세무상 이월결손금 공제기한 연장에 대한 경영자의 실제이익조정 행태에 관한 연구

This study investigates how tax carryforwards is associated with Real Earnings Management. The corporate tax low of Korean has the allowance for tax carryforwards system which can deduct loss from taxable income within the next 10 years when the tax carryforwards is occurred. The sample consists of non－banking firms(1,552 Firm－years)with December fiscal year listed in Korean Stock Exchange over 2005－2012. The data on tax carryforwards, corporate governance variables are collected from the DART of Financial Supervisory Service and other firm－specific data is collected from Kis－Value Ⅲ database. Roychowdhury (2006) finds evidence that firms use multiple real earnings management tools in order to meet certain financial reporting benchmarks to avoid reporting annual losses. Therefore, This study Roychowdhury (2006)’ used a model. This study, we look into the abnormal cash flow from operation(ACFO), abnormal discretionary expense(ADiscExp), and abnormal production cost(AProd), to measure real earnings management. First, this paper find that tax carryforwards exists firms more show lower real earnings mnagement for firms with tax carryforwards rather than firms without tax carryforwards. Secondly, it shows attended result real earnings management depending on the size of money among the company having tax loss carryforward. This proves the company with bigger fundamental money on tax loss carryforward increases the real earning management cost.