자산으로 인식하지 않은 세무상 이월결손금이 기업가치에 미치는 영향

[Purpose] This study aimed to verify the effect of 1) the existence and extent of unrecognized tax loss carry－forwards and 2) the extent of unrecognized tax loss carryforwards on firm value after mitigating the recognition criteria of deferred tax assets. [Methodology] The main test methods to test hypothesis are correlation analysis, mean different t－test, and multiple linear regression analysis. Financial and tax data of 5,028 companies were collected for a total of 14 years from 2005 to 2018 by handy collection. Dependant variable, Tobin’s Q was used as the proxy of the firm’s value, and main independent variables are the existence (dummy variables, TLD) and amount (continuous variables, TLC) of the tax loss carry－forwards as non－recognized deferred tax asset. [Findings] The results of the empirical analysis are as follows. First, there was a positive relation between TLD, TLC and TQ. Second, after the asset recognition standard was relaxed, the unrecognized tax loss carry－forwards had a negative effect on Tobin’s Q. This implies that capital market users may expect tax loss carry－forwards by itself may bring about the reduction of corporate burden regardless of being recognized as deferred tax asset. However, after mitigating the recognition criteria of deferred tax assets, the extent of unrecognized tax loss carry－forwards may be considered lack of business rather than the expectation of tax cuts. [Policy Implications] This study will contribute to suggesting that the accounting authority should regulate the recognition criterion of deferred tax assets for tax carry－forwards losses more clearly and consistently to provide the market with transparent and useful accounting information.