보수주의와 회계이익-세무이익의 차이 및 내재자본비용과의 관계에 대한 연구

초록

In this paper, we show how conservatism in financial income appears in Book-Tax Difference(BTD) and if conservatism lowers the cost of equity by the improvement of earnings quality. The first theme demonstrates if conservatism in financial income is related to Large Negative BTD(LNBTD). We empirically show the fact that LNBTD is related to the conservatism in financial income whereas previous studies have been focused on the relations of Large Positive BTD(LPBTD) to increasing in financial income. That is why this study aims at the suggestion that LNBTD involves the information on the conservatism through the demonstration that conservatism has high relation to LNBTD. The second theme shows if LNBTD, having the information on conservatism, has lower cost of equity than LPBTD. According to previous studies, conservatism provides the information on the low financial risk to investors through reducing manager’s opportunistic behaviors and through applying the prediction of future uncertainty to present time. The goal of second theme, therefore, is the suggestion that LNBTD has informative effect of conservatism through showing that LNBTD, which is highly predicted as conservatism, has lower cost of equity than other LPBTDs. In order to prove the first and second themes, we divide 20% of higher and lower parts of samples into LPBTD and LNBTD after we divide the samples according to the volume of BTD such as previous studies. The proving period of the study is seven years from 1999 to 2005. In order to prove the first theme, we introduce LPBTD and LNBTD to Basu(1997)’s model of conservatism and do regression analysis if conservatism is more related to LNBTD than to LPBTD. In order to prove the second theme, we consider the cost of equity estimated according to previous studies as an independent variable, measured values of unconditional conservatism and conditional conservatism as dependent variables. We also do regression analysis by introducing the cluster of LPBTD and LNBTD to unconditional conservatism and conditional conservatism. The result from the first theme shows that conservatism in financial income is more related to the case of LNBTD than that of LPBTD. This result shows that BTD appears as the form of LNBTD because conservatism in financial income is highly related to tax reconciliation which increases profit in tax and reduces loss in tax. This means that LNBTD has information on conservatism in financial income. The result from the second theme shows that the higher the unconditional conservatism and conditional conservatism the lower the cost of equity in the case of LNBTD. This means that conservatism lowers the cost of equity by reducing the risk of company and suggests the informative effects of conservatism in LNBTD. With related to the first theme, we analyze in detail the difference between the conservatism in LPBTD and that in LNBTD with income statement account and tax reconciliation item. As a result of t-test and logit analysis, we find that loss on impairment of investment asset of income statement account, on the one hand, allowance for bad debt, sales, profit and loss on valuation investments, using the equity method of accounting, investment securities of tax reconciliation item, on the other hand, are significant variables which distinguish the two groups. This study result empirically shows that conservatism in financial income is closely related to LNBTD in which taxable income is greater than financial income. We do additional test on the hypothesis with 30% and 40% division of samples instead of 20% in order to secure the certainty of this study. The result from that supports the second theme but not the first. This may be understood as manager’s opportunistic behavior arises in the case of 20% sample but not in the case of over 20%. We do additional test on the theme by dividing BTD into positive and negative group and as a result, there is, we find, no qualitative difference between the result of the first experiment and that of the second. Unlike the previous studies which were focused on LPBTD, this study shows new relationship between conservatism and BTD through the demonstration that conservatism in financial income is closely related to LNBTD. This study also makes a contribution in providing an empirical evidence for the fact that LNBTD has lower cost of equity than LPBTD because the former has information on conservatism.

키워드