조세회피에 대한 자본시장의 반응에 관한 연구

This study was conducted to find out the effect of tax avoidance on the reaction of capital markets. This study investigates whether and how a firm's implied cost of equity capital is influenced by corporate's tax avoidance activities. In order to find out this tax avoidance impact cost of equity based t year's, t+1 year's based demonstration were separated. The specific purpose of this study are as follows:First, by using three measures for t year: there is negative(-) significant relation between tax avoidance measures by estimated accumulation of previous five years effective tax rate(afterhere, TAXAV2) and actual accumulation of previous five years effective tax rate (afterhere, TAXAV3) and a firm's implied cost of equity capital. Second, by using the previous three measures this time for t+1 year : there is negative(-) significant relation between tax avoidance measures by TAXAV2, TAXAV3 and a firm's implied cost of equity capital measures by GM Model(CostEquity1: t+1 year). And there is negative(-) significant relation between tax avoidance measures by TAXAV2 and a firm's implied cost of equity capital measures by MPEG Model (CostEquity2: t+1 year). These findings are based on corporate tax avoidance activity accumulated in the internal cash flow, capital markets favorably evaluate a firm's implied cost of equity capital can be interpreted as lowering the cost of procurement.