FIN 48 주석사항 검토: 한국기업을 중심으로

송보미 ( Bomi Song ),정운오 ( Woon-oh Jung ),노희천 ( Hee Chun Roh ) 한국중소기업학회 2016 기업가정신과 벤처연구 Vol.19 No.3

FIN 48은 기업들이 불확실한 조세 포지션을 평가하고 이와 관련된 부채인 미인식세제혜택(UTB)에 대한 정보를 공시하여야 한다고 명시하고 있다. 본 연구는 12월 결산뉴욕증권거래소 및 나스닥 상장 한국기업의 FIN 48 주석사항을 분석하였으며, 또한 FIN48 하에 계상된 미인식 세제혜택(UTB)을 이용하여 동 기업의 과세공격적 행위에 대하여 검토하였다. 검토 결과 첫째, 대응되는 미국기업과 달리, 증권거래소와 기업규모가 동한국기업의 과세공격적 행위에 중요한 역할을 하지 못하는 것으로 나타났다. 둘째, 소매산업에 속한 한국기업이 통신, 금융 및 비즈니스 서비스 산업에 속한 한국기업보다 더욱과세공격적인 성향을 보였다. 셋째, 동 한국기업은 대응되는 미국기업에 비하여 덜과세공격적인 성향을 나타냈다. 본 연구는 또한 다른 조세회피 측정치들을 이용하여 동 한국기업의 조세회피성향을 검토하였으며, 이는 혼재된 결과를 보여주었다. 마지막으로 본 연구는 미인식 세제혜택(UTB)과 다른 조세회피 측정치들 간 상관관계를 분석하였으며, 그 결과 미인식 세제혜택(UTB)과 장기현금유효세율 간에 통계적으로 유의미한 음의 상관관계가 있는 것으로 나타났다. Financial Accounting Standards Board (FASB) Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes: An interpretation of FASB Statement No. 109, requires firms to evaluate uncertain tax positions and disclose information on their liabilities for these positions, unrecognized tax benefits (UTBs). We analyze the FIN 48 disclosures for calendar-year-end Korean companies listed on NYSE and NASDAQ and examine the Korean firms’ tax aggressiveness utilizing the UTBs. The results suggest that stock exchange and firm size do not play a role in the Korean firms’ tax aggressiveness, contrary to the matched U.S. firms and that the Korean firm in the miscellaneous retail industry is more tax aggressive than the firms in the communications, depository institutions and business services. In addition, we find evidence that the Korean firms are less tax aggressive than the matched U.S. firms. We also examine the Korean firms’ tax avoidance tendencies using other measures of avoidance, leading to mixed results. Finally, we examine the association between the UTBs and other measures of tax avoidance and find a significant and negative association between the UTBs and the long-run cash effective tax rate.

감사위원회 재무전문성의 세부구성이 산업전문가 감사인 선임 및 감사보수에 미치는 영향

송보미 ( Bomi Song ),안혜진 ( Hyejin Ahn ),최종학 ( Jong-hag Choi ) 한국회계학회 2017 회계학연구 Vol.42 No.5

