회계이익과 과세소득의 차이가 타인자본비용에 미치는 영향

Recent academic studies investigates book-tax differences as an indicator of earnings management. Tax accounting texts claim that the differences between pre-tax financial reporting earnings and taxable income(i.e. book-tax differences) can provide information about current earnings, and the large differences between book and taxable incomes should have been an indicator of low-quality financial reporting earnings. The underlying maintained hypothesis is that because less discretion is allowed in the computation of taxable income, book-tax differences can informative about management discretion in the accruals process. So, this research regard book-tax difference as manager's opportunistic behavior result and then investigated the effect of book-tax difference in market valuation from 2001 to 2008. The empirical findings are consistent with larger book-tax difference being associated with higher cost of debt capital. That means rational investors demand a premium for bearing this book-tax difference-related information risk, which in turn leads us to observe a positive relation between the intensity of book-tax difference and the cost of debt capital. Overall, we interpret this evidence as indicating that large book-tax differences reflect information that represents a higher risk of earnings management. We interpret this as being consistent with the book-tax differences reflecting information earnings management.