공공기관의 조세회피

Abstract

[Purpose] Public institutions are more inefficient than private companies, and in terms of subagent theory, are likely to make decisions different from private companies in tax decision making. This study verifies that public institutions perform lower tax avoidance than private companies. [Methodology] Samples of public institutions in this study were selected from the Alio Publication Data and corresponding samples of private companies were selected from Kisvalue. The main methods of study were descriptive statistical analysis and correlation analysis, and multiple regression analysis was performed to verify the hypothesis. [Findings] As a result of empirical analysis, First, the regression with the effective tax rate (ETR) and the existence of public institutions(SOE) showed a negative (－) relationship at a 5% statistical significance level, and for the cash effective tax rate (CETR), the regression results also showed a negative (－) relationship at a 10% statistical significance level. The overall analysis result from the existence of public institutions (SOE) confirmed that public institutions pay lower tax avoidance (ETR, CETR). Second, in order to verify the hypothesis that public institutions actively avoid taxes lower than private entities, AggTax (Aggressive tax planning enterprises) was measured as a subsidiary variable, showing a negative (－) relationship at a 1% statistical significance level, and it was statistically verified that public institutions avoid taxes lower than private entities, as with a dummy variable called SOE (state－downed enterprises presence). [Implications] These regression analysis results demonstrated and analyzed that the heads of public institutions did not actively avoid taxes, resulting in agency costs that reduced corporate value due to the increase in tax burden.