감사위원회를 구성하는 사외이사의 재무전문성은 회계전문성, 금융전문성, 감독전문성의 세 세부전문성으로 구분된다. 본 연구에서는 각 전문성을 가진 감사위원이 개별적으로 존재하는 경우와 서로 다른 전문성을 가진 감사위원들이 동시에 존재하는 경우를 구분하여, 이들 전문성이 산업전문가 감사인의 선임과 감사보수에 반영되는 감사인의 노력수준에 어떤 영향을 미치는지를 살펴보았다. 그 결과 회계전문성을 가진 감사위원이 개별적으로 존재하는 경우와 회계전문성을 가진 감사위원과 금융 또는 감독전문성을 가진 감사위원이 함께 존재하는 경우에만 기업이 산업전문가 감사인을 선임하고, 동시에 감사보수가 상승하는 것으로 나타났다. 이 발견은 여러 전문성을 가진 감사위원이 동시에 존재할 때, 감사위원회가 감사인의 감시활동에 대해 보다 더 주의를 기울인다는 것을 나타낸다. 이러한 발견을 종합적으로 해석하면, 감사위원회의 구성원 중 회계전문성의 역할이 매우 중요하지만 다른 전문성을 가진 감사위원들이 함께 감사위원회에 포함되어 있는 것도 마찬가지로 중요하다는 점을 알 수 있다. 각 세부전문성을 별도로 구분하여 수행한 대부분의 선행연구들과 비교할 때, 본 연구는 여러 세부전문성이 함께 존재하는 경우를 포함하여 분석을 수행한 것이므로 감사위원회의 현실과 구성효과에 대한 보다 정확한 정보를 제공한다고 할 수 있다. This study investigates the effect of audit committee financial expertise on industry specialist auditor choice and audit effort reflected in audit fees. Specifically, we divide the financial expertise of outside directors in the audit committee into three sub-categories: accounting expertise, finance expertise, and supervisory expertise. While most prior studies specifically focus on accounting expertise, this study regards audit committee members with valuable non-accounting financial expertise as those who can also contribute to the effectiveness of audit committees by helping the role of the members with accounting expertise. From this view, we investigate the joint effect of the existence of audit committee members with various financial expertise. When we examine each expertise independently, we find that audit committees are more likely to hire an industry specialist auditor and pay higher audit fees when the committees include at least one member with accounting expertise. These findings are consistent with those documented in prior studies. However, when we examine the joint effect of multiple expertise, we find that the previously documented effects of accounting expertise are significant only when the audit committees include members with accounting expertise and a member with other expertise at the same time. These findings suggest that accounting expertise itself, which has been identified by several prior studies as the most important aspect of the audit committee characteristics, does not play an enough monitoring role when there are no other audit committee members with different expertise.

The Joint Effects of Audit Committee Financial Expertise and Auditor Industrial Expertise on the Quality of Earnings

송보미(Bomi Song) People&Global Business Association 2021 Global Business and Finance Review Vol.26 No.3

Purpose: The aims of this study are to investigate the joint effects of financial experts on audit committees (ACs) and industry expert auditors on earnings quality, and to investigate whether the joint effects differ based on subtypes of financial experts on ACs and the mixture of those subtypes. Design/methodology/approach: This study measures AC f inancial expertise and auditor industrial expertise using indicator variables. To measure the quality of earnings, this study employs the approach of Kothari et al. (2005). Findings: The study finds evidence that only the interaction between AC financial expertise and auditor industrial expertise has a positive effect on earnings quality. Specifically, earnings quality improves only when firms have accounting professors or finance experts (excluding finance professors) on ACs, and at the same time, when firms receive external audit from an industry specialist auditor. The study also finds that the positive association becomes obvious when ACs have both accounting and non-accounting experts. More importantly, the positive association is stronger when ACs have both non-accounting experts and more than one type of accounting experts. These results suggest that it is crucial that internal and external audit functions work cooperatively rather than separately, and that ACs include both non-accounting experts and several types of accounting experts. Research limitations/implications: The effects of AC financial expertise on accounting information quality may vary depending on how ACs are actually operated. Thus, it would be worthwhile for future research to explore the effectiveness of ACs in consideration of the operation of ACs. Originality/value: Contrary to prior research, this study examines the interplay of AC financial experts and industry specialist auditors. In addition, this study examines the interplay by using subtypes of financial experts on ACs and the combination of those subtypes. This study can be valuable to policy makers, academicians and investors by providing a more comprehensive view of the effectiveness of internal and external audits.

