GAAP 유효세율의 유연화와 이익지속성 및 기업가치의 관계

• 영문명: GAAP ETR Smoothing, Earnings Persistence, and Firm Value
• 발행기관: 한국세무학회
• 저자명: 김수인(Su－In Kim) 박종일(Jong－Il Park)
• 간행물 정보: 『세무학연구』제38권 제2호, 115~160쪽, 전체 46쪽
• 주제분류: 경제경영 > 회계학
• 파일형태: PDF
• 발행일자: 2021.06.30

국문 초록

최근 선행연구는 세율유연화 정도가 클수록 재무제표 재작성의 가능성이 낮아 세율유연화를 하는 기업이 재무보고의 질이 높다고 주장한다(Demere et al., 2019). 따라서 본 연구는 선행연구의 범위를 확장하여 세율유연화에 대한 이익지속성 또는 기업가치와의 관계를 통해 새로운 증거를 제공하고자 한다. 이를 위해 본 연구는 이익지속성을 세전이익으로 측정하고, 기업가치는 당기 또는 차기의 Tobin’s Q를 이용하였으며, 세율유연화를 Demere et al.(2019)의 방법에 따라 과거 3년간 자료로 계산되는 GAAP ETR의 변동성에서 Cash ETR의 변동성을 차감한 후 (－1)을 곱해 측정하였다. 분석기간은 관심변수(종속변수)를 기준으로 할 때 2004년부터 2018년까지(2005년부터 2019년까지)이며, 분석대상은 유가증권기업과 코스닥기업이다. 실증결과는 첫째, 세율유연화 정도가 높은 기업일수록 이익지속성이 더 낮았다. 이 결과는 Demere et al.(2019)의 주장과 상반된 증거이다. 또한 세율유연화를 본질적 또는 재량적 요인으로 구분하여 분석하면 앞서의 결과는 주로 재량적 요인에 기인한 것으로 나타났다. 둘째, 세율유연화는 당기 또는 차기의 기업가치(Tobin’s Q)와 유의하게 음(－)의 관계로 나타났다. 또한 본질적 요인과 재량적 요인으로 나누어 분석하면 앞서의 결과는 이들 모두에 기인한 것으로 나타났다. 마지막으로, 추가분석에 따르면 세율유연화는 차기의 기업성과와도 음(－)의 관계로 나타났다. 이상을 요약하면, 본 연구는 선행연구를 확장시켜 세율유연화와 이익지속성 또는 기업가치와의 관계를 처음 살펴본 연구라는 점에서 의의가 있다. 특히 본 연구결과는 세율유연화를 수행하는 기업의 이익지속성이 낮고, 당기와 차기의 기업가치 역시 낮은 것으로 나타나 선행연구의 주장과는 상반된 증거를 보여주고 있다는 데 의미가 있다. 이러한 본 연구의 발견은 관련연구에도 새로운 증거를 제공한다.

영문 초록

This paper examine whether the relation between smoothing of GAAP effective tax rates (ETRs) and earnings persistence, and also investigate whether the relation between GAAP ETR smoothing and firm value. Prior research document that GAAP ETR smoothing through tax accruals are negatively associated with the likelihood of financial restatement and tax－related restatement (Demere et al., 2019). Thus, Demere et al. (2019) argue that GAAP ETR smoothing are incrementally informative about future Cash ETRs and this study suggests that firms are committed to smoothing GAAP ETRs is associated with higher financial reporting quality. In addition, evidence in prior study show that the market response to the GAAP ETR smoothing have a positive effect (Park and Shin, 2019；Park, 2020；Lee, 2020), and a negative effect or where there is no relation (Shin and Park, 2020). However, prior research did not systematically examine the relation between GAAP ETR smoothing and earnings persistence, and examine the relation between GAAP ETR smoothing and firm value. An open question as to whether GAAP ETR smoothing activities is associated with higher or lower financial reporting quality. Therefore, providing additional evidence on the link between GAAP ETR smoothing and financial reporting quality, we extends this line of the previous research to empirical examine whether the association between smoothing of GAAP ETRs and earnings persistence, and also examine whether the association between smoothing of GAAP ETRs and firm value (Tobin’s Q). For analysis, we use pre－tax income or after－tax income as measures of earnings persistence and firm value was measured using Tobin’s Q for the current or next year. Following Demere et al. (2019), our measure GAAP ETR smoothing (hereafter GSM), as subtract the volatility (i.e., standard deviation) of the GAAP ETRs and the volatility of Cash ETRs over the current year and the prior two years (t－2,t) and multiply this measure by negative one. This study covers KOSPI and KOSDAQ listed firms based on the variable of interest (dependent variable) from 2004 to 2018 (2005－2019) period. Our results are as follows. First, we find that GSM is negatively associated with earnings persistence. In other words, this results indicate that if firms are committed to smoothing GAAP ETRs exhibit less persistent earnings. This finding is inconsistent with prior research (Demere et al., 2019), which is GAAP ETR smoothing being associated with higher financial reporting quality. Furthermore, we also distinguish between GSM driven by economic fundamentals (innate GSM) versus management choices (discretionary GSM), we find that only my estimated discretionary GSM is negatively associated with earnings persistence. Thus, the preceding result is driven by manager’s discretionary reporting choices. Second, after controlling for various variables as well as earnings smoothing and tax avoidance that affect the dependent variable, we find a negative and significant association between GSM and firm value (i.e., Tobin’s Q) in year t and t＋1. Our results are quantitatively similar if this paper use a five－year (t－4,t) in computing GSM instead of three－years data, and when we also divided the full sample into KOSPI and KOSDAQ samples, the previous results are quantitatively similar. Therefore, this results suggests that GAAP ETR smoothing is associated with a negative firm value effect. In contrast, our findings is inconsistent with previous studies (e.g., Park and Shin, 2019；Park, 2020；Lee, 2020 etc.) focused on the market response to GAAP ETR smoothing. In addition, this study also decompose GSM into its components (i.e., innate GSM vs. discretionary GSM), we find that both innate GSM and discretionary GSM are negatively associated with firm value. Thus, the preceding result are driven by economic fundamentals and manager’s discretionary reporting choices in all cases. Finally, when we perform a addit

목차

Ⅰ. 서론

Ⅱ. 선행연구의 검토와 가설의 설정

Ⅲ. 연구모형의 설계 및 표본의 선정

Ⅳ. 실증분석 결과

Ⅴ. 결론

참고문헌

키워드

GAAP 유효세율의 유연화 본질적 또는 재량적 요인 이익지속성 기업가치 재무보고의 질 Smoothing of GAAP ETRs Innate versus discretionary factors Earnings persistence Firm value Financial reporting quality