세금계획과 과세소득의 정보성

For minimizing tax liability, tax planning obscure Firm's acture performance information. In this paper, we hypothesize that taxable income of high tax planning firm is lower the information content that effect stock returns. We examine the information content of taxable income and book income using two relative tests of information content and incremantal explanatory power. We verify difference of information content by regression test between book income, taxable income and stock returns. We find that the information content of estimated taxable income for high tax planning firms is much lower than other firms. so our hypothesis is confirmed. And the second results from our incremental information content tests are also consistent with the information in taxable income for high tax planning firm. as the results, we suggest that tax planning obscures the relation between taxable income and firm performance. we verify that taxable income is not superior performance measure than book income. we suggest that taxable income becomes less informative for high tax planning firms.