재량적 발생액 추정 및 한계에 관한 연구：세무회계연구 게재논문을 중심으로

Abstract

[Purpose] The purpose of this study is to identify the limitations of estimating discretionary accruals using the modified Jones model in Tax Accounting Research publications and to propose a rational method for the future estimation of discretionary accruals. [Methodology] This study estimated discretionary accruals, as proposed by Dechow et al. (1995), for companies listed on the Korea Exchange and KOSDAQ from 2014 to 2023. When estimating discretionary accruals, industry－year regression analyses were conducted, and industries with fewer than 74 samples were excluded from the analysis. Additionally, a winsorization method at the upper and lower 1% and 5% levels by industry－year was applied to each variable used in estimating discretionary accruals. [Findings] The analysis revealed that the average values of estimated discretionary accruals over the past ten years showed some differences compared to the average values reported in existing tax accounting research publications. Notably, significant discrepancies were observed in the maximum and minimum values. This is presumed to be due to the lack of outlier adjustments for the variables presented in the verification model of Dechow et al. (1995). [Implications] In future estimations of discretionary accruals, it is advisable to adjust the outliers of each variable used in the verification model before estimating discretionary accruals. However, since the estimated discretionary accruals do not follow a normal distribution and exhibit heteroscedasticity, future research utilizing discretionary accruals should consider these limitations during their studies.