조세회피와 감사품질이 자기자본비용에 미치는 영향

According to precedent studies, the lower is the quality of accounting information, the more information risk is recognized by investors, and hence in return the higher required return is demanded by investors, which means cost of capital to corporations on the other side. Meanwhile, high quality external audit enhances quality of accounting information and confidence accounting information, and thereby reduces information risk to capital market participants. Accordingly, it is expected that corporations with better audit quality would njoy lower cost of capital. Also, there may be difference in relationship between tax avoidance and cost of capital in proportion to audit quality. This study empirically verifies the effect that corporations' long term tax avoidance and audit quality may give on cost of equity capital. For analysis measurements, accumulated effective corporate tax rate is used to measure tax avoidance, and size of auditor to measure audit quality. The verification results are as follows：Firstly, tax evading corporations show higher cost of equity capital. This means that investors assess the quality of accounting information as low for tax evading corporations, and that more information risk is recognized thereon by investors. Secondly, corporations with a larger auditor show less cost of equity capital. This means that investors give more confidence to accounting information if corporations are audited by bigger auditors. Thirdly, this study verifies whether audit quality effects the relationship between tax avoidance and cost of equity capital, using interaction variable between tax avoidance and audit quality. The study result shows that the higher is audit quality, the less is the positive correlation between tax avoidance and cost of equity capital. This means that audit quality is performing the role of mitigating the increasing burden on corporations' cost of equity capital in the capital market due to tax avoidance.