장기 조세혜택과 미래 기업가치 간의 관계：기업 지배구조의 영향을 중심으로

[Purpose]This paper focuses on corporate governance and studies what is an appropriate governance structure to improve the relationship between long－term tax benefits granted to companies and future firm values. This study conducted an empirical analysis using three proxy variables of corporate governance (the largest shareholder share ratio, foreign investor share ratio, and board of directors share ratio) in the relationship between long－term tax benefits and future corporate value. [Methodology]The sample of this study are companies listed on KOSPI and KOSDAQ, and the sample period is from 2011 to 2021. In order to control endogenous generation, we conducted an empirical analysis using the performance score matching model (PSM) model among the 2－stage models, and used multiple firm value measures such as “Tobin’s Q” and “Capital Book－to－Market－Value Ratio”. [Findings]The research results of this paper are as follows. First, the relationship between long－term tax benefits and future corporate value was derived as a significant negative (－) relationship. Second, this study found that the stake of the largest shareholder did not have a significant effect on the negative (－) relationship between long－term tax benefits and future corporate value. Third, we found that the higher the foreign investor’s stake in the negative (－) relationship between long－term tax benefits and future corporate value, the more relaxed the negative (－) relationship between long－term tax benefits and future corporate value. Fourth, this research found that the board share did not have a significant effect on the negative (－) relationship between long－term tax benefits and future corporate value. [Implications]The Implications of this paper are as follows. First, this study proved that long－term tax benefits for companies have the effect of reducing future corporate value due to implicit taxes. Second, this paper suggests that the largest shareholder’s share ratio and board of directors’s share ratio among corporate governance structures do not significantly affect the relationship between long－term tax benefits and future corporate value. Third, this study provided useful information that the monitoring effect of foreign investors can play an important role in forming a transparent and healthy governance structure by reporting that the negative (－) relationship between long－term tax benefits and future firm value improves. Fourth, the findings of this paper that long－term tax benefits granted to companies do not help improve future corporate value indicate that the current tax laws related to tax benefits for companies are problematic and suggest that review and reorganization are needed.