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기업수명주기와 조세회피：현금흐름패턴을 중심으로

Corporation Life Cycle and Tax Avoidance based Cashflow Pattern

이연희|안홍복
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2021.03|세무회계연구 (Tax Accounting Research)|제67호|pp. 1-20|DOI 10.35349/tar.2021..67.001

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조세회피Tax Avoidance기업수명주기현금흐름패턴도입기성장기 기업The Firms’ Life CycleThe Introduction and Growth StageCashflow Pattern

초록

[연구목적] 본 연구는 기업수명주기 중 도입기 및 성장기 기업의 조세회피 문제를 현금흐름패턴을 통해 실증 분석하고자 한다. [연구방법] 본 연구는 현금흐름패턴과 기업수명주기는 밀접한 관련성을 갖고 있고, 기업의현금흐름패턴이 조세회피에 차별적 영향요인으로 작용한다는 연구가설로 검증한다. 표본기업은 12월 결산법인인 상장기업으로 선정하였고, 분석기간은 2015년부터 2017년까지로 하였다. 분석모형은 기업의 현금흐름패턴을 관심 독립변수로 포함하였고, 기업특성 변수를 통제변수로 포함한 회귀모형을 채택하였다. [연구결과] 분석 결과는 기업의 현금흐름패턴에 기초한 후발기업 상황이 조세회피를 결정짓는 중요한 요인으로 작용하고, 이를 통해 기업 간 조세회피(TAXAD) 차이에 대한 설명요인으로 현금흐름패턴의 가능성을 확인하였다. [연구의 시사점] 조세회피 관련 선행연구는 조세회피 결정요인으로 기업특성, 기업지배구조, 경영자보상 등을 제시하였다. 이에 반해, 본 연구는 현금흐름패턴에 기초하여 도입기 및성장기 기업 상황이 조세회피의 규모를 결정하는 요인으로서의 관련성에 논리와 실증결과를제시하였다. 즉, 도입기 및 성장기 기업의 현금흐름패턴이 갖는 환경적 요소가 조세회피의전략적 선택에 있어 중요 요인임을 확인하고, 조세회피의 궁극적 목표가 법인세최소화를 통한 현금자원의 확보임을 검증함으로써 후속 연구에 대한 새로운 시각을 제공하였다.

Abstract

[Purpose] The main purpose of this paper is to examine whether the tax avoidance of firm dependent on the firm life cycle based on Dickinson (2011)’s cashflow pattern. Prior literature on determinants of the tax avoidance, most studies that primarily investigate whether fundamental firm characteristics, general corporate governance and ownership structures etc affects the tax avoidance. [Methodology] This paper hypothesize that the introduction and growth stage in the firms’ life cycle exhibit significantly higher levels of firms’ tax avoidance than firms with the mature and declining stages. Specifically, we measure annual cash effective tax rates(ETR) and GAAP effective tax rates(ETR) for the three－year period that includes the current year’s cash ETR(GAAP ETR) and the four prior years’(i.e., over the period t－2 to t) cash ETRs (GAAP ETRs). Following Dyreng et al.(2008), we calculate the Cash(GAAP) ETR as the ratio of the sum of the cash tax payments (tax expense) over a five－year period to the sum of income before taxes and special items over the same five－year period. To verify these hypotheses, the sample consists non－banking firms with a December fiscal year－end listed on the Korean Stock Exchange over 2015－2017. [Findings] Our results are given as follows. First, we find that the changes of cash holding increase in the introduction stage in the firms’ life cycle. This finding provides a better understanding of the conditions under which the effect factor affect firms’ life cycle that focus on minimization(i.e., the level of tax avoidance) seek to reduce firms’ tax burdens. Second, contrary to expectations, we can not show that the growth stage in firms’ life cycle increase in the tax avoidance. In order to better capture the joint effect of actual cashflow and the firms’ life cycle on the tax avoidance., we find that the tax avoidance in the introduction stage is significantly greater for firms with other stages in the firms’ life cycle. [Implications] In summary, we consistently find a positive and significant relation between tax avoidance and firm’s life cycle. Namely, this positive relation persists across different proxie for firms’ tax avoidances(i.e. Cash ETR, and GAAP ETR) as well as across different proxies for firms’ life cycle(i.e.,the introduction stage, the growth stage, actual cashflow).

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