증여세 절세수단으로서 주식증여와 이익조정에 관한 연구

This study focuses on the Majority shareholder's behavior. When Majority shareholder give their stock to family. But, Up to 20% or 30% gift taxes on them. To avoid heavy taxes, they have regard to earning management. The purpose of this study is to examines whether Earning Management exists. This study uses with 'Discretionary Accruals', 'Deferred Taxes', 'Feasibility of Deferred Tax Assets' are as independent variables. As a result of analysis are as follows, First, Pre－gift period Returns of stock are significantly low than post－gift period. An average of pre－gift period is 0.00025. The result of logistic regression is also found to be explanatory with statistical significance. This result explains that Earning management pre－gift period exists. Second, Earning management with discriminatory accruals pre－gift period significantly existed. Explanatory power at the 1% significance level. However, post－gift period also significantly existed.. Third, Significantly negative relationship between GRANT and Deferred tax liabilities has exists. but between GRANT and Deferred tax assets are not. Fourth. GRANT and ROE are not significant. This study has the following implications, First, Verified that Existence of Majority shareholder's earning management. Second, Verified that Deferred tax liabilities has additional explanatory as measure. Third, Verified that Feasibility of Deferred Tax Assets has additional explanatory as measure.