세무조사 여부에 따른 조세회피와 기업가치에 관한 연구

Abstract

본 연구는 자본시장의 이해관계자들이 경영자의 조세회피 행위를 판단하는데 있어 기업의 투명성을 고려하고 있는지를 분석하고자 한다. 즉, 기업 투명성이 높은 기업의 경우 경영자의 조세회피 행위는 기업가치에 긍정적인 영향을 미칠 것이지만, 기업 투명성이 낮은 기업의 경우 경영자의 조세회피 행위는 기업가치에 부정적인 영향을 미칠 것이다. 2001년부터 2012년까지 금융감독원 전자공시시스템에 세무조사 및 추징세액에 대한 정보를 공시한 기업을 대상으로 분석한 결과는 다음과 같다. 첫째, 세무조사 대상기간에 대한 세무조사 기업의 조세회피는 비세무조사 기업의 조세회피보다 상대적으로 기업가치에 부정적인 영향을 미치는 것으로 나타났다. 이는 기업 투명성이 낮은 기업의 조세회피는 기업 투명성이 높은 기업의 조세회피보다 상대적으로 기업가치에 부정적인 영향을 미치는 것을 의미한다. 즉, 기업 투명성이 낮은 기업의 경우 경영자에 의한 이익조정의 가능성이 높기 때문에 경영자의 조세회피 행위에 대하여 부정적으로 인식을 한다는 것을 의미한다. 둘째, 세무조사 이후 세무조사 기업과 비세무조사 기업의 조세회피가 기업가치에 미치는 영향에 차이가 존재하지 않는 것으로 나타났다. 이는 세무조사 이후 이해관계자들이 보다 기업에 대한 주의를 기울이고, 경영자 또한 대리인 비용을 감소시키고자 투명성을 높이기 때문인 것으로 판단된다. 셋째, 세무조사 기업의 추징세액이 기업가치에 미치는 영향을 분석한 결과를 보면, 추징세액은 기업가치에 유의한 양(+)의 영향을 미치고 있는 것으로 나타났다. 이는 세무조사의 종결로 인하여 기업의 투명성이 높아졌기 때문에 자본시장의 이해관계자들이 추징세액을 긍정적으로 인식하는 것으로 판단된다. 본 연구는 기업의 조세회피가 기업가치에 미치는 영향이 기업의 투명성에 따라서 달라질 수 있다는 것을 입증하였다는데 그 의의가 있다. 또한 세무조사의 원인인 세무조사 대상기간을 대상으로 검증을 하였다는 것에 있어 선행연구와 차별성이 있다.

This study is to find out if the interested in capital markets are considering the transparency of enterprises when they estimate CEOs’ tax avoidance. While CEO’s tax avoidance of an enterprise with higher transparency will have a positive effect on the value of his enterprise, that with lower transparency will have a negative effect on the value of enterprise. The followings arte the results from the analysis of those enterprises which published the data of tax investigation and additionally levied tax amount on Data Analysis, Retrieval and Transfer System of the Financial Supervisory Service from 2001 to 2012. First, it was found out that the tax avoidance of enterprises targeted for tax investigation during the period of Tax Investigation has more negative effect on firm value than those not targeted for tax investigation, which means that the tax avoidance by the enterprises with lower transparency influences the firm value more negatively that by those with higher transparency. That is, since the enterprises with lower transparency has a higher probability of profit adjustment by managers, the tax avoidance by managers are recognized negatively. Second, it was revealed that after tax investigation there was no difference in the effects of the enterprises which underwent tax investigation and those not on firm value, which is because those interested parties pay more attention to the enterprises after tax investigation and managers also improves their transparency in order to reduce the agent cost. Third, the result on firm value of analyzing the effect of the tax amount additionally levied to the enterprises which underwent tax investigation shows that the additionally levied tax amount has a positive effect on firm value, which means that since the completion of tax investigation has improved the transparency of enterprises those interested in capital markets see the additionally levied tax amount positively. This study has some significance in that it verified that the effects of tax avoidance by enterprises on firm value depend on the enterprise transparency. Furthermore, it is distinguished from any previous studies in that it has performed verification with the subject of the period for tax investigation which is the cause of tax investigation.

This study is to find out if the interested in capital markets are considering the transparencyof enterprises when they estimate CEOs’ tax avoidance. While CEO’s tax avoidance of anenterprise with higher transparency will have a positive effect on the value of his enterprise,that with lower transparency will have a negative effect on the value of enterprise. Thefollowings arte the results from the analysis of those enterprises which published the data oftax investigation and additionally levied tax amount on Data Analysis, Retrieval and TransferSystem of the Financial Supervisory Service from 2001 to 2012. First, it was found out that the tax avoidance of enterprises targeted for tax investigationduring the period of Tax Investigation has more negative effect on firm value than those nottargeted for tax investigation, which means that the tax avoidance by the enterprises withlower transparency influences the firm value more negatively that by those with highertransparency. That is, since the enterprises with lower transparency has a higher probability ofprofit adjustment by managers, the tax avoidance by managers are recognized negatively. Second, it was revealed that after tax investigation there was no difference in the effects ofthe enterprises which underwent tax investigation and those not on firm value, which isbecause those interested parties pay more attention to the enterprises after tax investigationand managers also improves their transparency in order to reduce the agent cost. Third, the result on firm value of analyzing the effect of the tax amount additionally leviedto the enterprises which underwent tax investigation shows that the additionally levied taxamount has a positive effect on firm value, which means that since the completion of taxinvestigation has improved the transparency of enterprises those interested in capital marketssee the additionally levied tax amount positively. This study has some significance in that it verified that the effects of tax avoidance byenterprises on firm value depend on the enterprise transparency. Furthermore, it isdistinguished from any previous studies in that it has performed verification with the subjectof the period for tax investigation which is the cause of tax investigation.