earticle

영어

The purpose of this study is to examine the relation between aggressive tax reporting and financial reporting the effects of individual firms the characteristics. When it comes to the relation between both, prior accounting study investigates the trade-offs or aggressiveness between the financial and tax reporting. Shackelfor and Shevlin (2001) showed that the financial reporting is negatively related to the tax reporting. That is, managers increase the financial reporting earning to decrease the financial reporting costs, though putting a heavier tax burden. They also decrease the financial reporting earning to reduce tax burden. However, Frank et al. (2009) showed that the aggressive financial report firms increase corporate earnings and aggressive tax report firms reduce income tax expense at the same time. This result suggests that not all firms trade-off the financial and tax reporting decisions. This study examines whether firms that are aggressive for financial reporting purposes or tax reporting purposes in Korea. In addition, this study also examines which characteristics of firms affect aggressiveness between financial and tax reporting, using some features such as size, percentage of foreign shareholders and percentage of major shareholders. The research samples are 2,129 KOSPI (Korea Composite Stock Price Index) listed firms and research period is 8-years from 2003 to 2010 using the discretionary permanent differences and discretionary accruals in order to verify the relation between aggressive tax reporting and financial reporting. The substitute for aggressive tax reporting use discretionary permanent differences based on Desai et al. (2006) study that the value can not explain out of total accruals according to the book-tax income difference. The substitute for aggressive financial reporting use discretionary accruals The major findings of this study are as follows:First, Frank et al. (2009) verified that the relation between the aggressive financial reporting and aggressive tax reporting is positive (+) relation. However, In Korea as a whole, the relation between the aggressive corporate financial reporting and the aggressive tax reporting were the negative (-) relevant. In some companies, the relation between the aggressive corporate financial reporting and the aggressive tax reporting were the positive (+) relevant. Second, in case of firm with assets of 2 trillion won or more, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant. Third, in case of firm with foreign shareholders, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant. Finally, in case of firm with assets of 2 trillion won or more and the high percentage of major shareholders, the relation between the aggressive corporate financial report and the aggressive tax report were the positive (+) relevant.

한국어

본 연구는 공격적인 재무보고(aggressive financial reporting)와 공격적인 세무보고(aggressive tax reporting) 간의 관계에 기업특성(firm characteristics)이 미치는 영향을 살펴보고 시사점을 제시하였다. 실증분석에 사용된 표본기업은 한국거래소 유가증권시장에 상장된 기업들 중에서 일정 요건을 충족하는 기업으로 하며, 연구기간은 2003년부터 2010년까지의 총8년을 대상으로 하였다. 본 연구에서는 재량적 발생액을 공격적인 재무보고의 대용치로 이용하였고 규모조정현금유효세율과 재량영구적 차이(discretionary permanent differences)를 공격적인 세무보고의 대용치로 삼았다. 본 연구의 주요결과는 다음과 같다. 첫째, 공격적인 재무보고와 공격적인 세무보고 간에 음(-)의 관련성이 있는 것으로 나타났다. 둘째, 상호출자제한 기업집단에 속한 기업과 그렇지 않은 기업의 차이를 분석한 결과, 상호출자제한 기업집단에 속한 기업이 속하지 않은 기업에 비해 상대적으로 공격적인 재무보고와 세무보고를 동시에 수행하는 경우가 있음을 확인하였다. 셋째, 외국인 주주가 5대 주주에 포함된 기업이 그렇지 않은 기업에 비해 공격적인 재무보고와 세무보고를 동시에 수행하는 것으로 나타났다. 넷째, 총자산규모 2조 원 이상의 초대규모 기업이면서 동시에 최대주주 지분율이 높은 기업의 경우 공격적인 재무보고와 세무보고가 동시에 수행되는 경우가 있음을 확인하였다. 본 연구는 우리나라 기업의 경우에는 공격적인 재무보고와 공격적인 세무보고 간에 전체적으로는 음(-)의 관계가 존재하지만, 기업특성에 따라 공격적인 재무보고와 공격적인 세무보고간에 양(+)의 관계가 존재함을 보여주었다는 점에서 의의가 있다.