재무적 특성과 일시적 차이의 관계 연구 -코스닥시장 IPO기업 중심으로-

Abstract

This study analyzed the effect on BTD, difference in accounting profit-taxationincome, depending on the difference among LEV, RND, ROA, and performed apositive analysis about the relationship on a BTD of trait variables, by usingregression model. This study used financial models from listing year (0) to twoyears after listing over 201 sample businesses, new IPO businesses listed inKOSDAQ market, as December settlement businesses. The results of this empirical research are as followings. First, in the listing year(0), the group with comparatively large business SIZE and the group with smallROA had a high BTD. For one year after listing, the business with comparativelylarge property scale, high IA and EX, and the business with small AC and ROAhad a large scale of BTD use. Second, as for the relationship between a financialtrait variable and BTD, the lower the LEV, the higher the BTD in listing year(0) was, but after two years from listing, the higher the LEV, the higher theBTD was. The higher the RND, the higher the BTD was, but after two yearsfrom listing, the lower the RND, the higher the BTD was. Until two years fromlisting year (0), the lower ROA, the higher the BTD was. As a result of theanalysis, targeting at small and medium business, in the listing year (0), the lowerdebt rate and profits, the higher the BTD was. It means that the lower the debtrate and profits, the higher the BTD was. After one year from listing, asignificant result didn’t appear. As a result of the analysis, targeting at largebusinesses, from listing year (0) to listing +1year, the lower the LEV, thehigher the BTD was, but in listing year + 2 years, the higher the LEV, thehigher the BTD was. From listing year (0) to two years from listing the lowerthe RND, the higher the BTD was. In addition, from listing year (0) the lowerthe ROA continuously, the higher the BTD was. As a summary, the business dangerous in supervision because of a high debt rate will have a high BTD dueto application of rigid accounting standard and due to tax modification such asloss non-calculation, and the business with low profit will have a high BTD. On the basis of precedent studies, targeting at a new listing business, thisstudy intended to analyze the change over the effect on BTD of financial traitfrom the listing year to a certain period and present additional positive evidenceover precedent studies. It has a meaning that this study expanded precedentstudies by analyzing the changes and by using a variety of financial traitvariables related to burdened amount of corporation tax.