유효법인세율의 변화와 기업가치 관련성 (Value Implications of Changes in Effective Tax Rate)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 34권 / 5호 / 1301 ~ 1320페이지
· 저자명 : 유상열, 이석영

초록

본 연구의 목적은 유효법인세율의 비대칭적 변화가 미래이익 및 기업가치와 관련성이 있는지를 분석하는 것이다. 연구결과를 요약하면 다음과 같다. 첫째, 유효법인세율의 변화는 세전순이익이 증가할 때와 감소할 때 미래이익과 상이하게 관련된 것으로 나타났다. 세전순이익이 증가할 때 유효법인세율의 증가는 미래이익에 부정적 신호(bad signal)로 해석되는반면, 세전순이익이 감소할 때 유효법인세율의 증가는 미래이익에 긍정적 신호(good signal)로 해석되었다. 둘째, 유효법인세율의 변화는 세전순이익이 증가할 때와 감소할 때 당기의 주식시장에 의해 상이하게 해석되는 것으로 나타났다. 세전순이익이 증가할 때 유효법인세율의 변화가 양(+)의 값을 가지면 주식시장에서 긍정적 신호로 해석되었으나, 세전순이익 감소시 유효법인세율이 증가하는 기업에 대해 주식시장은 부정적 반응을 나타내었다. 셋째, 차기의 주식시장은 유효법인세율의 변화에 대하여 전기와 동일한 반응을 나타냈다. 이는 당기의 유효법인세율 변화에 대한 주식시장의 반응이 차기이후에도 지속됨을 시사하는 것이다. 본 연구의 공헌점은 유효법인세율의 비대칭적 변화가 기업의 미래이익 및 기업가치와 관련성이 있는지를 분석함으로써 법인세조정가설의 유용성을 검증했다는 것이다.

영어초록

Recent empirical research has documented how degree of income tax smoothing is affected by the change in earnings before taxes(Yoon et al., 2004). Furthermore, they have investigated the impact of the persistence of the change in earnings before taxes on income tax smoothing phenomenon. First, they observed that the degree of downward income tax smoothing when earnings before taxes increase is greater than that of upward income tax smoothing when earnings before taxes decrease. That is, the degree of income tax smoothing is shown to be asymmetrically affected by the increase/decrease in earnings before taxes.
Second, they found that the degree of upward income tax smoothing continues to decline with a consecutive decrease in earnings before taxes. This result has indicated that financially distressed firms cannot continue to smooth income tax upwards, which involves continuous cash outflows. Third, they demonstrated that the degree of downward income tax smoothing remains the same with a consecutive increase in earnings before taxes. This result implies that firms are likely to keep smoothing their income taxes downwards. With increases in earnings before taxes over time, firms expect their probability of tax investigation by the tax authorities to be lowered. Therefore, they are likely to continue to smooth their income taxes downwards, which, in turn, maximize their profits.
In contrast to Yoon et al.(2004), this study investigates the impact of asymmetrical degree of income tax payment adjustment on future earnings and firm value. Our empirical results are summarized as follows. First, the change in effective tax rate has a differential influence on future earnings when earnings before taxes increase or decrease respectively. The increase in effective tax rate when earnings before taxes increase is interpreted as a bad signal to future earnings. In contrast, the decrease in effective tax rate when earnings before taxes decrease is shown to be a good signal to future earnings. Second, the increase or decrease in effective interest rates is interpreted differently in the stock market. Namely, the increase in effective tax rate when earnings before taxes increase is regarded as increase in future earnings. The increase in effective tax rate when earnings before taxes decrease leads to a negative reaction in the stock market. Third, the stock market in the next period has the same reaction to the change in effective tax rate as in the previous period. This implies that the stock market's reaction to change in the contemporary period persists in the next period.
The main contribution of this study is to analyze how the income tax payment adjustment hypothesis is related to firm's future earnings and the reaction of the stock market and test the usefulness of this income tax payment adjustment hypothesis. In practice, this study provides a formal evidence on how firms adjust the income tax payment when earnings before taxes increase or decrease respectively, which will possibly lead to better taxation decision on the part of Korean tax authorities. For instance, the fact that firms whose earnings before taxes keep increasing over time are likely to continue to smooth their income taxes downwards suggests that the tax authorities pay special attention to them.
A caveat that must be recognized, however, stems from the limitation that this study imposes on our ability to consider other factors to assess their influence on our results.
Specifically, this study is unable to take into account the change of income tax rules, tax rate changes, and the change of effective tax rates due to structural changes in income tax laws in our sample period. In addition, this study analyzes only financial data of companies listed in the Korean securities exchange.

참고자료

· 없음