기업의 조세부담이 확정급여형 퇴직연금의 적립에 미치는 영향에 관한 실증연구
An Empirical Study for the Relation between Corporate Taxation and Funded Ratio in Korean Defined Benefit Pension Plans
0
조회
0
다운로드
10
인용
0
참고문헌
키워드
초록
본 연구는 높은 세율을 적용받는 기업이 더욱 조세부담을 감소시키기 위해 확정급여형퇴직연금의 적립에 적극적일 것이라는 가설에 대하여 실증분석을 수행한다. 이는 기업의 퇴직연금적립수준이 기업조세전략의 한 방편이 될 수 있기 때문이다. 이를 위해 2006년부터 2017년까지 확정급여형퇴직연금제도를 운영하는 기업들 가운데 유가증권시장에 상장된 기업들을 분석하였다. 분석 결과, 기업의 법인세율(한계세율 기준)이 증가하면 퇴직연금의 적립비율도 증가하였다. 이러한 현상은 퇴직연금 적립비율이 낮은 기업보다 높은 기업에서 더욱 두드러졌다. 본 연구는 적립수준의 제고가 요청되는 사회경제적 환경 속에서 기업조세전략과 적립수준 간의 인과관계를 실증 분석하였다는 점에 연구의 의의를 찾을 수 있다.
Abstract
This study analyses the effect that corporate tax has on the funded ratio of Defined Benefit(DB) pension plan. KOSPI listed firms have been selected as samples for this analysis among those corporations which have run DB plan over the period of 2006 through 2017. The analysis shows that the funded ratio of DB plans increased as the corporate marginal tax rate grew. This phenomenon was more pronounced among firms with higher funded ratio. The outcomes of this study regarding Korean retirement pension plans, whose importance is growing with the rapid aging trend, are expected to provide stakeholders with useful information in terms of corporate tax strategy and DB pension management.
참고문헌 (32)
- 강정연, "기업지배구조가 조세회피와 기업가치의 관계에 미치는 영향", 회계학연구, 39(1), pp.147~183 (2014), 한국회계학회
- 김진회, "기업의 재무적 특성이 조세회피에 미치는 영향", 세무학연구, 23(4), pp.97~124 (2006), 한국세무학회
- 성주호, "최신연수리학" (2018), 법문사
- 이봉주, "퇴직연금 지급보증제도의 요율체계에 관한 연구: 미국과 영국 을 중심으로" (2007), 보험개발원
- 지승용, "확정급여형(DB) 퇴직연금의 지급능력 위험이 기업재무위험에 미치는 영향: KOSPI200 기업을 중심으로", 리스크관리연구, 28(4), pp.73~93 (2017), 한국리스크관리학회[DOI]
- 노정희, "확정급여형 퇴직급여채무 대비 연금자산의 적립수준이 회사채 신용등급에 미치는 영향", 한국증권학회지, 46(2), pp.305~342 (2017), 한국증권학회[DOI]
- 금융감독원, "2017년도 퇴직연금 적립 및 운용현황 분석", 금융감독원 보도자료, ~ (2017)
- 2017년 상반기 기준 퇴직연금통계, "통계청", 통계청, ~ (2018)
- Amir, Eli, "Accounting Recognition and the Determinants of Pension Asset Allocation", Journal of Accounting, Auditing & Finance, 14(3), pp.321~343 (1999)
- Anantharaman, Divya, "Managerial Risk Taking Incentives and Corporate Pension Policy", Journal of Financial Economics, 111(2), pp.328~351 (2014)
- An, Heng, "What Determines Corporate Pension Fund Risk-Taking Strategy?", Journal of Banking & Finance, 37(2), pp.597~613 (2013)
- Atanasova, Christina, "Pension Plan Risk-taking:Does It Matter If the Sponsor Is Publicly-traded?", Journal of Pension Economics & Finance, 12(2), pp.218~249 (2013)
- Does Tax Aggressiveness Reduce Financial Reporting Transparency?, "Balakrishnan, Karthik", University of Pennsylvania, ~ (2011)
- Black, Fischer, "The Tax Consequences of Long Run Pension Policy", Financial Analysts Journal, 36, pp.1~28 (1980)
- Béland, Daniel, "Does Labor Matter? Institutions, Labor Unions and Pension Reform in France and the United States", Journal of Public Policy, 21(2), pp.153~172 (2001)
- Cardinale, Mirko, "Corporate Pension Funding and Credit Spreads", Financial Analysts Journal, 63(5), pp.82~101 (2007)
- Carroll, Thomas J., "Pension Plan Funding and Corporate Debt Ratings", Journal of Risk and Insurance, 65(3), pp.427~443 (1998)
- Chaudhry, Neeru, "Tax Avoidance in Response to a Decline in the Funding Status of Defined Benefit Pension Plans", Journal of International Financial Markets, Institutions and Money, 48, pp.99~116 (2017)
- Cocco, F. Joao, "Corporate Pension Plans as Takeover Deterrents", Journal of Financial and Quantitative Analysis, 48(4), pp.1119~1144 (2013)
- Dhaliwal, Dan S., "Shareholder Income Taxes and the Relation between Earnings and Returns", Contemporary Accounting Research, 22(3), pp.587~616 (2005)
- Edwards, Alexander, "Financial Constraints and Cash Tax Savings", Accounting Review, 91(3), pp.859~881 (2016)
- Frank, Mary M., "The Impact of Taxes on Corporate Defined Benefit Plan Asset Allocation", Journal of Accounting Research, 40(4), pp.1163~1190 (2002)
- Franzoni, Francesco, "Pension Plan Funding and Stock Market Efficiency", Journal of Finance, 61(2), pp.921~956 (2006)
- Gustman, L. Alan, "The Role of Pensions in the Labor Market: A Survey of the Literature", ILR Review, 47(3), pp.417~438 (1994)
- Jin, Li, "Do a Firm’s Equity Returns Reflect the Risk of Its Pension Plan?", Journal of Financial Economics, 81(1), pp.1~26 (2006)
- Jones, Denise A., "When Do Companies Fund Their Defined Benefit Pension Plans", Accounting and Taxation, 6(1), pp.13~23 (2014)
- Rauh, Joshua D., "Risk Shifting Versus Risk management:Investment Policy in Corporate Pension Plans", Review of Financial Studies, 22(7), pp.2687~2733 (2009)
- Shivdasani, Anil, "How Do Pensions Affect Corporate Capital Structure Decisions?", Review of Financial Studies, 23(3), pp.1287~1323 (2010)
- Tepper, Irwin, "Taxation and Corporate Pension Policy", Journal of Finance, 36(1), pp.1~13 (1981)
- Thomas, Jacob K., "Corporate Taxation and Defined Benefit Plans", Journal of Accounting and Economics, 10, pp.199~237 (1988)
- Wang, Albert F., "The Effect of Unfunded Pension Liabilities on Corporate Bond Ratings, Default Risk, and Recovery Rate", Review of Quantitative Finance and Accounting, 43(4), pp.781~802 (2013)
- Woidtke, Tracie, "Agents Watching Agents?: Evidence from Pension Fund Ownership and Firm Value", Journal of Financial Economics, 63(1), pp.99~131 (2002)