현금보유, 과잉투자 및 재무이익－세무이익 차이의 관련성 분석

The main purpose of this paper is to examine whether the information content of book income and tax income depends on the cash holdings and the overinvestment. Prior literature on determinants of BTD, most studies that primarily investigate whether fundamental firm characteristics, general corporate governance and ownership structures etc affects BTD. We insist that the cash holdings and the overinvestment drive the larger scale of BTD, as compared to managers with non the cash holdings and the overinvestment respectively. For this purpose, we described prior literature review and we examined various researches to provide understanding of relationships with strategic intent on the cash holding and investment. Overinvestment can generate upward earnings motivation through profit adjustment and may be related to BTD that arises from profit adjustment. Therefore, this paper hypothesize that the cash holdings and the overinvestment exhibit significantly higher levels of BTD than firms with non－cash holdings and the overinvestment. To verify these hypotheses, data were collected through KISVALUE, and the data were tested by basic statics, correlation, regression analysis. Our results are given as follows. First, we find that the changes of cash holding increase in the book income－tax income differences. But, we can not show that the overinvestment increase in book－tax differences. Second, the interaction effect of cash holdings and overinvestment has been shown to be related to decline in BTD. This finding provides a better understanding of the conditions under which the effect factor affect the informativeness of book income－tax income difference, BTD.