고용창출투자세액공제제도가 고용창출과 투자에 미치는 영향

This paper empirically examines the effect of investment tax credit regime for employment which was implemented in 2012. It is expected that investment tax credit for employment is to motivate the firm’s investment and consequently increase employment. Thus, we analyze the effect of investment tax credit for employment on both the employment and the investment. Result shows that, first, changes in employment is positively related with the investment tax credit for employment. Second, it is found that new investment is positively related with the investment tax credit for employment. Theses results indicate that investment tax credit for employment performs a regulatory function appropriately. Next, additional test shows that main beneficiary of he investment tax credit for employment are large companies. Industry/market classification also shows that firms in manufacturing industry or firms listed in Korea Stock exchange(KSE) benefit from this tax regime. Employment is important regulatory objective of and tax regime performs an critical role in that. Thus, it needs to examine the effect of rax regime and make suggestions for further improvements. In this regard, we expect to add on the prior literature that examines the effect of tax regime for employment on economic outcomes.