이연법인세차의 실현가능성과 가치관련성

This study intends to examine the value relevance of deferred tax assets depending on their realizability. The realizability of deferred tax assets is not easy to estimate. This paper uses the guidelines in Financial Accounting Standards and operationalizes them in various ways. The realizability is estimated using net income in the present period, net income in the coming period, and average ordinary income after tax expenses during a three year period.It is hypothesized that the value relevance of deferred tax assets becomes greater as the realizability of future economic benefit is more certain. When the realizability is higher, association between deferred tax assets and stock price would have a significant positive relationship.The sample consists of non-banking firms (1,200 firm-years) listed on the Korean Stock Exchange over 1999-2002 with a December fiscal year-end. One of the findings indicates that deferred tax assets and deferred tax liabilities are treated as assets and debts, respectively. The results also show that when the realizability is low (high), the deferred tax assets have a weak (significant positive) relation with stock price. This implies that investors have different estimates of the deferred tax assets according to their realizability and the realizability is already reflected on stock price.