법인세 부담 완화를 위한 전략적 회계선택에 관한 연구

Abstract

The study aims to examine whether 1) the managers manage reported earnings to mitigate the tax burden 2) the managers attempt to defer earnings before tax rate reductions 3) the managers manage tax expense to reach earnings targets. The study sets three hypotheses, whose main point is that reported earnings are smaller under higher tax burden. In short, this study assume that managers sometimes should make decisions which way to regard more important either financial reporting costs or tax costs. To test the hypotheses, the models include the discretionary accruals(DA) and the second digit earnings numbers(SDEN) as dependent variables. Also the test models contains the effective tax rates(ETR) and the change of ETR(△ETR) as a main independent variable, and other control variables are included such as debt ratio(DEBT), firm size(SIZE) and block-holders(BLOK). To test if the managers intend to minimize the reported earnings because of high tax burden, the study uses two types of regression model, the multiple regression model and the logistics regression model. The test sample consists of 3,954 firm-year data, selected from the KRX listed companies of the fiscal year during 2003-2012. The study concludes the followings: First, ETR and △ETR negatively effects on the DA. This means that the manager intend to make reporting earnings downward to lighten the tax burden. Secondly, ETR and △ETR positively effects on the SDEN. This result shows that the managers don't choose the way to report round up earnings in order to mitigate the tax burden. Thirdly, the additional tests by sensitibility analysis and absolute DA report the same conclusion showing the robust outcomes.