세무상 이월결손금과 기업가치에 관한 연구 = An Empirical Study on the Tax Net Operating Loss Carry－forward and Firm Value

다국어 초록 (Multilingual Abstract)

The objective of this study is to examine whether there are relation between the tax net operation loss(NOLs) carry－forward and firm value. The companies can reduce tax expense by using NOLs. Because NOLs can carry forward to reduce taxable income for 10 years under korean tax law. Therefore, the NOLs carry forward system is very useful method to reduce tax expense and the manager can decide when the manager uses the NOLs carry forward system.
This study included samples from companies listed on the Korean stock market analyzed over a six year period (2000－2005). There are not many researches about NOLs, because the NOLs has not been extracted from database system. Therefore we have collected NOLs data by hand.
First, the result of this study indicated that there is a positive association between the NOLs and Firm value. These findings provide that the market or investors recognized that the NOLs is a very effective method to reduce tax expense and evaluated that the NOLs can afford positive affection on firm value. Second, a positive association between the NOLs and Firm value are dependent on the recognition of the deferred tax assets due to the NOLs. There is higher positive association when the possibility of realization on deferred tax assets due to the NOLs is high than when the possibility of realization on deferred tax assets due to the NOLs is low.

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