Tax-Motivated Income Shifting by Multinationals under a Worldwide Tax System

Bomi Song(송보미) 한국경영학회 2017 한국경영학회 통합학술발표논문집 Vol.2017 No.08

This study first provides the empirical evidence on tax-motivated income shifting by multinationals under a worldwide tax system at the subsidiary level. Using subsidiary-specific data of Korean multinationals during 2006-2015, I find that multinationals subject to a worldwide tax regime shift income out of a parent country to low corporate tax rate countries to reduce their worldwide tax burden, consistent with regulators’ concerns about international tax avoidance. In addition, I find that the parent-country outward income shifting has decreased after the adoption of International Financial Reporting Standards (IFRS). But the parentcountry outward income shifting is not affected by the Base Erosion and Profit Shifting (BEPS) package for curbing the international tax avoidance. Furthermore, I show that multinationals utilize intercompany capital transactions with their foreign subsidiaries as a means of international income shifting.

감사시장의 집중도와 감사인 교체빈도 및 계속감사기간 사이의 관계

송보미 ( Bomi Song ),최종학 ( Jong-hag Choi ) 한국회계학회 2016 회계저널 Vol.25 No.4

Big 5가 대부분의 시장을 차지하던 회계감사업계가 Arthur Andersen의 몰락 이후 Big 4로 재편된 이후, 규제기관에서는 4개 뿐인 대형 회계법인들이 감사시장을 과점하면서 큰 영향력을 발휘한다고 우려하고 있다. 과점시장에서는 감사인들 간 경쟁의 부재로 피감기업들이 동일한 감사인을 계속해서 고용할 수 밖에 없어서 계속감사기간이 길어지며, 그 결과로 감사인의 독립성이 저해된다는 것이다. 또한, 이러한 문제점을 막기 위해서는 감사인 강제교체제도를 도입해서 감사인을 자주 교체해야 한다는 주장도 제시되고 있다. 이러한 주장의 진위를 확인하기 위해 본 연구에서는 1994년부터 2012년까지 국내시장의 자료를 이용하여 산업별 감사인 집중도가 해당 산업에서의 감사인 평균 교체빈도 및 평균 계속감사기간으로 측정한 감사시장의 경쟁정도와 관련되어 있는지를 검증하였다. 실증분석결과 규제기관의 예측과 일치하게 산업별 감사인 집중도가 높을수록 감사인 교체가 덜 빈번하게 일어나고 감사인의 계속감사기간이 길어지는 현상이 발견되었다. 이런 발견은 감사인 강제교체제도의 도입을 둘러싼 논란에 여러 흥미있는 시사점을 제공한다. As a result of the Enron-related accounting scandal occurred in year 2001, Arthur Andersen collapsed. After the demise of Arthur Andersen, the audit market became dominated by the remaining 4 large auditors . Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers and thus audit market concentration increased dramatically. Among the several critics on Arthur Andersen for the audit failure, some criticize that Arthur Andersen audited Enron for many years in a row, and thus, formed cozy relationship with Enron and lost auditor independence. In addition, after the passage of Sarbanes-Oxley Act in 2002, the audit fees skyrocketed and firms started to complain about the high audit fees. Subsequently, regulators started to ponder whether the concentrated audit market structure, specifically among large firms, is related to audit quality and audit fees. Specifically, General Accounting Office(GAO, 2003) expressed concerns that increased auditor concentration limited clients’ choice of auditors, reducing the frequency of auditor changes. These problems may lead to long auditor tenure and resulting poor audit quality(Public Company Accounting Oversight Board, 2011). In fact, European Commission(EC, 2010) described that some firms appoint the same auditors for decades without considering for auditor changes. Accordingly, GAO(2003) and EC(2010, 2011) proposed to introduce the mandatory auditor rotation policy to promote more frequent auditor changes. If the policy is introduced, they argue that, the dominance of a few large auditors in the audit market will diminish and audit quality will improve. Further, the regulators believe that the introduction of the mandatory auditor rotation and resulting frequent auditor changes will lower the audit fees. However, practitioners and academics voice against the proposal and claim that the changes will lead to the increase of audit costs (and thus audit fees) as well as the deterioration of audit quality due to the loss of the chance of industry-specific or firm-specific knowledge accumulation through the provision of audit