투자지국의 배당소득 익금불산입제도 신설이 원천지국 자회사의 배당성향 및 이익률에 미치는 영향 - 일본계 기업을 중심으로 -

최보람 ( Boram Choi ),최기호 ( Giho Choi ) 한국회계학회 2015 회계저널 Vol.24 No.4

본 연구는 원천지국의 조세제도 변경이 투자지국의 자회사의 회계의사결정에 미치는 영향을 일본의 세법 변경 사건을 대상으로 연구하였다. 일본에서는 2009년 4월 이후 개시하는 사업연도부터 외국 자회사가 일본 내 모회사에게 배당을 지급할 경우 외국납부세액공제방식 대신에 모회사가 받는 배당소득의 95%를 법인세 과세표준에서 제외시키는 새로운 법령을 도입하였다. 이는 해외자회사의 배당 송금을 증가시켜 국내 경기를 활성화하고자함이다. 이에 따라 본 연구에서는 이 제도 시행이 일본계 한국자회사의 이익률과 배당성향에 어떠한 영향을 미쳤는지를 2008년부터 2011년 연속하여 한국에서 사업을 영위하고 있는 일본자회사를 대상으로 분석하였다. 본 연구에서는 세 가지 연구주제를 분석하였다. 첫째는 일본계 한국자회사의 배당이 증가하였는가와 만약 증가하였다면 그 배당의 증가가 실질적 증가인가 혹은 조세전략적인 증가인가를 분석하였다. 이를 위해서 2008∼2011년 사이 배당실적을 시계열적으로 분석하고, 세법 개정 직전인 2009년에 배당이 감소하고 2010년에 다시 배당이 증가하는 지를 평균 차이 분석을 통해 확인하였다. 그러나 그 배당의 증가 이면에는 일본 모기업들의 조세전략 활용이 있었는데 2008년에서 2009년 이익이 크게 상승하였음에도 2008년보다 2009년의 배당지급액을 줄이고 2010년에 배당지급액을 통계적으로 유의하게 증가시켰다. 이는 일본내국 법인세율 부담을 낮추기 위해 기간 이전의 전략을 사용한 것으로 해석된다. 둘째, 조세전략행위로서 이자나 사용료의 배당 전환이나 모기업으로부터의 소득이전이 있다면 이는 2009년 세법 개정 이후 세후 순이익의 비정상적인 증가가 나타날 것으로 예상하고 우리나라의 일본 자회사들의 세후 순이익이 2009년 이후 비정상적으로 증가하였는지를 확인하였다. 분석 결과 배당금 익금불산입 제도 시행 이후에 일본 자회사의 이익률이 증가하였고 동일 시기의 동일 규모의 국내 대응 기업과 비교하더라도 일본 자회사의 이익률이 더 증가한 것을 확인할 수 있었다. 셋째, 2009년 일본의 세법 개정 이후 한국자회사들의 배당성향 변화를 확인하고자 하였다. 만일 배당성향이 증가하였다면 여러 가지 조세전략 차원의 대응에도 불구하고 순수하게 증가한 배당이 더욱 크다는 의미이며 일본 세법개정의 정책적 목표가 달성된 것으로 해석할 수 있다. 그러나 분석 결과 배당성향의 경우 세법 변경 이후 통계적으로 유의적인 증가가 없었고 대응 기업과의 차이도 발견되지 않았다. 이는 세법 개정이 해외 자회사의 배당을 증가시켜 일본의 국내 경기를 상승시키려는 정책의 당초 의도와는 다르게 배당총액은 증가하였을지라도 실제 이익의 증가가 더 컸기 때문으로 해석된다. 본 연구의 실무적, 학문적 의의는 다음과 같다. 첫째, 대한 투자규모가 높고 경제적 영향도가 높은 일본의 새로운 세제가 우리나라에 미치는 경제적 영향을 실증적으로 검증하였다는 점에서 의의가 있다. 둘째, 외국자회사의 배당금 익금불산입 규정에 대한 정책 검증을 하여 향후 우리나라가 이 제도를 도입할 때 시사점을 가질 수 있다. 셋째, 조세정책이 기업의 실제 의사결정에 미치는 영향을 확인하였다는 의의를 갖는다. 넷째, 본 연구의 결과를 통해서 배당과 세율간의 관련성에 대한 실증적 근거를 통하여 정책을 판단할 수 있는 기회가 된다. This paper examines the effect of tax reform of Japan, which received dividends from foreign subsidiary is 95%-exempt from 2009, on Japanese subsidiary in Korea. Japan abolished in 2009 the foreign tax credit related to dividends from foreign subsidiaries to the parent company in Japan. Instead, Japan adopted the foreign dividend exemption method and the dividend from foreign subsidiaries became non-taxable income. Due to the higher corporate income tax rate in Japan, it has been more preferable to retain the profits of foreign subsidiary locally than to pay dividends to Japanese parent company. Japan authorities expect to stimulate the Japanese economy by adopting the foreign dividend exemption method. Because of in the exemption method, the tax burden of dividends from foreign subsidiaries is reduced and many Japanese firms don``t need to retain locally or hesitate to send their retained earnings to Japan. Corporate income tax rate in Korea is lower than that of Japan and it may be an effects of the foreign dividend exemption method on the