조세회피와 세무위험이 내재자본비용에 미치는 영향

초록

This study examines the effect on tax avoidance and tax risk on the implied cost of capital. In the traditional viewpoint, tax avoidance is the transfer of corporate resources from the government to shareholders. This has a positive effect on firm value by increasing future expected cash flow and a decrease in shareholder's required rate of return on corporate risk. From the agency perspective, the complex tax structure resulting from tax avoidance can reduce corporate transparency and increase the information risk due to the increase in information asymmetry, which may increase investors' required rate of return. Tax avoidance may be a consistently and be applied only to one accounting period. Managers want to maintain tax burden when establishing tax minimization strategies as well as sustainable and stable. So it will be required consideration of the volatility of the tax strategy and tax avoidance. The empirical results of this study are as follows. The results demonstrate insignificant associations between tax avoidance and implied cost of capital in the whole sample, but the tax risk have positive association with implied cost of capital. It suggests that investors recognize the uncertainty of future cash flows due to the volatility of the tax strategy and tax avoidance and it appeared to increase required rate of return. As a result of analyzing the relationship between the tax avoidance level and the implied cost of capital, it is proved that firms with high tax avoidance levels increase the implied cost of capital when the tax avoidance increases. Firms with low tax avoidance levels showed a decrease in the implied cost of capital when tax avoidance increased. This paper has contributed in that it examines the relationship between capital cost and tax risk as well as tax avoidance. We suggest that it is important to minimize the tax burden while maintaining the volatility of the corporate tax rate as well as tax avoidance, and it is expected that future research will provide a basis for a more diverse approach.

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