中文摘要
本文评估资本利得税对大韩民国（以下简称韩国）投资的影响。在韩国，资本利得税率在企业层面因企业规模而异。2014年的一项改革后，相对于未受影响的企业，获得减税的企业投资增加了34个对数点，股票发行金额按每1美元滞后营业收入计增加了9美分。此外，对于那些看来受到更严重现金约束或在改革后上市的企业，这些效应更大。综合来看，这些发现与“传统观点”一致，该观点预测，较低的利润分配税通过提高投资的边际回报，刺激股权融资支持的投资。（JEL D25, G31, G32, H25, H32, L25）
Abstract
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. (JEL D25, G31, G32, H25, H32, L25)