우리나라 건설업은 시공능력평가제도에 의한 재무규제가 존재하는 산업이다. 정부는 매년 건설업자가 시공할 수 있는 1건 공사의 최고한도금액을 공시하는데, 여기에는 주요재무비율의 상대적 순위에 따라 산출되는 경영평점이 중요한 비중을 차지한다. 그런데 경영평점이 부분적으로 이익의 영향을 받기 때문에, 건설업 경영자들은 이익조정과정에서 시공능력평가와 관련된 동기를 추가적으로 갖게 된다. 따라서 본 연구는 이로 인한 추가적인 동기가 기존의 세금비용과 재무보고비용간의 상충관계에 영향을 미칠 수 있다고 보고 이에 대한 실증증거를 찾고자 하였다. 이 연구를 위해서는 경영자의 이익조정에 대한 대용치가 필요한데, 본 연구는 기존의 재량적 발생액이 갖는 문제점을 극복하기 위해 비정상적 공사수익을 측정하고 이를 이익조정의 대용치로 삼았다. 이는 건설업이 통상 진행기준에 따라 수익을 인식하므로 이 과정에서 이익을 조정할 가능성이 높다고 보았기 때문이다. 본 연구는 1997년부터 2002년까지 건설업에 속한 외부회계감사대상 기업 422기업을 표본으로 하였으며, 주요 연구결과는 아래와 같다. 첫째, 시공능력평가에서 경영평점의 반영비중이 대폭 확대되어 재무규제가 강화된 2000년 이후 세금비용과 재무보고비용간의 상충관계에서 세금비용의 상대적 중요성이 약화되는 현상이 발견되었다. 둘째, 표본기업을 이익조정 전 경영평점에 따라 3개 집단으로 구분해서 규제강화에 따라 상충관계가 다르게 변화하는지를 검토한 결과, 경영평점이 높아 규제비용의 발생가능성이 낮은 집단에서는 재무규제의 강화에 불구하고 세금비용의 상대적 중요성이 약화되는 현상을 발견할 수 없었다.

In the construction business, there are financial regulations according to the Evaluation and Public Announcing System of the Contractor's Construction Capacity. And the managers of construction business may consider the regulation costs besides the ordinary earnings management incentives. So, this study examined what kind of effects the financial regulations made by the Government had on the trade－off relationship between tax costs and financial reporting costs. For examining the trade－off relationship between tax costs and financial reporting costs, the proxy for earnings management is needed. This study did not use Adjusted Jones Model which preceding studies generally used, instead, measured the amount of earnings management in the course of applying percentage of completion method. Because, in the construction business, the sales revenue is recognized by applying the percentage of completion method, that is an essential item of performance measurements. This study was conducted on construction companies that had been audited by external auditors for 6 years from 1997 to 2002, and total 931 sample companies. The major findings of this study are as follows；First, the role of tax costs have been weakened in the role of the interaction variable of tax costs and financial reporting costs as financial regulations have been tightened. Second, the role of tax costs after strengthening financial regulations have been differently changed according to the possibility of regulation costs. This results provide evidences relating to the effect of regulation costs on the trade－off relationship between tax costs and financial reporting costs.

In the construction business, there are financial regulations according to the Evaluation and Public Announcing System of the Contractor's Construction Capacity. And the managers of construction business may consider the regulation costs besides the ordinary earnings management incentives. So, this study examined what kind of effects the financial regulations made by the Government had on the trade－off relationship between tax costs and financial reporting costs. For examining the trade－off relationship between tax costs and financial reporting costs, the proxy for earnings management is needed. This study did not use Adjusted Jones Model which preceding studies generally used, instead, measured the amount of earnings management in the course of applying percentage of completion method. Because, in the construction business, the sales revenue is recognized by applying the percentage of completion method, that is an essential item of performance measurements. This study was conducted on construction companies that had been audited by external auditors for 6 years from 1997 to 2002, and total 931 sample companies. The major findings of this study are as follows；First, the role of tax costs have been weakened in the role of the interaction variable of tax costs and financial reporting costs as financial regulations have been tightened. Second, the role of tax costs after strengthening financial regulations have been differently changed according to the possibility of regulation costs. This results provide evidences relating to the effect of regulation costs on the trade－off relationship between tax costs and financial reporting costs.

trade－off relationship, regulation costs, tax costs, financial reporting costs, abnormal construction revenue