적자회피 기업과 적자순응 기업의 조세회피에 관한 연구

초록

The reduction of non-tax costs that companies should pay for leads to the increase of tax costs, and the increase of non-tax costs leads to the reduction of tax costs according to the contradictory relations between tax and non-tax costs. As a result, differences are inevitable in the manager's will to pay for tax costs between the companies that manage earnings to avoid losses and the companies of loss conformity that report deficit to the capital market. This study tested what kind of difference would be in tax avoidance between the companies of loss avoidance and those of loss conformity among the listed manufacturing companies in the nation. The study estimated non-discretionary profits before the earnings management of the manager with the revised Jones model-based discretionary accruals and the performance-matched discretionary accruals and divided the companies into those of loss avoidance and those of loss conformity based on the sign and size of such non-discretionary profits(NDNI) and reported profits(NI). According to the empirical analysis results, the companies of loss avoidance had significant negative(-) effects on tax avoidance compared with those of loss conformity, which was the same between the results of the revised Jones model and those of performance-matched discretionary accruals. That is, companies of loss avoidance manage earnings to avoid losses because the benefits of loss avoidance are greater than tax costs. Companies of loss conformity have no temptation to manage earnings for loss avoidance since the benefits of loss avoidance are smaller than tax costs.

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