국민연금 투자가 기업의 조세회피에 미치는 영향

This paper examines the relation between National pension Service(NPS)'s investment and tax avoidance of listed firms. To achieve this purpose, this paper performs multiple regression analysis with tax avoidance as the dependent variable and NPS's investment as the explanatory variable. This paper uses two difference proxies for tax avoidance. The first measure is the discretionary BTD suggested by Desai and Dharmapala (2006), and the second proxy is the tax Subsidy on equity suggested by Wilkie and Limberg (1993). On the other hand, this paper uses two proxies for the NPS's investment, which are NPS’s shareholdings(%) and dummy variable indicating whether or not the NPS is invested. As a result, this paper finds that NPS's investment significantly reduces tax avoidance of firms. In addition, this paper examines the effect of firm's tax strategy on NPS's investment, and confirms that the firm with more sustainable tax strategy increase amount of the invested by NPS. Based on this results, NPS selects firm with low tax avoidance potential and effectively monitors manager's opportunistic tax avoidance behavior. This paper has two difference in prior studies. First, prior studies analyzed NPS's investment measured by dummy variable indicating whether or not the NPS is invested above 5% and while this paper analyzes NPS's investment measured by NPS's investment by NPS shareholdings(%). Second, this paper analyzes perspectives from not only NPS's monitoring function but also selection function.