현금수준과 조세회피의 관련성에 관한 연구

The purpose of this study was to examine the relevance between cash level, a typical proxy of corporate capability of tax payment, and tax avoidance, directly and variously. For this, a multiple regression analysis on 10,756 listed companies in KOSPI and KOSDAQ for 10 years from 2002 to 2011 was carried out. And as a proxy of tax avoidance, Desai Dharmapala (2006)’s estimated model was used. Study findings are as follows: First, cash at the end of current term and former term presented significant negative relevance with tax avoidance. Second, all the change of current-term cash and former-term case also presented significant negative relevance with tax avoidance. Third, in case of the model that comprising the level of cash and the change of cash, such current-term variables as cash at the end of current term and the change of current-term cash all presented negative relevance with tax avoidance, whereas former-term cash presented no relevance with tax avoidance, and the change of former-term cash presented positive relevance with it. Study findings seem to present the fact that current-term cash balance or the change of current-term cash has higher relevance with tax avoidance than former-term cash balance or the change of former-term cash does. This study seems to be meaningful in that it examined the relevance between cash, a corporate feature that crucially relating to tax avoidance, and tax avoidance, from a variety of aspects.