회계이익과 과세소득의 차이와 재무분석가 수
The Effect of Book-Tax Differences on Analysts’ Followings
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본 연구는 회계이익과 과세소득의 차이(이하 ‘BTD’)와 재무분석가 수의 관계를 검증하는 데 목적이 있다. 본 연구에서는 2001년부터 2015년 사이에 한국거래소 유가증권시장(KOSPI)에 상장된 기업을 대상으로, 회계이익과 과세소득의 차이가 재무분석가 수에 미치는 영향을 실증분석하였다. 재무분석가의 주된 역할은 자본시장에서 정보중개자 역할을 하는 것이다. 정보수집 및 보고 활동을 통해, 재무분석가들은 자본시장의 정보효율성을 향상시킨다. 선행연구에서는 BTD가 재무보고기준과 세법상 목적의 차이로 인한 단순한 기계적 차이나 성공적 절세전략의 결과일 수 있지만, 경영자의 재량적인 판단에 의한 결과일 수도 있다고 보고하고 있다. 또한 수많은 연구에서 BTD는 정보효과를 가지고 있음을 제시하고 있다. 본 연구에서는 BTD가 제공하는 정보와 더불어 재무분석가가 BTD와 관련된 정보를 어떻게 해석하여 정보제공 여부를 판단할 것인지를 살펴보고자 한다. 분석결과, BTD와 재무분석가 수는 음(－)의 방향으로 유의하였다. 이는 회계이익과 과세소득의 차이가 큰 기업이 작은 기업에 비해 재무분석가 수가 적다는 것을 의미한다. 이는 BTD와 재무분석가 이익예측특성과의 관계를 살펴본 선행연구결과와 맥락을 같이하는 결과이다(오현민 등 2016). BTD에 함축된 의미를 해석해서 보고하는 데 있어 재무분석가의 정보위험은 증가하고, 증가된 정보위험으로 인해 정보제공에 따른 효익보다는 정보 수집, 해석 및 보고에 따른 비용 증가 때문에 재무분석가 수는 감소하는 것으로 유추해 볼 수 있다. 양의 BTD와 음의 BTD로 집단을 구분해 분석하였을 경우는 양의 BTD를 가지는 집단에서만 유의한 음(－)의 값을 보였다. 추가분석결과, 이익의 질과 시계열․종속성을 통제하고서도 본 연구결과를 지지하였다. 본 연구는 회계이익과 과세소득을 연구한 국내 선행연구들과 비교해 볼 때, 다음과 같은 추가적 공헌점을 가진다. 첫째, 재무분석가 수의 결정요인으로서 기존 선행연구에 추가적으로 BTD 관련 정보가 고려대상이 된다는 것을 보여 주었다. 둘째, 재무분석가가 추종할 기업을 선정할 때 BTD 관련 정보를 고려한다는 결과를 보여 줌으로써, 기업이 제공하는 정보와 재무분석가 간의 상호관련성을 실증분석하였다는 점에서 그 의의를 찾을 수 있다.
Abstract
This study examines the effect of Book-Tax Differences (BTD) on Analysts’ Followings. It performs an empirical analysis of the firms that listed on the KOSPI from 2001 to 2015 to investigate the influence of BTD on Analysts’ Followings. The principle role of financial analysts is to act as information intermediaries in the capital markets. Through information gathering and reporting activities, financial analysts improve the information efficiency of capital markets. In previous research, BTD may be the result of managerial discretion, although it may be the result of simple mechanical difference or firms' successful tax savings strategy due to differences in financial reporting standards and tax purposes. In addition, numerous studies have suggested that BTD has information effects. In this study, we will examine how analysts interpret information related to BTD and determine whether to provide information. As a result of the analysis, BTD and financial analyst followings were significantly negative (－). This means that firms with large differences between accounting profits and taxable income have fewer financial analysts than small firms. This is in line with the previous research that examined the relationship between BTD and earnings forecasts characteristics of financial analysts(Oh et al., 2016). I find that the information risk of financial analysts increases in interpreting and reporting the meanings implied in BTD and financial analysts followings decreases due to the increased cost of information collection, interpretation and reporting rather than the benefit of information issuance due to increased information risk. When the group was divided into positive BTD and negative BTD, only the group with positive BTD showed a significant value. As a result of the additional analysis, we also supported the results of this study by controlling earnings quality, time series and cross-sectional dependency. This study has the following additional contributions in comparison with previous studies in Korea that study accounting profits and taxable income. First, the determinants of financial analysts followings showed that BTD-related information is also considered in addition to the existing studies. Second, it shows the significance of analyzing the correlation between the information provided by the firm and the financial analyst by showing the result that the financial analyst considers BTD related information when following the firm.
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