재무보고의 질과 조세회피가 투자효율성에 미치는 영향
The Effects of Financial Reporting Qualityand Tax Avoidance on Investment Efficiency
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본 연구는 조세회피가 투자효율성에 어떠한 영향을 미치는지 검증하고 재무보고 품질이 조세회피와 투자효율성의 관계에 어떠한 영향을 미치는지 검증하였다. 실증분석결과, 조세회피 수준이 높을수록 투자효율성이 낮아지는 것으로 나타났다. 과잉투자 집단과 과소투자 집단으로 구분하여 분석한 결과, 과잉투자 집단에서 조세회피 수준이 높을수록 과대투자가 증가하여 투자효율성이 낮아지는 것으로 나타났다. 이러한 결과는 조세회피로 인한 기업의 불투명성과 추가적인 현금흐름을 이용하여 경영자의 사적이익 추구를 위해 조세회피가 과잉투자에 사용되는 것을 의미한다. 둘째, 과잉투자 집단에서 재무보고 품질이 높을수록 조세회피와 과대투자 사이의 양(＋)의 관계가 약화되는 것으로 나타났다. 이는 재무보고의 질이 우수할수록 이사회 등 감독기구의 감시효과가 증가하여 조세회피에 대한 경영자의 사적이익 추구행위가 감소하여 과대투자가 완화되어 투자효율성이 높아진 것으로 해석된다. 위의 결론들을 종합해 볼 때, 조세회피와 효율적 투자의 관계는 과소투자 집단에서 역선택에 의한 자본 할당이 완화되어 나타난 결과가 아니라 과잉투자 집단에서 경영자의 사적이익 추구로 인한 도덕적 해이 문제로 인해 발생한 것으로 생각된다. 재무보고의 질이 높아져서 회계투명성이 향상된다면 이사회 등 내부 감독기관과 외부 이해관계자의 감시․감독 기능이 향상되어 경영자의 사적이익 추구에 따른 비효율적인 의사결정을 억제할 수 있다는 것을 보여주는 결과이다. 이는 실무적으로 회계투명성을 향상시킬 수 있는 제도적 노력이 필요하다는 점을 제시하였다는 점에서 의의가 있다.
Abstract
This study examines the effect of tax avoidance on investment and the effect of financial reporting quality on tax avoidance and investment. First of all, empirical analysis shows that tax avoidance affects investment positively. As a result, it was found that over-investment increased as the tax avoidance increased in the over-investment group. This result implies that tax avoidance weakens corporate transparency and that tax avoidance is used for over-investment in order to pursue manager’s private interest by using additional cash flow. In the under-investment group, the effect of tax avoidance on investment was not significant. Second, in the over-investment group, as the quality of financial reporting is increased, the effect of tax avoidance on investment is reduced. This implies that as the quality of financial reporting improves, the monitoring effect of the supervisory bodies such as the board of directors increases, which leads to a decrease in the manager's pursuit of private interest in tax avoidance, and as a result, the over-investment is reduced. These results suggest that if accounting transparency improves as the quality of financial reporting improves, the monitoring and supervisory functions of internal supervisory agencies and external stakeholders such as the board of directors will be improved, thereby inhibiting ineffective decision making due to manager’s pursuit of private interests. Therefore, there is a need for an institutional effort to improve accounting transparency.
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