재무보고의 질과 조세회피가 투자효율성에 미치는 영향

This study examines the effect of tax avoidance on investment and the effect of financial reporting quality on tax avoidance and investment. First of all, empirical analysis shows that tax avoidance affects investment positively. As a result, it was found that over-investment increased as the tax avoidance increased in the over-investment group. This result implies that tax avoidance weakens corporate transparency and that tax avoidance is used for over-investment in order to pursue manager’s private interest by using additional cash flow. In the under-investment group, the effect of tax avoidance on investment was not significant. Second, in the over-investment group, as the quality of financial reporting is increased, the effect of tax avoidance on investment is reduced. This implies that as the quality of financial reporting improves, the monitoring effect of the supervisory bodies such as the board of directors increases, which leads to a decrease in the manager's pursuit of private interest in tax avoidance, and as a result, the over-investment is reduced. These results suggest that if accounting transparency improves as the quality of financial reporting improves, the monitoring and supervisory functions of internal supervisory agencies and external stakeholders such as the board of directors will be improved, thereby inhibiting ineffective decision making due to manager’s pursuit of private interests. Therefore, there is a need for an institutional effort to improve accounting transparency.