Interest SI
4.2.2.2 Trae Economic Depreciation and Non DcductMlity of
Debt Interest 82
4.2.2.3 Free Depreciation and Tax Deductroilhy of Debt Interest 82
4.2.2.4 FrceDepnKiatiooandNoo DedoctibilityofDefctlmerea 83
4.2.3 Taewon Kwack. (1983,1985a, 1988) and Konyoung Yun (1988a, 1988b):
Studies on Investment Decision of the Korean Rim 84
4.3 Problems of Investment Neutral Taxes 86
4.3.1 The Johansson Samuelson Theorem 86
4.3.2 Cash Flow Taxes 88
4.3.2.1 TheR BaseTax 88
4.3.2.2 TheS SaseTax 90
4.3.3 Critical Interpretations on the Korean Tax Reform Proposals by
Taewon Kwack (19tSb) and Kimyoung Yon (1988a, 1988b) 91
4.4 Korean Capital Income Taxation and Financial Decision of
the Korean Finn 93
4.4.1 A General View of the Current Korean Capital Income Tax System 94
4.4.2 An Optimisation Problem ofthe Korean Finn under the Influence of
Korean Capital Income Taxation. 96
4.4.3 Comparisons ofthe Financing Methods ofthe Korean Firm 99
4.4.3.1 Emission of New Shares versus Retained Profits 100
4.4.3.2 Debt Financing versos Retained Profits 101
4.4.3.3 Debt Financing venus Emission of New Shares 102
4.4.4 Critical Interpretations on the Studies of Taewon Kwack
(1983,1983a, 198%, 1988) and Kunyoong Yun (1988a, 1988b) 103
4.5 A More Realistic Analysis ofthe Relation between Korean Capital
Income Taxation, Finance, and Investment Decision of the Korean Firm 106
4.5.1 A Formula for an Optimal Investment Decision ofthe Korean Firm 107
4.5.2 The Debt Constraint and Its Impact on the Financial Decision of
the Korean Firm 109
4.5.3 Accelerated Depreciation, Finance, and Investment Decision
ofthe Korean Firm. HO
4.5.3.1 The Taxation Paradox: A Basic Concept by
D. Schneider (1969) Ill
4.5.3.2 The Taxation Paradox in the Korean Capital Income
Tax system 112
4.3.3.3 A Consideration of the Uimted Lots Onset of the Korean
Tax Laws 4
4.5.3.3.1 The UmhedLossOfl^Accefcraled Depreciation,
and the Financial Decision of the Korean Firm 114
4.5.3.3.2 The Taxation Paradox despite a Consideration
of the limited Loss Offset for the Korean Firm 116
IV
5. Korean Capital Income Tuition and the Intenectoral
Allocation of Capital llg
5.1 Focus of Analysis US
5.2 The Traditional View: The Harberger Modd (1962,1966) 120
5.2.1 Effects of Corporation Income Taxation on the Intenectoral
Allocation of Capital 120
5.2.2 Calculation of the Welfare Loo. 123
5.3 Korean Capital Income Taxation and the Intenectoral
Allocation of Capital 125
5.3.1 True Economic Depredation, Financial Decision of the Korean Firm and
the intenectoral Allocation of Capital 125
5.3.2 The Problem of Double Taxation of Dividends of the Korean Firm 127
5.3.3 A More Realistic Analysis of the Relation between Accelerated Depreciation,
Financial Decision of the Korean Firm and the Intersectoral
Allocation of Capital in Korea 129
5.3.3.1 Accelerated Depreciation, the Legal Constraint on Pete
Financing of the Korean Finn and the Intersectoral Allocation
of Capital in Korea. 129
5.3.3.2 Consideration of the UrnrtedUw^ffieJ of the Korean Firm 131
5.4 Critical Interpretations of the Korean literature 133
6. Korean Capital Income Taxation and the Direction of International
Capital Flows 135
6.1 Focus of Analysis 35
6.2 International Reform Trends 13*
6.3 Tlie International Uvd of the Cjerman Finn s Tax Burden and Calculation
Problems Hereof in an International Comparison 141
6 3.1 The International Level of the German Firm s Tax Burden 141
6 3.2 Important Calculation Methods of the German Firm s
Tax Burden in an International Comparison 144
632 1 Calculation of the Effective Average Tax Burden of the
Modd Firm I*4
6 3 2 1.1 The Studyof Leibnitz/Panche (1988) 144
6.3.2.1.2 The D/W Study (1989) 145
6322 Calculation of the Effective Marginal Tax Burden on Investment!:
The Study of King/FuUerton (1984) 146
