회계이익과 과세소득의 차이가 기업신용등급에 미치는 영향

This study selected only the companies whose credit ratings can be identified among the ones currently listed on the Korea Stock Exchange over 2000-2008, and analyzed the effect that the book-tax difference(BTD) have on their corporate credit ratings. As a result of this analysis, it was found that in the large book-tax difference(Large_ BTD), the book-tax difference(BTD) reaching 50% of the full sample has a significant negative influence on a firm's credit rating. This suggests that the larger the difference between an accounting profit and a taxable income becomes, the more the quality of profit decreases, which eventually grants a lower credit rating to a firm. The same results were obtained when the large book-tax difference(Large_BTD) between an accounting profit and a taxable income reaching 50% of the full sample has been finely classified and analyzed. This study observed that control variables such as debt ratio (DEBT), foreign shareholding(FOR), audit opinion(AUDIT), and firm's size(SIZE) agreed with the signs expected in this study. In this study, many problems remain to be explained. First, the method for estimating a taxable income was used, but when the taxable income is measured, errors may exist in estimating it. Second, the possibility of not using the difference between an accounting profit and a taxable profit was not removed. The findings in this study suggest that book-tax difference(BTD) can be an important factor in assessing a firm's credit, and that it is helpful to providing useful information to a variety of fiscal statement–users(investors, analyzers).