• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.129-137
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• 2019

Tax can be categorised into direct tax and indirect tax. This paper uses the ordinary least-squares regression method to study the impact of direct and indirect tax on economic growth in Vietnam in the period 2003-2017. Statistical data is collected from the Ministry of Finance of Vietnam. Theoretically, tax generates the state budget revenue and is a tool to regulate the economy. The results of statistical tests show that tax has a positive impact on Vietnam's economic growth. However, the effects of direct tax and indirect tax are different. The indirect tax has a positive influence and promote Vietnam's economic growth, while the impact of the direct tax is invisible. There has not been sufficient evidence to confirm that the indirect tax has a more positive impact than the direct tax. To promote economic growth, Vietnam needs to restructure its tax system towards: (1) Increasing the proportion of indirect tax, reducing the proportion of direct tax in the state budget revenue; (2) Expanding tax bases; (3) Reducing tax rates of corporate income tax and personal income tax; (4) Increasing tax rates of environmental protection tax, natural resources tax, value added tax and excise tax on some types of goods which harm health and environment.

• The Journal of Asian Finance, Economics and Business
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• 제10권2호
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• pp.49-60
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• 2023

The study attempts to examine the relationship among revenue growth factors from different angles and provides a comprehensive overview of tax revenue collection for developing countries. The impact of income tax, customs duty, and value-added tax on the gross domestic product is examined using the ordinary least-square (OLS) multiple regression approach. To confirm the association, a multiple regression model is applied to time-series data. SPSS software, MS Excel, is used to draw the empirical results, trend analysis, and some graphical presentation to reach the study's objective. The findings show that while the value-added tax has a significant impact and the highest coefficient, regardless of country, income tax and customs duty may or may not be significant depending on the circumstances. It triggers effectual and efficacious economic growth. The paper has implications in policy-making areas where governments are seeking how to stimulate revenue growth effectively and efficiently. To promote economic growth, the tax net and tax rate on luxury goods should be increased along with human resources in the tax administration for the short term. But in the long term, decentralization & digitization of tax administration, dismantling the existing tax barriers and good governance are necessary.

• 재무관리연구
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• 제8권2호
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• pp.165-208
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• 1991

관측가능 확률과정, 관찰가능변수를 통한 확률과정의 형성과 조세를 중심으로 이 논문은 연속시간의 틀 속에서 재화시장의 수요 및 소비와 생산부문과 자본시장의 수요와 공급을 국민경제에 도입한 일반균형(一般均衡)의 경제분석방법(經濟分析方法)에 의하여 자본자산(資本資産)의 가격(價格)을 결정(決定)하는 일반모형(一般模型)을 제시한다. 이 모형에서는 특히 자본자산의 가격결정에 조세(租稅)가 미치는 영향을 심도있게 분석한다. 이 논문에서는 생산과 소비 그리고 자본자산의 수요와 공급 둥을 결정하는 변수들이 확률과정(確率過程)을 따르는데, 이 변수들을 직접 관찰할 수 있는 경우에 형성되는 자본자산(資本資産)의 가격결정모형(價格決定模型)을 정립한다. 그리고 확률과정의 변수를 직접 관찰할 수 없고 간접적으로 관찰할 수 있을 때에는 간접관찰이 가능한 변수와 확률과정의 변수와의 관계를 정립한 확률과정을 형성하여 자본자산(資本資産)의 가격결정모형(價格決定模型)을 정립한다. 이 모형에는 자산의 가격과 확률적 성질이 모형내에서 결정된다. 이 모형은 증권(證券)의 가격결정(價格決定), 이자율결정(利子率決定), 이자율(利子率)의 기간구조분석(期間構造分析), 이자율(利子率)의 위험구조분석(危險構造分析), 선물가격(先物價格)의 결정(決定) 등 다양하게 이용될 수 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.687-696
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• 2020

