IFRS 도입에 따른 조세회피가 기업가치에 미치는 영향

This study is an empirical analysis of how IFRS adoption affects the relationship between foreign ownership and tax avoidance and the relationship between tax avoidance and firm value. For this purpose, the sample was collected from listed companies from 2006 to 2015, and the data were analyzed separately from 2006 to 2010 before the introduction of IFRS and from 2011 to 2015 after the introduction of IFRS. Empirical results show that the average and standard deviation of all three tax avoidance measures have decreased since the introduction of IFRS. In the correlation analysis, all of the three tax avoidance measures showed a weaker correlation with IFRSs than before IFRSs in relation to firm value measures. In the regression analysis, there was a significant negative relationship between foreign ownership and tax avoidance before IFRS adoption, but not after IFRS. In the relationship between tax avoidance and firm value, the M/B ratio showed negative (-) results for all of the tax avoidance regression coefficients before the introduction of IFRS, but not after the adoption of IFRS. Tobin's Q showed a negative (-) result for all tax avoidance regression coefficients before the introduction of IFRS, but only DD_BTD showed significant results after the introduction of IFRS, and BTD and FLR_BTD showed no significant results. The reason for this empirical analysis is that most of the items measured as tax avoidance before the introduction of IFRS are the result of incorporating into management's legitimate management choice after the introduction of IFRS. As a result of regression analysis between corporate value and tax avoidance, only DD_BTD showed a significant relationship with Tobin Q after the introduction of IFRS. Although the relationship with the M/B ratio was not significantly different from the other two avoidance measures (BTD, FLR_BTD), the magnitude of the standardized regression coefficient was large.