회계이익과 과세소득의 일시적차이 정보가기업의 신용평가에 미치는 영향

The managers have more discretion about accounting procedures under the GAAP relatively to tax law because tax law don't allow managers to use alternative accounting judgement to make tax reports. As a result, managers are likely to make accounting choices opportunistically to upward reported earnings under GAAP. This kind of earnings management for income-increasing cause the temporary differences between book value and tax base of asset or liability(BTD), in turn, is reflected in deferred tax information. Therefore, in this point of view, we investigate whether the information of earning management measured by deferred tax expenses have a effect on the debenture bond rating. To the extent that rating agencies clearly recognize earnings management as well as the magnitude of reported earning when assessing the ability to make payment, we predict that deferred tax expenses affect bond rating negatively. Using a sample of 783 firm-year that have bond rating, we have evidences consistent with our expectation. Specifically, deferred tax expenses have a negative effect on bond rating after controlling other variables that are anticipated to affect bond rating. In addition, after including discretionary accruals estimated from adjusted Jones model as another measure for earnings management, deferred tax expenses have a negative effect on bond rating.