세무상 이월결손금이 재무분석가의 이익예측 오차와 정확성에 미치는 영향 - 법인세법 이월결손금 중심으로 -

This study investigates how tax carryforwards is associated with analysts' forecast error and accuracy. Financial analysts have two points of view how to reflect the tax carryforwards in earnings forecast. The first points of view is that if a company which has the tax carryforwards represent future tax savings, it is financial analysts will have positive view points when they anticipate the earnings forecast. The second points of view is that the tax carryforwards as a signal indicating future loss, it is financial analysts will have negative view when they anticipate the earnings forecast. The empirical results are summarized as follows. First, this paper find that analysts issue significantly more optimistic and less accurate forecasts for firms with tax carryforwards rather than firms without tax carryforwards, and the larger amount of tax carryforwards, is consistent with Amir and Sougiannis(1999). The results in this study imply that analysts incorporate information in the tax carryforwards and such information is also contained in firm's profitability prospects that affect analysts' forecasts. Second, The results are indicate a significant negative(-) in this case exists of tax carryforwards and amount biger that analysts are ress Optimistic in future earnings forecaset. The other side, accuracy is indicate that positive(+) the accuracy comes to be low. This study is an extension of Amir and Sougiannis(1999). Therefore, This study will contribute much to financial accounting and tax research. Because analysts issue forecasts with varying earnings forecasts across firms with and without tax carryforwards, investors should consider the tax carryforwards of firms when they use analysts' forecasts. Also the results in this study suggest that the tax carryforwards should be incorporated in earnings forecast research