이익조정과 조세회피의 관계 및 의미

This study empirically analyzes the relationship between earnings management and tax avoidance. Earnings management is measured by total accruals(TA) and the residuals(DA) of the modified Jones model suggested by Dechow et al.(1995), and tax avoidance is measured by the differences between accounting income and taxable income(BTD) and the residuals(TM) of Han Soon Park(2014) model in which the tax currently payable is added to expand Desai and Dharmapala(2006) model. The analysis period is from 2011 to 2018, and the final samples are 7,961 companies/year data for the listed companies settled in December. The empirical results are as follows. First, there is a statistically significant positive relationship between TA and BTD, and insignificant positive relationship between DA and TM. Furthermore, when the effective tax rate(ETR) is used as tax avoidance, the result shows a significant negative relationship with the earnings management. The logistic regression using a dummy variable of the first quadrant 1 and the second and the fourth quadrants 0 to analyze the cause of different relationships by quadrants shows that net income before income tax(BI) is significantly positive, and taxable income(TI) and operating cash flow(OCF) are significantly negative. Furthermore the first quadrant shows the highest gain on asset valuation and equity method income. This result is interpreted that the firms doing both earnings management and tax avoidance show the higher BI and the smaller TI and OCF than the other firms and use gain on asset valuation and equity method income for management behavior. This study is valuable in that it uses Han Soon Park(2014) model and ETR and gives implications about financial characteristic differences by quadrants.