상장시장 유형에 따른 조세회피, 세법과 회계기준 일치성 및 실질투자

Purpose] This study verified the impact of book tax conformity on the relationship between tax avoidance and real investment depending on the type of listed markets. According to previous research, since the characteristics of companies and market pressure are different depending on the type of listed markets, it is expected that there will be significant differences in the impact of tax avoidance and book tax conformity on real investment. [Methodology] A company－year samples were used for companies listed on the KOSPI and KOSDAQ markets from 2011 to 2021. A regression analysis was performed using three measures of tax avoidance, two measures of book－tax conformity, and four measures of real investment. [Findings] As a result of the analysis, it was observed in KOSDAQ listed companies that tax avoidance by companies in industries with low book tax conformity increases real investment. Compared to KOSPI listed companies, KOSDAQ listed companies have a weak governance structure, so agency costs are relatively high and managers have a high tendency to overinvest. Because the proportion of technology－intensive industries is high and the uncertainty of R&D investment is high, it may be relatively difficult to raise external financing. Therefore, in KOSDAQ listed companies, the lower book tax conformity, the easier the opportunities for tax avoidance through various tax adjustment channels, so it can be interpreted that real investment is increased by raising internal funds through tax avoidance. [Implications] In a situation where there is a lack of prior research that comprehensively analyzes the relationship between tax avoidance, book tax conformity and real investment, This study expands previous research and presents practical implications in terms of tax policy by verifying significant differences depending on the type of listed markets.