접대비 및 기부금의 회사계상액과 세무상 인정액에 대한 자본시장 반응 연구

Abstract

As a survival strategy, the company's manager is working to increase the revenue from entertainment costs and the expenditure of donations. However, the corporate tax act stipulates that only a certain amount of the company's entertainment expenses and donation amount is recognized as the palm of the hand, and that the excess amount must be paid on the hand. Caretakes limit the amount of money they give to prevent excessive spending and to prevent unfair competition, but this donation is also positive in that it only returns corporate profits to society. In this study, it is assessed that the amount of entertainment expenses and donation within the limit and the amount of the initial amount are subject to discrimination in the capital market by market, industry, and period. The amount within the entertainment allowance will be profitable, and the amount within the contribution limit will be recognized as the palm. The analysis was performed on manufacturers of listed securities and KOSDAQ companies from 2006 to 2015. Empirical analysis shows that the amount within the limit of entertainment costs and donations has a positive effect on corporate value. On the other hand, it is found that the amount of the initial tax amount is negatively affected. These results show that the tax deduction may have a positive effect on the corporate value of the corporate tax saved from the input of the capital, but the marginal amount may also result from the increased corporate tax revenue from the acquisition of the capital. As for entertainment costs, it was found that they do not have a discriminatory effect on the different industries, periods, and markets. As for donations, however, no differences were found in the industry, but there were differences between periods and markets.