회계이익과 과세소득 차이가 자기자본비용에 미치는 영향

This study divided KOSPI corporations and KOSDAQ corporations from 2003 to 2009 and analyzed the effects of book-tax difference on capital of cost. The empirical analysis results are as follows. First, multiple regression analysis aiming at KOSPI corporations was conducted, and BTD(book-tax difference) was found to have significantly positive(+) impact on COC(Cost of Capital). With larger BTD, uncertainty is bigger so it increases corporate capital of cost. The multiple regression analysis aiming at KOSDAQ corporations shows the same result, and it means that both markets play an important role in BTD and COC. Second, the analysis aiming at both KOSPI and KOSDAQ corporations also has significantly positive(+) effect on BTD and COC. Through the same results of analyses aiming at each target and the two targets, the hypothesis of this study was adopted and at the same time was more verified. As the limits of the study, firstly, this study estimates and analyzes COC by using Gordon’s DDM(dividend discount model) despite various COC estimation methods, so it is somewhat hard to generalize to overall corporations. Second, all risky factors affecting COC are not considered, so the effects by omitted-variables cannot be totally excluded. In spite of such limits, the findings of this study have found that BTD plays an important role in COC and provides useful information to corporations, showing the study’s contribution.