감사인의 세무조정서비스 제공과 미래법인세효과의 실현가능성이 이연법인세자산의 가치관련성에 미치는 영향

This study examined whether differential market responses to the deferred tax assets exists with respect to tax return services by the same auditor and realizability of future tax expenses. For the empirical research, the researcher used 2 audit quality measures：whether to provide with tax return service together or not, and tax return service fee to audit fee rate. The sample consists of non－banking firms (1,413 firm－years) with a December fiscal year－end listed on Korean Stock Exchange over 2006－2008. The findings are as follows：(1) that pricing multiples on deferred tax assets are larger for firms with more realizable future tax expenses, (2) that pricing multiples on deferred tax assets are larger for firms that are provided tax return service by the same auditor, and (3) pricing multiples on deferred tax assets are the greatest (smallest) for firms whose future tax expense are more (less) realizable and which are provided tax return service by the same auditor (other tax accountant). However, tax return service fees to audit fee rate are not significantly related to the value relevance of deferred tax assets. The results show that not only the realizability of future tax expenses but also the audit quality have an effect on the value relevance of deferred tax assets. Expecially, this paper contributes to the literature in the way that this study examined market investors consider that audit quality is higher for firms that are provided tax return services from the auditor as the value relevance of deferred tax assets.