조세회피와 세무위험이 기업가치에 미치는 영향

초록

There are two alternative perspectives on the motivations and effects of tax avoidance in prior research. The first view is that managers undertake tax avoidance for the purpose of reducing corporate tax obligations only. The agency perspective of tax avoidance, however, suggests that obfuscatory tax avoidance activities can create a shield for managerial opportunism and the diversion of rents. Prior research on the valuation of tax avoidance1 primarily focuses on whether the valuation of the level of tax avoidance varies cross－sectional due to corporate governance or the sources of tax avoidance. Tax avoidance may not be sustainable, while tax risk impede analyst`s abilities to forecast future tax expense, suggesting that tax risk may influence investor`s expectations of firm`s future tax－related cash flows. This study, in this respect, investigates the impact of tax avoidance and tax risk to firm value. To measure tax avoidance, we use CASH ETR, Adjust CASH ETR. CASH ETR measured by taxes paid divided by pretax income and Adjust CASH ETR is the firm`s industry－size CASH ETR less the firm`s CASH ETR. To measure tax risk, we use volatility of Cash ETR and Adjust Cash ETR. Tax risk measure by the five－year standard deviation of annual cash ETRs from year t－4 to t. Our sample consists of the firms listed on Korean Stock Exchange over the period of 2001 to 2014, and the sample size is 4,236 firm－year observations. The empirical results of this study are as follows. First, we test the relation between tax avoidance and firm value taking into account the tax risk. This result shows that corporate tax avoidance and tax risk have significantly negative associations with firm value. It suggests that the cost of tax avoidance is more than the benefit of tax avoidance and tax risk influence investor`s expectations of firm`s future tax－related cash flows. Second, we examine the interactive effect of tax avoidance and tax risk on firm value. The result shows that tax risk escalate the negative investor valuation of tax avoidance. It suggests that the valuation of tax avoidance depends on the accompanying level of tax risk. Third, we examine how large business groups impact the association between tax avoidance and firm value, using interaction between tax avoidance and large business groups. Large business groups moderate the negative valuation of tax avoidance and tax risk. Our paper contributes to several streams of accounting research. We contribute to the examining of the relation between tax avoidance and firm value taking into account the tax risk. We demonstrate the importance of examining tax avoidance and tax risk simultaneously rather than in isolation. Our study contributes to better understand the effect of large business groups on the association between tax avoidance and firm value. Therefore, these findings are very useful and provide a lot of important implications to regulators, investors.

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