재량적발생액과 BTD관계 규명을 통한 이익조정에 관한 연구 - 세율인하 중심으로 -

This study investigates whether accounting earnings of korea corporations are managed in response to changes in the statutory corporate income tax rate. Tax reform in the years from 2000 to 2009 reduced the maximum corporate tax rate from 28 percent to 22 percent. If managers attempt to maximize firm value by minimizing tax costs, this tax rate change would have provided a substantial incentive to defer income. The motivation for this study comes from attempts by previous researcheres identify situations in which incentives to manage earnings exist and to find empirical evidence of such management. But we could not find consistent empirical evidence of such management in korea. and we would find consistent empirical evidence of such management in korea by using Book to tax income difference. The results are summarized as follows:First, the results of empirical test significantly lower book earnings in the year prior to tax rate reduction(2001year, 2004year, 2008year)Second, this research rediscovery that BTD(Book to tax income difference) should be useful method in detecting earnings management, through book income and taxable income. Third, If tax cuts is higher, the level of earnings management would be higher. in other words, the level of tax rate reduction have a decisive effect on the earnings management. The findings of this study indicate that Tax reform could be the cause of earnings management.