service to a specific client for long periods(Government Accountability Office 2008). In summary, the regulators’ argument is that audit market concentration leads to the decrease in the auditor competition, manifested by less frequent auditor changes and longer auditor tenure (i.e., first link), and this leads to poor audit quality and higher audit fees (i.e., second link). We are not aware of any prior literature that investigates the first link . whether audit market concentration is related to the frequency of auditor switches and the length of tenure. In contrast, there are some studies that link audit market concentration directly to audit quality(e.g., Kallapur et al. 2010; Boone et al. 2012; Newton et al. 2013; Cho et al. 2014), that is, examine the second link. But these studies yield mixed results depending on the proxies of audit quality they used. Thus, it is not yet easy to draw any definitive conclusion whether the regulators’ argument is right. This study looks into the first link in the regulators’ argument empirically to solve this important question. Surprisingly, as mentioned above, the first link is ignored in prior related studies and they directly focus on the relation between audit market concentration and audit quality/fees. Thus, it is not yet clear whether the first link exists in the audit market. That is why this study focuses on the first link and seeks to provide empirical evidence on the concerns of the regulators on the potential effect of auditor concentration. In contrast to the arguments of regulators, there are actually several counter-arguments that auditor concentration is not necessarily related to the level of auditor competition(e.g., Davies and Geroski 1997; Dedman and Lennox 2009; Causholli et al. 2010). Thus, it is an interesting empirical question to check whether regulators’ concerns actually occur in Korean audit market. With a maximum of 10,448 observations collected for the period starting from 1994 to 2012, we empirically test this prediction . the relationship between auditor concentration and the frequency of auditor switches and the length of auditor tenure. For the estimation of auditor concentration, we adopt a frequently-used measure of Herfindahl index estimated on the basis of client total assets and sales for each industry and year. We then measure the frequency of auditor switches as the ratio of the number of auditor switch observations out of the total number of observations in the industry and year and the auditor tenure as the industry-year average length of the auditor tenure. In addition, we divide the time period to 3 sub-samples . the period of Big 6(1994-1998, 2001-2004), Big 5(1999-2000), and Big 4(2005-2012). Empirical findings are summarized as follows. First, we find that the auditor concentration is negatively associated with the industry average of the frequency of auditor switches and positively associated with the industry average of auditor tenure. These findings are consistent with the concerns of regulators. Second, these findings are robust in three sub-periods, suggesting that the findings are not restricted to certain periods only. However, we find that the relationships are relatively weak in the recent Big 4 period. The findings in this study provide important implications. Specifically, the findings suggest that regulators may introduce a mandatory auditor rotation policy in certain concentrated industries to promote more frequent auditor switches. But, given the empirical evidence on the potential negative effect of frequent auditor switches on audit quality, regulators need to pay more attention on maintaining high audit quality in the concentrated industries in the case of the introduction of the policy. In this respect, the findings of this study can be used as a valuable input to policy-makers.

