손실기업의 이연법인세자산 실현가능성과 보수주의의 정보효과

초록

We investigate whether management’s decision about the realizability of deferred tax asset provides additional information about the persistence of accounting losses. We posit that if management uses private information in examining the realizability of deferred tax asset, then the realizability of deferred tax asset(unrecognized deferred tax asset) will provide incremental information about the persistence of losses. If management assume that losses are persistent and the realizability of the deferred tax asset is low, unrecognized deferred tax asset will be increased. In contrast, if management assume that losses are transitory and the realizability of the deferred tax asset is high, unrecognized deferred tax asset will not be increased. As the information content of accounting income is different depending on the loss persistent information, this loss persistence information contained in the realizability of the deferred tax asset will be useful to information users. We also examines whether investors generally understand material decisions regarding the realizability of deferred tax asset. We extend prior research by examining how different levels of accounting conservatism and differences in a firm’s information environment affect the pricing of the realizability of the deferred tax asset. Our results suggest that the realizability of deferred tax asset and accounting conservatism provide incremental information about the persistence of losses in loss firms. Further, we also provide evidence that investors do not fully understand loss persistence information on firms with high realizability of the deferred tax asset and investor’ mispricing is prominent in the conservative firms.

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