조세회피와 감사품질과 타인자본비용의 관련성

This study empirically verifies relevance that corporations' long term tax avoidance and audit quality may give on cost of equity capital with companies listed on Korean Stock Exchange over 2002-2008. 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 avoiding corporations show higher cost of debt capital. This means that investors assess the quality of accounting information as low for tax avoiding cprporations, and that more information risk is recognized thereon by investors. also, corporations with a larger auditor show less cost of debt capital. This means that investors give more confidence to accounting information if corporations are audited by bigger auditors. Secondly, this study verifies whether audit quality effects the relationship between tax avoidance and cost of debt 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 debt capital in the capital market due to tax avoidance.