Accounting policies are principles and practices by which an entity uses to recognize, measure and report economic transactions. Improper application of accounting policies can lead to misrepresentation of firms' financial position and performance which consequently results in incorrect accounting information to the users. This paper aims to investigate the factors influencing the choices of accounting policies in small and medium enterprises (SMEs) in Vietnam by reviewing relevant literature to build a research model. The research model comprises of one dependent variable that is income-decreasing accounting procedures and six independent variables namely the firm size, financial leverage, incentives, auditor, accountants, and tax policies. After this, the authors collected primary data from more than 200 questionnaires sent to directors and chief accountants of the SMEs for the period 2018 to 2019. We then used Ordinary Least Squares regression method (OLS) to analyze the data. The results showed that four factors influenced selection of accounting policies in which auditors are associated with income-increasing accounting policies; and there are three factors associated with income-decreasing accounting policies which are, company size, tax and accountant. Especially, the research results indicate that company size has a significant influence on the selection of accounting policies in the SMEs. Based on the results, we propose instructive suggestions for regulators and lawmakers improve choices of accounting policies in the SMEs.

• 대한안전경영과학회지
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• 제15권4호
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• pp.435-448
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• 2013

The aim of this study is to investigate and develop the extended models for Economic Cash Amount(ECA), Cash Break Even-Point(BEP), and Cash Flow Statement(CFS) by referencing systematic literature review in the field. The study develops three extended models to determine the optimal cash amount: ECA model with interest opportunity cost, financing transaction cost and financing fail cost, ECA model with daily cash supply and interest opportunity cost, ECA model with financing fail cost and interest opportunity cost. Earnings Before Interests, Tax, Depreciation and Amortization(EBITDA) is obtained by subtracting noncash depreciation costs from Earning Before Interest and Tax(EBIT), which is efficient metric to evaluate operating cash flow. The research also develops two extended Cash BEP models, considered as interest and corporate tax, in order to indentify the break-even point as EBITDA equals zero. Furthermore, this paper proposes the modified version of CFS by introducing the reclassification of operating and financing accounts in the statement of financial position. In addition, the study also present the reclassification of five types of profit, such as gross profit, EBIT, ordinary profit, special profit, and net profit within the statement of comprehensive income. In order to provide a better understanding of the proposed cash flow models, numerical examples, such as two-sample t test and Analysis of Variance(ANOVA), are presented to demonstrate the statistical significance according to the industrial types for net working capital(i.e cash-to-cash), net profit, operating cash flow and free cash flow.

• 국제지역연구
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• 제21권1호
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• pp.221-243
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• 2017

본 연구에서는 OECD 가입국들의 국제비교의 관점에서 연금운용 및 자산축적의 과정을 통한 한국의 노년기 자산관리의 실태를 분석하고 그에 따른 정책적 시사점을 논의하였다. OECD 가입국 중 최하위에 위치한 노년기의 소득대체율은 국민연금을 비롯한 공적연금 체계, 퇴직연금의 기반 미흡, 그리고 개인연금 및 개인 금융자산 축적의 미비에 근거하고 있다. 2060년 기금자산의 고갈에 직면한 국민연금의 기금운용은 글로벌 주식투자의 비중이 아직까지 선진국에 비해 낮은 추세이고 낮은 소득상한선 설정 등 기금운용상의 문제점이 노출되고 있다. 이에 따라 국민연금 기금운용상의 전문성이 더욱 강화되어야 하고 소득상한선 확대 및 갹출료 인상이 병행하여 추진되어야 할 것으로 판단된다. 2011년 도입된 퇴직연금은 완전강제화 미실시로 인해 아직까지 선진국들에 비해 낮은 소득대체율의 원인으로 지적될 수 있으며 퇴직연금의 자산운용구성 또한 단기 금융자산의 비중이 지나치게 높아 수익률 제고가 어렵다. 이에 따라 퇴직연금의 완전강제화와 더불어 운용자산의 전문성 제고가 시급한 과제로 지적될 수 있다. 개인의 자발적인 노후대비를 위한 개인연금 및 가계금융자산의 축적확대는 공적연금에 준하는 세제상의 지원이 뒷받침될 필요가 있다고 할 수 있다. 마지막으로 최근까지 폭발적 성장세를 구가하고 있는 주택연금의 안정적 추진을 위해서는 현재 정부가 모든 예상손실을 부담하는 비대칭적 구조에서 탈피하여 점차 시장에 의한 가격위험, 장수위험 등의 위험분산기법 추진을 통한 위험분담이 바람직할 것으로 판단된다.