조세전략과 이익지속성 및 자본시장반응에 관한 실증연구

Abstract

국문요지 Scholes et al.(2008)은 조세최소화 전략은 효과적인 세무계획의 궁극적인 목표가 아니고, 효과적인 세무계획은 세금비용과 비세금비용을 최소화하는 것이라고 주장하고 있다. 세무전략과 재무보고는 서로 상충적인 관계를 가지고 있기 때문에 그들은 기업의 다양한 요인들을 고려하여 기업가치를 극대화 시킬 수 있는 조세최소화 전략과 이익극대화 전략의 조화로운 균형이 필요하다고 주장하였다. 최근 연구에서 기업의 조세전략은 재무보고의 선택과 관계가 있다는 결과들이 나타나고 있다. 재무보고와 세무보고의 관계에 대한 선행연구에서 기업의 조세회피와 관련된 의사결정은 재무보고 선택에 대한 정보를 포함하고 있다는 실증적인 증거들이 나타나고 있다. 세무전략의 지속가능성은 조세회피를 비롯한 조세전략의 중요한 목적임에도 불구하고 충분하게 연구되지 못했다. 개념적으로 조세전략의 지속가능성은 세금최소화와 서로 차이가 있다. 조세전략의 지속가능성은 일정기간 동안 꾸준하게 조세전략의 결과가 유지되는 것을 의미하고, 세금최소화는 기간에 관계없이 세부담을 우선적으로 줄이는 것이다. 이런 개념의 차이는 세무보고와 재무보고 목적의 조화를 이루기 위해서는 다양한 면을 고려해야 한다는 Scholes et al.(2008)의 개념적 틀과도 일치하는 것이다. McGuire et al.(2012)은 조세전략의 지속가능성을 오랜 기간 동안 조세회피 전략을 일정한 수준으로 유지할 수 있는 기업의 조세전략의 특성으로 정의하였다. 본 연구에서는 McGuire et al.(2012)의 정의를 이용하였다. 기업의 조세전략의 지속가능성은 잠재적으로 현재이익이 미래이익을 예측할 수 있는 정도에 대한 경영자의 기대를 포함할 것이다. 본 연구에서는 기업의 조세전략은 다양한 요인들을 포함하고 있다는 점을 고려하여 조세전략의 지속성이 세전이익 및 이익구성요소의 정보효과를 반영하는지 여부에 대해 검증하고자 하였다. 그리고 투자자들이 조세전략의 지속성을 평가할 수 있고, 이를 세전이익과 이익의 구성요소의 지속성을 평가하는데 이용하고 있는지 여부에 대해 검증하였다. 분석결과에 따르면, 첫째 기업의 조세전략의 지속가능성은 이익의 지속성과 유의한 관계가 있는 것으로 나타났다. 특히, 지속가능성이 높은 기업은 세전이익, 발생액 그리고 영업현금흐름의 지속성이 높은 것으로 나타났다. 전반적으로 조세전략의 지속가능성이 당기이익이 미래이익에 지속되는 정도에 대한 경영자의 기대를 포함하고 있다는 주장과 일치하는 결과이다. 둘째, 투자자들이 자본시장에서 조세전략의 지속가능성에 대한 세전이익 및 이익의 구성요소의 지속성을 효율적으로 평가하는가에 대한 Mishkin검정과 헷지포트폴리오 분석에서 모두 투자자는 기업의 조세전략의 지속가능성을 이용하고 있고, 이를 이익의 지속성을 평가하기 위한 신호로 사용하는 것으로 나타났다. 특히 투자자들은 조세전략의 지속가능성이 높은 기업의 세전이익 및 이익의 구성요소들을 정확하게 평가한다는 것을 보여주고 있다. 본 연구의 공헌점은 다음과 같다. 첫째, 조세회피 연구를 확장할 수 있는 기반을 제공하였다. 기업의 조세전략은 단지 세금최소화에 집중되어서는 안된다는 것을 보여주고 있다. 기업의 조세전략과 관련하여 조세회피 연구는 양적인 평가뿐만 아니라 질적인 면에서 분석이 필요하며, 이런 면에서 지속가능성외에 다양한 질적 정보를 분석하는 방향으로 확장되어야 한다는 점을 제시하고 있다. 둘째, 재무보고와 세무보고의 상충관계 및 선택에 관한 선행연구에 기여하고 있다. 본 연구는 이익의 지속성과 지속가능성의 관계에 대한 분석으로 관련된 연구를 확장하였다. 전반적으로 본 연구는 조세회피의 수준과는 달리 조세전략의 지속가능성은 세전이익의 지속성과 관계가 있다는 것을 보여주고 있다. 본 연구의 한계점은 다음과 같다. 우선 조세전략의 지속가능성을 측정하기 위해 사용된 CASH ETR의 변동계수의 유효성에 대해 충분히 검증되지 않았으므로 분석결과의 해석에 있어 신증하게 접근할 필요가 있다. 그리고 기업의 지속가능성을 유지하기 위한 구체적인 거래방식과 유인에 대해서는 충분한 설명을 제시하지 못하였다. |ABSTRACT

Valuation Implications of Tax Strategies Sustainability and Earnings Persistence

Park, Hyun Uk Department of Strategic Management The Graduate School of Hanyang University