tax strategy of Japanese subsidiary. Chi and Choi (2013) investigated this tax reform by case study method. They suggested three types of possible tax strategy of Japanese subsidy. The first type is to delay that date of dividend payment to the enforcement date of the exemption method. The second type is to change from royalties to dividends, because the foreign dividend exemption method may sufficiently increase preference to dividends among the methods of sending foreign subsidiary``s profits to the parent company. The last third type is to increase profits to foreign subsidiaries using transfer pricing for switching the place of profit attribution. We investigate the effect of Japanese tax reform on income ratio and dividend tendency of Japanese subsidiary in Korea, which are deflated by prior total asset and total sales, and deflated by net income and prior total asset, respectively. For this study, we hand-collect consecutive active company in Korea from 2008 to 2011, for, most subsidiaries are unlisted companies. Specifically, this research investigates three subjects. The first research question is how much Japanese subsidiary in Korea increase its payment dividends and the increased dividends are real or tax-strategic. We analyze the dividends payment of each year from 2008 to 2011 and find that the dividend payment of 2009, just before the exemption, is reduced and that of 2010 is increased significantly. This result explains that the deferral dividend strategy is utilized for saving tax payment in Japan. The second research question is whether net income increases abnormally from transfer pricing or economical support for switching the place of profit attribution. In this case, to prove abnormality needs the matching samples which are assumed normal. For this reason, we collect matching samples and use to investigate the second and the third research questions. Japanese subsidiaries are more profitable after tax reform than before tax reform and the rate of profit is abnormally increased than that of normal matching firms. The third research question is whether there is no effect on dividend tendency in result of tax strategy. If dividend tendency after tax reform is really increased, Japanese authorities may achieve their policy purposes, if not, Japanese subsidiaries just use the policy and Japanese authorities may fail their policy purposes. We find that there is no insignificant difference of dividend tendency between after and before tax reform, and between Japanese subsidiaries and matching firms. This is the first empirical study to examine the effect of foreign tax reform on foreign subsidy in Korea. We believe that our empirical evidence would suggest the tax authorities considering the global change from worldwide tax system to territorial tax system.

