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초록

This study examines how corporate tax burdens and financial costs affect capital expenditures (CAPEX) from a tax planning perspective. Tax incentives, such as integrated investment tax credits, significantly reduce corporate tax liabilities when strategically combined with investment planning, thus encouraging firms to increase their CAPEX. Firms facing lower long-term corporate tax rates are expected to undertake higher levels of investment. However, financial costs critically influence this relationship. High financial costs can substantially limit firms’ ability to utilize tax incentives, whereas lower financial costs facilitate greater effectiveness in leveraging these incentives to enhance investment. Empirical results confirm that firms with lower corporate tax rates actively pursue higher CAPEX, particularly when financial costs are low. Conversely, firms burdened with higher financial costs experience diminished benefits from tax incentives, negatively affecting investment decisions. Furthermore, the study highlights differences across firm sizes, showing smaller firms exhibit weaker connections between tax planning and CAPEX due to greater financing constraints. This emphasizes firm size as a crucial factor influencing the effectiveness of tax planning strategies. Overall, the findings indicate that integrating tax incentives with financial support policies can effectively stimulate corporate investments. Thus, policymakers should consider coordinated approaches that address both tax benefits and financial constraints to promote sustained investment activity.

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