조세회피와 기업가치 및 세무위험

This study examines the effect of tax risk on tax avoidance and firm value. It is difficult for a company to maintain low tax burden through tax avoidance, so low tax burden is expected to increase the volatility of future tax burden. Tax risk could have a negative impact on corporate value because it increases the volatility of future cash flows and increases the investor's required rate of return, and could also have a significant impact on the relationship between tax avoidance and firm value. The following analysis was conducted to verify this. First, the relationship between tax avoidance and tax risk is regressed. Second, regression analysis of tax risk and firm value was conducted. Third, tax risk is expected to have a negative impact on the negative relationship between tax avoidance and firm value. From 1999 to 2016, tax avoidance was measured by CASH (GAAP) ETR, and tax risk was measured by 5－year standard deviation of CASH (GAAP) ETR. First, tax risk and tax avoidance were negative (－). An increase in tax avoidance can be interpreted as a reduction in tax risk. Second, tax risk and firm value are negative (－) as expected. If the volatility of the effective corporate tax rate increases, the volatility of future cash flows will increase, negatively affecting the firm value. Third, the negative relationship between tax avoidance and firm value is strengthened by tax risk. This study provides empirical evidence that effective tax planning not only maintains long－term low tax burdens but also lowers tax risk is an important objective. It also suggests the importance of risk management and provides a basis for future research. However, tax avoidance and tax risk are likely to include measurement errors.