법인세동반발생액을 이용한 과세소득관리와 가치관련성

Abstract

If managers are rational decision makers, they will try to avoid corporate tax burden by increasing corporate value by reporting earnings with high lever, while reporting low taxable income. However, in general, when the accounting earnings is increased, the taxable income also increases, and when the accounting earnings is reduced, the taxable income also decreases, resulting in a conflict between the financial reporting cost and the tax cost. Therefore, the manager takes earnings management and taxable income management considering the environment and characteristics of the company. Since the taxable income management of a company will be determined within the overall earnings management framework of an individual company, the entire group can eventually be composed of four groups. In other words, it is divided into companies that increase earnings considering financial reporting costs, companies that reduce earnings, companies that increase taxable income for taxable income management, and companies that reduce taxable income. The analysis method used the Ohlson (1995) model and the results are as follows. First, in the case of companies that increased their taxable income through the accruals with current period tax implications while increasing earnings through discretionary accruals, they showed an incremental explanation of stock price and significant amount (+). This means that lowering the cost of financial reporting even if you take the tax cost has a positive impact on corporate value. Second, even in the case of companies that have reduced taxable income through the accruals with current period tax implications while increasing earnings through discretionary earnings, value relevance has increased. This is inferred that the tax cost, which decreases when the tax income is deferred by the manager's most preferred earnings management and taxable income management policy, offsets the financial reporting cost due to earnings decline. Third, in the case of companies that reduced taxable income through accruals with current period tax implications while reducing earnings through discretionary accruals, value relevance and significant relevance were not shown. This is the result of offsetting the increase in financial reporting costs and the decrease in tax costs due to the decrease in accounting earnings. Fourth, in rare cases, value relevance has increased significantly in companies that have increased taxable income through accruals with current period tax implications while reducing earnings through discretionary accruals. This means that the cost of financial reporting has been reduced to offset the increase in tax costs. This means that the cost of financial reporting has been reduced to offset the increase in tax costs. Taken together, these results mean that value relevance can increase if taxable income is managed at discretion by using accruals with current period tax implications generated according to the situation of the company. This study is meaningful because it separates the taxable income management from the earnings management of the whole company and examines the value relevance of the taxable income management policy within the overall earnings management strategy of the enterprise.