earticle

영어

2009 Tax reform includes a reduction of corporate tax rate and an extension of the period during which you can deduct the net operating losses. Tax reform has a direct impact on the taxable income and tax paid. However, Because taxable income is calculated by adjusting accounting profit, Executives have an incentive to tax minimization by adjusting the accounting profits. But, Firms may not even exist depending on the nature of the company’s profit that aims to minimize the tax adjustment. This study was a departure from the question whether or not managers to achieve tax minimization strategies in accordance with the tax revision. This study analyzes the effects of tax information (net operating losses (“NOL” hereafter) and reduction of corporate tax rate) on earning management. This study first shows the regression results that deduction of corporate tax rate has significant effect on earnings management while profit firms has a positive relation and all company have negative relation between these two variables, which implies that (i) the managers of profit firms have a decision for lowering nontax expenses (ii) the managers of overall firms follow the strategy to minimize tax burden. Because loss firms don’t use net profit as a measure of executives’ evaluation, the executives of profit firms compared with the executive of loss firms are more sensitive to the non-tax costs. Previous studies was no consistent conclusions. In other words, when the corporate tax rate is lowered, we could not make a definite conclusion due to the difference in the results of the empirical test. It is shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. Furthermore, it is shown that NOL amount has significant effect on earnings management. Profit firms has a positive relation and all company have negative relation between these two variables, which implies that NOL amount has an important role to decide the tax strategy against the variation of regulation circumstances. It shows that Profit firms that have more NOL do earning management a lot more because of effect which reduces tax paid. But, loss firms that have bigger amount of NOL want to occur more loss. Because Possibility that gains occur will be high later although loss more occur in this year. It is also shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. Finally, it is shown that in case of considering both the tax rate and NOL amount, the firms which have bigger amount of NOL make an earnings management in upper way, however, which have lower amount of NOL make an earnings management in under way. Profit firms select tax strategy that use the reduction of tax rate and all firms select tax strategy that use NOL. This result implies between tax variables, firms choose the strategy differently following their own purposes. It is important that this study has tried to analyze an earning adjustment considering both the reduction of corporate tax rate and NOL at the very frist. Previous studies don’t analyze simultaneously tax rate and NOL. It is also shown that the difference in the results of the empirical test is due to the fact that the characteristics of the individual firms. This study was present repetitive results of empirical analysis whether or not Executives adjust the accounting profits when the corporate tax rate was lower. These repetitive results give a confidence about the relation of reduction of tax rate and earning management. On the other hand, this study had a contribution about NOL studies. We were collected directly NOL data and was extended the target year of the study. Previous studies have estimated NOL instead of collection data by hand. These contributions in spite of this study have limitations. Measure of earnings adjustment measure used as the dependent variable in this study, the problem of measurement error has been mentioned in several studies. There was a limit, however, because of the firm's earnings are made in a variety of ways, from the steps of the present study not only can be used.

한국어

본 연구는 세무상 정보인 이월결손금(NOL)의 크기와 법인세율의 인하가 경영자의 이익조정에 미친 영향을 분석하였다. 먼저 법인세율 인하시 기업의 이익조정 행위를 관찰한 결과, 이익기업과 손실기업이 다른 의사결정을 한 결과를 보였다. 전체 기업에서는 음(-)의 이익을 조정하였으나, 이익기업에서는 양(+)의 이익조정을 하였다. 이러한 결과는 전체기업은 조세비용최소화를 위한 의사결정을 하였으나 이익기업은 비조세비용의 감소를 위한 의사결정을 한 결과이다. 둘째로 이월결손금의 크기에 따른 경영자의 이익조정 행위를 관찰한 결과, 이월결손금이 있는 이익기업의 경우에는 양(+)의 이익조정을 하여 이월결손금이 경영자의 이익조정에 중요한 영향을 미치는 변수가 될 수 있음을 확인하였다. 이월결손금의 경우에 전체기업을 대상으로 한 경우에는 음(-)의 이익조정을 하여 개별기업의 특성에 따라 다른 의사결정을 하고 있음을 알 수 있었다. 셋째로 법인세율 인하와 이월결손금을 동시에 고려할 경우, 법인세율 인하를 이용하고자 하면 음(-)의 이익조정을 할 것이고 이월결손금을 이용하고자 하면 양(+)의 이익조정을 할 것인데, 실증결과 전체기업의 경우 이월결손금에 더 큰 비중을 두어 의사결정을 하여 양(+)의 이익조정을 한데 비하여 이익기업의 경우 전체기업과 달리 법인세율 인하에 반응하여 음(-)의 이익조정을 하였다. 본 연구는 법인세율 인하에 따라 경영자가 어떻게 이익조정을 할 것인지에 대한 일관된 결론이 없는 상태에서 실증분석의 축척된 결과를 제시하고, 손실기업이 포함된 경우에 손실기업의 특성상 전체 기업과 다른 이익조정을 할 가능성이 있음을 제시하였다. 또한 이월결손금의 유무나 이월결손금의 공제여부가 아닌 이월결손금 자료를 직접 수집하여 이월결손금의 크기에 따른 경영자의 이익조정을 분석하였다는 점에서도 공헌점이 있다. 그리고 본 연구는 선행연구에서 시도하지 않았던 법인세율 인하와 이월결손금을 동시에 고려한 경영자의 이익조정을 분석하였다는 의의가 있다.