세무조사 공시정보의 정보유용성에 관한 연구

초록

The cash enterprises are holding, when compared with the other assets, is relatively more likely to be used for private interests by managers. Accordingly, it is affected by any conflicts between stockholders and those managers’agents any conflicts between the agents of stockholders and of those managers. From this viewpoint, this study has conducted an empirical analysis to find out what effect the market value of the cash may undergo when the information on the tax amount which a tax office has estimated for collection is delivered to the parties interested. 76 enterprises posted to have been to pay certain amount of tax after investigation by tax offices from 2004 to 2014 and their matched firms engaging in the same business during the same period have been estimated to reveal the following results. First, it was found that since any information on the tax investigation and the tax amount to be collected had not been delivered to markets before any tax investigation, there had not been any difference between the market value in the cash of the companies which had been subject to tax investigation and that of those not. Second, when the period of tax investigation had been posted, the market value in the cash of those enterprises whose information had been supposed to be posted had been partly higher than that of those not. This means that the exposure of any corporate wrongdoing by any taxation office had cause conflicts to the agencies of managers and stockholders, which again had possibly forced the enterprises owners to make an effort foe reducing agency costs. Consequently, any endeavor for decreasing the conflicts may have led to relatively higher market value of cash. Third, no significant difference between the market values in cash of the posted enterprises and of non-posted ones has not bee seen. That is, the effect of the information on tax investigation and the tax amount to be collected on information asymmetry and enterprise value has been determined not to be prolonged. So far, any study on tax investigation by tax offices and tax amount to be collected has been focused on the effect of the information on tax investigation and tax amount to be collected on information asymmetry and enterprise value, while this study has the significance in that it has analysed its effect on the conflicts between those agencies and also on agency costs. In other words, this research is very significant since it has verified that the external factor of tax investigation by tax offices causes those conflicts and that any more transparent management for minimizing conflicts brings about the increase of market value in cash.

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