회계감사시장의 경쟁수준과 감사품질 및 감사보수 사이의 관계

조형진(Hyungjin Cho),송보미(Bomi Song),최종학(Jong-Hag Choi) 한국경영학회 2014 經營學硏究 Vol.43 No.5

파렛트 이동량에 대한 시간 단위 군집화 예측 모델

문현지 ( Hyunji Moon ),송보미 ( Bomi Song ) 한국로지스틱스학회 2019 로지스틱스연구 Vol.27 No.4

데이터 수집 및 처리 기술이 발전하면서 빅데이터 분석 및 활용이 증가하고 있다. 물류 산업에서도 다양한 데이터가 더 높은 빈도로 수집되고 있으며, 이에 따라 데이터 분석 역시 더욱 세분화된 하위집단을 대상으로 시도되고 있다. 물류 데이터는 대표적인 시계열 데이터로서, 시계열 데이터에서 이러한 경향은 복잡한 계절성과 다양한 설명변수와 같은 새로운 데이터 특성을 의미한다. 그러나 기존의 많은 시계열 예측 모델은 구조적 한계로 인해 이러한 새로운 데이터 속성을 반영하지 못하여 낮은 예측 정확도를 보인다. 이러한 한계를 극복하기 위하여 본 논문은 시간 단위 군집화 모델을 제안한다. 제안한 모델은 시간 단위를 기준으로 시계열 데이터를 분류한 후 단위별로 분리된 시계열 집단들을 군집화한다. 또한 복잡한 계절성은 푸리에 방식으로, 다양한 설명변수는 베이즈 일반화된 선형 모델로 표현한다. 제안한 시간 단위 군집화 모델을 파렛트 대여기업의 실제 데이터에 적용하고, 기존의 프로펫 모델과 비교한 결과 더 높은 정확도로 예측값을 산출함을 확인하였다. As data collection and processing technologies evolve, big data analysis and utilization efforts are increasing. In the logistics industry, data are being collected with higher frequency and diversity, and analysis is conducted on subdivided groups. Logistics data are generally time series data, and such trends in time series data suggest new data characteristics: complex seasonality and various explanatory variables. However, a lot of existing time series models fail to reflect these new characteristics due to structural limitations, resulting in low prediction accuracy. To overcome this limitation, this paper proposes a time unit clustering model. This model classifies time series data based on time units, days of the week for example, and then clusters time series groups. In addition, Fourier series regression is used to model complex seasonality, and various explanatory variables are modeled through a Bayesian generalized linear model. The proposed model was applied to real data from the pallet rental company. This logistics flow amount data displayed the characteristics of recent time series data. Compared with prophet models, the proposed model yielded predictions with higher accuracy resulting from its capability to model the difference between time units through clustering.

The Efficiency of Single and Multi-Airport Systems: A Data Envelopment Analysis

허재원(Jaewon Her),최동현(Donghyun Choi),송보미(Bomi Song) 한국생산관리학회 2020 韓國生産管理學會誌 Vol.31 No.1

증가하는 항공 수요를 대응하기 위하여 각 공항 및 국가는 크게 두 가지 방법 중 하나를 선택하고 있다. 그 중 하나는 새로운 공항을 건설하여 복수의 공항을 운영하는 복수 공항 접근법이고 다른 하나는 기존 공항을 폐쇄하여 하나의 공항만을 운영하는 단수 공항 접근법이다. 본 논문은 두가지 시스템의 효율성을 비교하기 위하여 DEA 방법론을 활용하여 분석하였다. 그 결과 전체적으로는 단수 공항이 그 효율성이 좋게 나왔으나, 미국이나 아시아태평양 지역의 결과가 유럽과는 다르게 도출되었다. The following two approaches have been employed to increase the capacity of airports in a region. First, a new airport is built in the region and the old airport continues to operate (multi-airport system, MAS). Second, the old airport is closed when a new airport is opened (single airport system, SAS). To compare the efficiency of these two approaches, this study analyzed the efficiency of airports in SAS and MAS using data envelopment analysis. Results indicated that the average efficiency score of SAS was higher overall. However, there were differences across regions (Asia-pacific, USA vs Europe.

관계기업 간 일감떼어주기와 합병을 통한 경영권 승계 : A전자 사례

권세원 ( Sewon Kwon ),김범준 ( Bum-joon Kim ),송보미 ( Bomi Song ) 한국회계학회 2017 회계저널 Vol.26 No.2

