법인세법상 결손금공제제도가 기업의 위험감수성향에 미치는 영향에 관한 연구

The purpose of this study is to examine whether the corporate tax loss offset system positively affects firm risk-taking. To this end, we conducted a sample of companies listed on the KOSPI listed companies and companies listed on the KOSDAQ market for the period from 2002 to 2013, excluding financial industry. The main results are as follows. The corporate tax loss offset system is increases firm risk-taking and the greater the amount of tax refunds (deductions) incurred by the corporate loss carryback system, the higher the firm risk-taking. The loss carryback system has a greater influence on the increase of risk-taking than the loss carryforward system. SMEs that have all the loss carryback system requirements more increase their risk-taking than large firms with only income and loss requirements. In addition, the corporate tax rate cut increases corporate risk-taking. This study is meaningful as it is the first study in Korea on the influence of the corporate tax loss offset system on the risk-taking of the corporate. Tax loss offset system is positive for the corporate to perform risky business. This suggests that it can be suggested to the taxpayers that it will help maintain and grow the firm and activate the national economy.