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현금보유, 과잉투자 및 재무이익－세무이익 차이의 관련성 분석

The Relationship Analysis among Cash Holdings, Overinvestment and Book Income－Tax Income Difference

이연희|안홍복
한국세무회계학회 (Kata(Korean Association Of Tax & Accounting))|2019.03|세무회계연구 (Tax Accounting Research)|제59호|pp. 137-160|DOI 10.35349/tar.2019..59.007

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참고문헌

키워드

현금보유과잉투자overinvestmentcash holdingsbook incometax income세무이익재무이익

초록

본 연구는 현금보유, 과잉투자 및 재무이익－세무이익 차이(Book income－Tax income Difference：이하)에 대한 관련성을 실증분석하고자 한다. 재무이익－세무이익 차이(BTD)에 관한 선행연구를 통해 기업특성, 기업지배구조, 소유구조 등과의 관련성을조사하였다. 현금보유, 과잉투자기업은 이익조정을 유발하여 그렇지 않은 기업에 비해 BTD가 크게 나타날 것으로 예상하며, 이를 검증하기 위해 현금보유, 과잉투자의 전략적 의도를 이해하기 위한 다양한 연구를 수행하였다. 과잉투자는 이익조정을 통한 이익상향 동기를 발생시키며, 이익조정을 통해 발생하는 재무이익－세무이익 차이와 관련성을 가지고 있을 수있다. 따라서, 본 연구는 현금보유, 과잉투자 기업이 높은 수준의 BTD를 나타낼 것으로 가정하고, KISVALUE로부터 가설검증 및 분석에 필요한 재무자료를 추출하였다. 분석모형은기업특성 변수를 포함한 회귀모형을 채택하였다. 본 연구의 결과는 첫째, 현금보유변동은 BTD에 대해 정(＋)의 관련성이 있는 것으로 나타났으나, 지배주주의 과잉투자는 BTD에 부(－)의 관련성을 갖는 것으로 나타났다. 둘째, 현금보유와 과잉투자의 상호작용 효과는 BTD의 감소에 대한 관련성을 보여주었다. 본 연구는 BTD에 대한 정보효과로 국내․외에서 상대적으로 주목받지 못한 현금보유와 과잉투자를 분석함으로써 관련 연구의 지평을 확장하였다는 점에서 연구의 의의가 있다고 할 수 있다.

Abstract

The main purpose of this paper is to examine whether the information content of book income and tax income depends on the cash holdings and the overinvestment. Prior literature on determinants of BTD, most studies that primarily investigate whether fundamental firm characteristics, general corporate governance and ownership structures etc affects BTD. We insist that the cash holdings and the overinvestment drive the larger scale of BTD, as compared to managers with non the cash holdings and the overinvestment respectively. For this purpose, we described prior literature review and we examined various researches to provide understanding of relationships with strategic intent on the cash holding and investment. Overinvestment can generate upward earnings motivation through profit adjustment and may be related to BTD that arises from profit adjustment. Therefore, this paper hypothesize that the cash holdings and the overinvestment exhibit significantly higher levels of BTD than firms with non－cash holdings and the overinvestment. To verify these hypotheses, data were collected through KISVALUE, and the data were tested by basic statics, correlation, regression analysis. Our results are given as follows. First, we find that the changes of cash holding increase in the book income－tax income differences. But, we can not show that the overinvestment increase in book－tax differences. Second, the interaction effect of cash holdings and overinvestment has been shown to be related to decline in BTD. This finding provides a better understanding of the conditions under which the effect factor affect the informativeness of book income－tax income difference, BTD.

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