본 논문은 관계기업 간 일감떼어주기와 적격합병제도를 활용하여 세금 납부 없이 창업주가 자신의 두 아들에게 주식과 경영권을 승계하고, 이후 기업공개를 통해 이를 현금화한 사례를 분석한다. 전기밥솥을 생산하는 A전자는 창업주의 두 아들이 대주주인 B유통사를 설립하여 자사가 생산한 밥솥제품 대부분의 판매를 담당하게 하였다. A전자는 과거 규제가 명확하지 않았던 관계기업 간 일감떼어주기 거래를 통해 이익의 대부분을 B유통사로 이동시켰다. 대주주일가는 이러한 거래를 통해 마련한 자금을 바탕으로 적격합병제도를 활용하여 A전자와 B유통사를 합병시켰고, 그 결과 상속세나 증여세 등의 세금 납부 없이 대주주의 지위를 창업주로부터 큰 아들에게 이전하였다. 뿐만 아니라 A전자의 증권시장 상장을 통해 작은 아들은 자기지분을 구주매출형식으로 매각하여 지분을 현금화하였다. 본 사례는 일감떼어주기와 적격합병 그리고 증권시장 상장이라는 일련의 과정을 통해 상속세나 증여세 납부 없이 창업주의 지분을 두 아들들에게 이전하는 과정을 보임으로써 소액주주를 보호해야 하는 금융감독기관과 공정하게 세금을 징수해야 하는 과세당국이 이러한 유형의 사례들에 대해 어떻게 대응해야 하는지에 대한 시사점을 제공하고 있다. This paper analyzes the case that the heirs of the founder acquires the ownership of their father`s firm without paying taxes using a transfer of the business between affiliated companies and an legitimate merger system and then cashes them through the company`s initial public offering. A Electronics Co., Ltd., which produces electric rice cookers, has established B Distributor Co., Ltd., whose major shareholders were two heirs of the founder of A Electronics, and has been responsible for most of the sales of rice cooker products produced by A Electronics. A Electronics has transferred most of its profits to B Distributor through inter-company transactions that were not clearly regulated in the past. B Distributor merged A Electronics using the merger based on the funds created through these transactions and as a result, transferred the status of the major shareholder from the founder to the older son without paying gift tax. This case provide the insights to the financial supervisory service and the tax authority for making regulation regarding related party transactions.

사례분석을 통한 제조 업체의 유동 물류센터 구축을 위한 물류네트워크 최적화 연구

채준재 ( Junjae Chae ),최동현 ( Donghyun Choi ),송보미 ( Bomi Song ),김진성 ( Jinsung Kim ),김민희 ( Minhee Kim ) 한국로지스틱스학회 2019 로지스틱스연구 Vol.27 No.3

재고 정보의 향상, 대량 생산을 통한 비용 절감, 가치 사슬의 전문화 및 분업화에 따라 물류 네트워크는 점점 복잡해지며, 글로벌화 되고 있다. 이러한 환경 속에서 각 기업들은 물류 비용을 최소화하며 리드타임을 최소화할 수 있는 물류 네트워크 구축을 위해 다양한 노력을 하고 있다. 특히, 인건비 등의 변화로 인해 외부 환경이 변하고 있는 주로 동남아시아에 진출한 우리나라의 섬유 및 봉제 업체의 경우에 이러한 외부 환경의 변화에 능동적으로 대응하기 위한 노력이 필요하다. 본 연구는 실제 이러한 상황에 있는 기업을 선정하여, 기업 사례를 심층분석하여 솔루션을 제안하고 이를 통해 유사한 상황에 있는 기업들에게 시사점을 제공하는데 그 목적이 있다. 이를 위해 한국, 일본, 중국, 대만 등 다양한 곳에서 조달 받고 있으며, 미얀마, 인도네시아, 베트남 등에 제조시설을 가지고 있는 업체를 심층 분석하였다. 본 연구의 결과를 바탕으로 물류 비용 및 리드타임을 최적화 할 수 있는 유동물류센터의 위치를 제안하였다. Supply chain and logistics network is becoming more complex and globalized due to increase in inventory visibility, cost reduction from mass production, specialized role within value chain. Changing environment lead firms to reconstruct logistics network to reduce cost and lead time. Especially, to adopt changing environment in South East Asian countries, fabric and fashion industries Original Equipment Manufacturer (OEM) firms are moving their facilities to different countries. This situation causes find and rebuild its logistics network strategies. Purpose of this case study is to providing solution to the firm and this result can also give implication to firm in similar situation. The firm for case study has its supplier at China, Japan, Korea and so on and its manufacturing sites are located at Vietnam, Indonesia, and Myanmar. We used CPLEX model to find floating logistics hub to minimize logistics cost and lead time. Based on result of analysis, we provide solution to locate logistic hub for short and medium term to build flexible logistic network.