회계이익과 세무이익의 차이와 이익성장성

초록

The purpose of our study is to provide the information content of Book－Tax Differences(BTD). In concrete, we analyze the expected BTD and the growth of earnings before tax and the growth of corporate tax cost, and we divide sample into several groups：high BTD, earnings management and conservatism. Considering the groups, we examine the reason for the information content of unexpected BTD for the growth of earnings. Our results are as follows. First, higher unexpected permanent difference and temporary difference tend to decrease the growth of earnings before tax and growth of corporate tax cost. Specifically, unexpected temporary difference those are expected to be reversed in subsequent years, are correlated with the growth of corporate tax cost, more than the unexpected permanent difference are. It implies that both temporary difference and permanent difference have information content for the future performance. Second, negative unexpected temporary difference of LNBTD tend to increase the growth of earnings and the growth of corporate tax cost, however,positive unexpected temporary difference of LPBTD have proclivity to decrease the growth of earnings and the growth of corporate tax cost. It is meaning that the information content of BTD toward the growth of earnings, contain not only negative information, but also positive information. Additionally, due to the conservatism and earnings management, unexpected temporary differences of LNBTD (LPBTD) are more negatively correlated with the growth of earnings. It is showing that positive unexpected temporary difference due to the earnings management decrease the growth of earnings, and negative unexpected temporary difference due to the conservatism increase the growth of earnings. In addition, in order to test information content of unexpected BTD, we examine the relation between unexpected BTD and subsequent stock return. The market tends to interpret unexpected BTD of the group with earnings management and LPBTD negatively. We prove that, in the process of testing information content of BTD toward the growth of earnings,not only temporary difference, but also permanent difference can be exploited as a measure of the growth of earnings. Also, we contribute to the literature by examining the causal chain of information content of BTD, with consideration of the groups with earnings management and conservatism.

키워드