조기상장 창업중소기업의 회계 및 세무상 특징 분석

Despite governmental supports for going public to help firms’ growth and capital market development, in actual fact early going-public start-up firms are very extraordinary cases. In order to stay alive, small businesses in their early stage are generally expected to have much interest in tax benefits than in capital financing by means of going public. But, some small businesses to pursue the long-term growth through early going-public are rather more interested in raising profitability which can be helpful for listing requirements. Based on private corporation tax report data received for the tax authorities, this study investigates accounting and tax characteristics of early going-public start-up firms, and suggests how to improve accounting system and tax laws which help those firms actively utilize capital market. The results of this study show that, like general expectation, firms to have applied the tax credit for start-up small business, which can be regarded as early-stage firms with nonnegative profitability, tries to make their management performances look better in several years just before going public. Furthermore, such early going-public start-up firms to have applied earnings management are found to take much tax avoidance through lowering taxable income, but not through reporting more tax credits. Such inconsistent results can be explained that taxable income is lowered to reduce likely-to-increase tax burdens under the constraint of the high book-tax conformity, and other tax credits are hard to report while the alternative minimum tax is in effect, and the surveillance of the tax authority is much shrewd in inappropriate reporting of tax credits. Theses results imply that the accounting system should be revised to control excessive earnings management, and economic incentives to lower both listing transaction costs and likely-to-increase tax burdens in going public process should be provided to early-stage firms.