품질투자지표와 이익조정：회계이익과 과세소득의 차이를 중심으로

[Purpose]This study verified the relationship between the quality investment index (quality factor) and earnings quality, which is one of the investment techniques based on accounting information. There are various methods of factor investing, and among them, investment strategies based on fundamental analysis are known to achieve high returns. [Methodology]We investigated the relationship with quality investment indicators was verified using discretionary accruals along with the Book－Tax Difference(BTDs), the most widely used method of measuring earnings quality. Quality investment indicators were measured by the method suggested by Asness et al. (2019). [Results]As a result of the analysis, BTDs and the quality investment index showed a significant negative relationship even after controlling for certain variables. In other words, the better earnings quality, the higher the score of the quality investment index. Similar results could be confirmed when these results were measured as discretionary accruals. [Implications]This study reveals that the investment method of basic analysis is based on the transparency of accounting information. It is meaningful as a study that empirically confirmed that the reason for generating excess profits does not necessarily have to be based on high information risk or opaque accounting information.