63.3 Problems Concerning the Calculation Methods of the GennanFinn i
Tax Burden in an International Comparison 147
6 3 3 1 The Study of Ufcfritz/Panche (1988) 147
6 3.3.2 The D/r Study (1989) 148
6.3.3.3 The Study of King/Fullerton (1984) 149
6.4 Korean Capital Income Taxation and the Direction of
International Capital Flows 151
6 4.1 Derivation of a Basic Korean Formula 151
642 True Ecottjmic Depreciation, Financial Decision of the Korean Finn and
the Direction of International Capital Flows 157
6.4.3 A More Realistic Analysis of the Relation between Accelerated
Depreciation, Financial Decision of the Korean Firm and the Direction
of International Capital Flows 159
V
6.4.3.1 Accelerated Depreciation, the Legal Constraint on Debt
Financing of the Korean Finn and the Direction of
International Capital Flow 159
6.4.3.2 The Limited Uxs Offiet of the Korean Finn 160
6.4.3.2.1 The Corporate Income Tax Rate 161
6.4.3.2.2 The Pertooal Income Tax Rate 162
7. Inflation, Korean Capital Income Taxation and the Allocation of Capital 164
7.1 Focus of Analysis 164
7.2 Inflation, Korean Capital Income Taxation and Investment Decision of
the Korean Finn 166
7.2.1 Derivation of a Baric Korean Formula 166
7.2.2 Implications for the Investment Decision of the Korean Firm under
the Influence of Inflation in the Korean Capital Income Tax System 171
7.3 Inflation, Korean Capital Income Taxation and the Direction of
International Capital Flows 173
7.3.1 Derivation of a Basic Condition of Korea 173
7.3.2 Implications for the Direction of International Capital Flows under the
Influence of Inflation in the Korean Capital Income Tax System 175
7.4 Critical Interpretations of Taewon Kwack s Study (1985b) 178
8. Coachtdinf Remarks 180
8.1 Summary 180
8.2 Implications of the Cash fkrw Taxation for the Korean Capital Income
Tax System 188
BibBofraphy 193
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| spelling | Kang, Man-Ok Verfasser aut Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies von Man-Ok Kang 1992 IX, 197 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier München, Univ., Diss., 1993 Einkommensteuer (DE-588)4013895-1 gnd rswk-swf Kapitaleinkünfte (DE-588)4114139-8 gnd rswk-swf Südkorea (DE-588)4078029-6 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Südkorea (DE-588)4078029-6 g Kapitaleinkünfte (DE-588)4114139-8 s Einkommensteuer (DE-588)4013895-1 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005306409&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kang, Man-Ok Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies Einkommensteuer (DE-588)4013895-1 gnd Kapitaleinkünfte (DE-588)4114139-8 gnd |
| subject_GND | (DE-588)4013895-1 (DE-588)4114139-8 (DE-588)4078029-6 (DE-588)4113937-9 |
| title | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies |
| title_auth | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies |
| title_exact_search | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies |
| title_full | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies von Man-Ok Kang |
| title_fullStr | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies von Man-Ok Kang |
| title_full_unstemmed | Korean capital income taxation and the allocation of capital critical interpretations of the Korean studies von Man-Ok Kang |
| title_short | Korean capital income taxation and the allocation of capital |
| title_sort | korean capital income taxation and the allocation of capital critical interpretations of the korean studies |
| title_sub | critical interpretations of the Korean studies |
| topic | Einkommensteuer (DE-588)4013895-1 gnd Kapitaleinkünfte (DE-588)4114139-8 gnd |
| topic_facet | Einkommensteuer Kapitaleinkünfte Südkorea Hochschulschrift |
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