기업의 평균세율 측정치의 비교

This paper calculates alternative measures of corporate average tax rate (ATR) or effective tax rate (ETR), i.e., the ratio of total tax expense or current tax expense to pretax income (GAAP ETR or current ETR), and the ratio of current tax expense to actual or estimated taxable income (actual ATR or estimated ATR) and compares their statistical characteristics and relationships. The tax and financial data for the years 2004－2007 of 283 listed manufacturing firms in KIS－Value are used for empirical tests. The empirical results by testing equality of means, testing equality of correlation coefficients, and testing significance of regression coefficients of regression on firm－characteristic variables can be summarized as follows. Firm－characteristic variables are debt ratio, size (natural log of total asset), and profitability ratio (income on total asset). First, tests for equality between ATRs show significant differences, and the coefficients on firm－characteristic variables show differences in sign and significance across the ATRs. These can be considered that the measurement method of ATR can produce different empirical results. Second, GAAP ETR and current ETR having the same denominator of pretax income or current ETR and actual ATR having the same numerator of current tax expense are relatively similar. Third, estimated ATR is the most different from the other ATRs and thought to be an improper ATR proxy.