Scholes et al.(2008) suggest that tax minimization is not essentially the objective of an effective tax strategy but the goal of effective tax planning is to maximize after-tax returns after taking into account non-tax costs. There are insufficient costs between tax reporting and financial reporting incentives, such that nonconfirmity between financial accounting standards and tax law allows firms to manage book income upward and taxable income downward in the same reporting period. Recent empirical evidence suggests that there is significant relation between tax reporting and financial reporting(Frank et al.. 2009). It is likely that decision to tax strategies such as tax avoidance maintain information of financial reporting incentives. Although sustainability in tax strategies is substantial objective in tax management, it was not sufficient to investigate sustainability of tax strategies. Conceptually, tax minimization and sustainability of tax strategies can differ from each other. Sustainability of tax strategies means that it maintains consistently tax avoidance outcomes over time, and tax minimization is to reduce the tax burden regardless of the priority. It is consistent with Scholes et al. (2008)’s conceptual framework that the difference between these concepts, tax reporting and financial reporting purposes, harmonize with various aspects. McGurie et al. (2012) defined as the sustainability of the tax strategy maintain a constant outcome of the company's tax strategy for a long time. In this study, it was used McGuire et al. (2012)’ definition as the characteristic of the sustainability of the tax strategy. Sustainability of the company's tax strategy may include management's expectations that the current profit can predict future earnings for the degree to some degree. In this study, using to take account into corporate tax strategy include a variety of factors, we examine whether the persistence of pre-tax earnings and earnings components is not associatied with the sustainability of a firm’s tax strategy. Additionlly, we investigate whether investors rationally assess the persistence of pre-tax earnings and earnings components based upon the sustainability of the firm’s tax strategy. According to the results, first, we find that sustainability of the company's tax strategy has a significant relationship with the earnings persistence. In particular, the higher sustainable companies are likely to have the more persistence of accruals and operating cash flow. Overall it is consistent that the sustainability of tax strategy include information of current earnings for future earnings on the extent to which management expect that. Second, investors in the capital market rationally price tax strategies for the sustainability to the components of pre-tax earnings and earnings persistence using Mishinkin(1983) test and hedge portfolio stretagy analysi. we find that investors in both the tests use the information of sustainability of the company's tax strategy and assess the persistence of earnings as a signal of valuation. In particular, investors are likely to assess accurately the company more continue their tax strategy and there pre-tax earnings components. The contributions of this study are as follows. First, we extend tax avoidance research. Corporate tax avoidance study should not be focused on just tax minimization is shown. Corporate tax avidance with respect to tax strategies, not only evaluating the quantity of tax strategies but also quality. Second, we contributed the trade-off of the financial reporting and tax reporting in previous research. This study extend the relationship between sustainability and the persistence of earnings analysis. Overall, this study, unlike the level of tax avoidance, find that sustainability of tax strategy and the persistence of pre-tax earnings have a relationship. There are some limitations of this study as follows. First, we can not test the validity of the coefficient of variation of CASH ETR as the sustainability of tax strategies, so we need to have a need to carefully access the results of this study.; ABSTRACT

Valuation Implications of Tax Strategies Sustainability and Earnings Persistence

Park, Hyun Uk Department of Strategic Management The Graduate School of Hanyang University

Scholes et al.(2008) suggest that tax minimization is not essentially the objective of an effective tax strategy but the goal of effective tax planning is to maximize after-tax returns after taking into account non-tax costs. There are insufficient costs between tax reporting and financial reporting incentives, such that nonconfirmity between financial accounting standards and tax law allows firms to manage book income upward and taxable income downward in the same reporting period. Recent empirical evidence suggests that there is significant relation between tax reporting and financial reporting(Frank et al.. 2009). It is likely that decision to tax strategies such as tax avoidance maintain information of financial reporting incentives. Although sustainability in tax strategies is substantial objective in tax management, it was not sufficient to investigate sustainability of tax strategies. Conceptually, tax minimization and sustainability of tax strategies can differ from each other. Sustainability of tax strategies means that it maintains consistently tax avoidance outcomes over time, and tax minimization is to reduce the tax burden regardless of the priority. It is consistent with Scholes et al. (2008)’s conceptual framework that the difference between these concepts, tax reporting and financial reporting purposes, harmonize with various aspects. McGurie et al. (2012) defined as the sustainability of the tax strategy maintain a constant outcome of the company's tax strategy for a long time. In this study, it was used McGuire et al. (2012)’ definition as the characteristic of the sustainability of the tax strategy. Sustainability of the company's tax strategy may include management's expectations that the current profit can predict future earnings for the degree to some degree. In this study, using to take account into corporate tax strategy include a variety of factors, we examine whether the persistence of pre-tax earnings and earnings components is not associatied with the sustainability of a firm’s tax strategy. Additionlly, we investigate whether investors rationally assess the persistence of pre-tax earnings and earnings components based upon the sustainability of the firm’s tax strategy. According to the results, first, we find that sustainability of the company's tax strategy has a significant relationship with the earnings persistence. In particular, the higher sustainable companies are likely to have the more persistence of accruals and operating cash flow. Overall it is consistent that the sustainability of tax strategy include information of current earnings for future earnings on the extent to which management expect that. Second, investors in the capital market rationally price tax strategies for the sustainability to the components of pre-tax earnings and earnings persistence using Mishinkin(1983) test and hedge portfolio stretagy analysi. we find that investors in both the tests use the information of sustainability of the company's tax strategy and assess the persistence of earnings as a signal of valuation. In particular, investors are likely to assess accurately the company more continue their tax strategy and there pre-tax earnings components. The contributions of this study are as follows. First, we extend tax avoidance research. Corporate tax avoidance study should not be focused on just tax minimization is shown. Corporate tax avidance with respect to tax strategies, not only evaluating the quantity of tax strategies but also quality. Second, we contributed the trade-off of the financial reporting and tax reporting in previous research. This study extend the relationship between sustainability and the persistence of earnings analysis. Overall, this study, unlike the level of tax avoidance, find that sustainability of tax strategy and the persistence of pre-tax earnings have a relationship. There are some limitations of this study as follows. First, we can not test the validity of the coefficient of variation of CASH ETR as the sustainability of tax strategies, so we need to have a need to carefully access the results of this study.