세무조사 여부에 따른 조세회피와 기업가치에 관한 연구

초록

This study is to find out if the interested in capital markets are considering the transparency of enterprises when they estimate CEOs’ tax avoidance. While CEO’s tax avoidance of an enterprise with higher transparency will have a positive effect on the value of his enterprise, that with lower transparency will have a negative effect on the value of enterprise. The followings arte the results from the analysis of those enterprises which published the data of tax investigation and additionally levied tax amount on Data Analysis, Retrieval and Transfer System of the Financial Supervisory Service from 2001 to 2012. First, it was found out that the tax avoidance of enterprises targeted for tax investigation during the period of Tax Investigation has more negative effect on firm value than those not targeted for tax investigation, which means that the tax avoidance by the enterprises with lower transparency influences the firm value more negatively that by those with higher transparency. That is, since the enterprises with lower transparency has a higher probability of profit adjustment by managers, the tax avoidance by managers are recognized negatively. Second, it was revealed that after tax investigation there was no difference in the effects of the enterprises which underwent tax investigation and those not on firm value, which is because those interested parties pay more attention to the enterprises after tax investigation and managers also improves their transparency in order to reduce the agent cost. Third, the result on firm value of analyzing the effect of the tax amount additionally levied to the enterprises which underwent tax investigation shows that the additionally levied tax amount has a positive effect on firm value, which means that since the completion of tax investigation has improved the transparency of enterprises those interested in capital markets see the additionally levied tax amount positively. This study has some significance in that it verified that the effects of tax avoidance by enterprises on firm value depend on the enterprise transparency. Furthermore, it is distinguished from any previous studies in that it has performed verification with the subject of the period for tax investigation which is the cause of tax investigation. This study is to find out if the interested in capital markets are considering the transparencyof enterprises when they estimate CEOs’ tax avoidance. While CEO’s tax avoidance of anenterprise with higher transparency will have a positive effect on the value of his enterprise,that with lower transparency will have a negative effect on the value of enterprise. Thefollowings arte the results from the analysis of those enterprises which published the data oftax investigation and additionally levied tax amount on Data Analysis, Retrieval and TransferSystem of the Financial Supervisory Service from 2001 to 2012. First, it was found out that the tax avoidance of enterprises targeted for tax investigationduring the period of Tax Investigation has more negative effect on firm value than those nottargeted for tax investigation, which means that the tax avoidance by the enterprises withlower transparency influences the firm value more negatively that by those with highertransparency. That is, since the enterprises with lower transparency has a higher probability ofprofit adjustment by managers, the tax avoidance by managers are recognized negatively. Second, it was revealed that after tax investigation there was no difference in the effects ofthe enterprises which underwent tax investigation and those not on firm value, which isbecause those interested parties pay more attention to the enterprises after tax investigationand managers also improves their transparency in order to reduce the agent cost. Third, the result on firm value of analyzing the effect of the tax amount additionally leviedto the enterprises which underwent tax investigation shows that the additionally levied taxamount has a positive effect on firm value, which means that since the completion of taxinvestigation has improved the transparency of enterprises those interested in capital marketssee the additionally levied tax amount positively. This study has some significance in that it verified that the effects of tax avoidance byenterprises on firm value depend on the enterprise transparency. Furthermore, it isdistinguished from any previous studies in that it has performed verification with the subjectof the period for tax investigation which is the cause of tax investigation.

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