이연법인세의 재무비율에 대한 영향 및 기업가치 관련성

The purpose of this study is to examine the effects of deferred income tax on financial ratio -debt to equity ratio, shareholders' equity to total assets, the effective corporation tax rate and net income- and the value relevance of deferred income taxes. The main results of our analysis are as follows: (1)The debt to equity ratio of the firm that reports deferred income tax debts decreases by 10%, But the debt to equity ratio of the firm that reports deferred income tax credits increases by 6%. (2)The shareholders' equity to total assets of the firm that reports deferred income tax debts increases by 1%, But the shareholders' equity to total assets of the firm that reports deferred income tax credits decreases by 1%. (3)The net income of the firm that recognizes the growth of deferred income tax debts and the reduction of deferred income tax credits increases by 10%, But The net income of the firm that recognizes the growth of deferred income tax credits and the reduction of deferred income tax debts decreases by 10%. (4)The effective corporation tax rate of the firm that recognizes the growth of deferred income tax debts and the reduction of deferred income tax credits decreases by 12%, But The net income of the firm that recognizes the growth of deferred income tax credits and the reduction of deferred income tax debts increases by 13%. (5)Three extended models based Ohlson(1995) were developed. These models were tested by using ordinary least squares method. As the results of test, the deferred income tax debts has a positive impact on equity value and the deferred income tax credits has a negative impact on equity value.