세무상 이월결손금 공제규모 축소와 이익조정

최보람 ( Boram Choi ),유지선 ( Ji Seon Yoo ) 한국회계학회 2022 회계저널 Vol.31 No.2

본 연구는 2014년부터 2020년까지 KOSPI 기업을 표본으로 하여 세무상 이월결손금과 이익조정의 관계를 연구하였다. 아울러 해당 시기 중 개정된 세무상 이월결손금의 공제한도 축소규정이 이월결손금과 이익조정과의 관계에 추가적인 영향을 미치는지 여부를 확인하고, 이러한 영향이 대기업과 중소기업에 차별적으로 발생하는지 검토하였다. 본 연구의 분석 결과는 다음과 같다. 첫째, 분석대상기간 동안 이월결손금은 발생액이익조정과는 양(+)의 유의하지 않은 관계를, 실질이익조정과는 양(+)의 유의한 관계를 보였다. 둘째, 이월결손금 공제한도 축소가 대기업과 중소기업의 이월결손금-이익조정의 관계에 차이를 발생시키지 않았다. 즉, 공제한도 축소가 이를 적용받은 대기업의 이익조정 행태에 평균적으로 유의한 영향을 미치지 못하였음을 확인하였다. 셋째, 강건성 분석을 통해 공제한도 축소가 이월결손금 규모가 크면서 (작으면서) 영업성과가 좋은 (낮은) 기업의 이익조정 행태에 유의한 영향을 미침을 확인하였다. 이는 공제한도 축소가 특정 상황의 기업에만 영향을 미치기 때문에 전체 표본을 이용한 분석에서 공제한도 축소의 유의한 영향을 관측할 수 없었음을 의미한다. 본 연구는 이월결손금 공제기한 연장의 영향을 통제한 후 이월결손금 공제한도 축소의 영향을 분석한 최초의 연구인 점에서 의미를 갖는다. We aim to examine the effects of the introduction of the tax net operating loss (NOL) limitation on the relationship between tax NOL and earnings management. Several studies conducted during the late 2000s and early 2010s documented a positive relationship, as the existence of tax NOL carryforward promotes earnings management to utilize NOL within the permitted period (Park and Song 2008; Kim and Lee 2009; Park and Yook 2011a; 2011b). However, these studies generally examined selected facets of this relationship; only a few, such as Song and Shim (2013) and Cho and Lim (2016), sought to expand research by identifying factors influencing the relationship between tax NOL and earnings management. Choi et al. (2019) cited the difficulty of collecting tax NOL data as the primary reason for the lack of relevant research. Consequently, studies of tax NOL have declined in recent years. Despite the decline in studies, there have been enactment or revision of several tax laws related to tax NOL. First, the tax NOL carryforward period has been extended. Any tax NOL generated on or after (before) the taxable year of 2009 (2008) is allowed to be offset within 10 (5) years. The carryforward period is further extended to 15 years for tax NOL generated on or after the taxable year of 2020. These extensions of the NOL carryforward period may weaken the ‘motivations’ for earnings management to utilize tax NOL. Second, the tax NOL limitation was introduced. Any tax NOL of firms other than small and medium-sized firms (hereinafter “large firms”) generated on or after the taxable year of 2016 is allowed to be offset by up to 80% of the total tax base. This limitation decreases gradually to 70% for 2018 and 60% for taxable years on or after 2019. The introduction of the NOL limitation represents a restriction on the NOL carryforward period extension. Because previous analyses of the relationship between tax NOL and earnings management used financial data ending on or before 2014, the results do not appropriately reflect the effects of tax law changes occurring after 2009. Our study uses financial data from 2014-2020, a period in which all tax NOL is subject to the carryforward period of 10 years. Thus, this study is the first to examine the relationship between tax NOL and earnings management after controlling for the effects of the extension of the NOL carryforward period, and the analysis yields three findings. First, we find a positive but insignificant association between tax NOL and discretionary accrual (DA), inconsistent with previous studies. However, we observe a positive and significant association between tax NOL and real activity earnings management (REM). These results confirm that the influence of the earnings management behavior of firms decreased after the extension of the NOL carryforward period. Choi et al. (2019) explain that the cost of DA is higher than that of REM because DA involves changes in accounting policy, which will be accompanied by potential legal or political costs. Our results support this view. Second, we find no significant impact of the tax NOL limitation on the relationship between tax NOL and earnings management. Specifically, the relationship between tax NOL and earnings management for large firms (firms limited in NOL offset) is not significantly different from that for small and medium-sized firms (firms not limited in NOL offset). We attribute this lack of significance to differences in the weight of the influence of the NOL limitation among large firms. That is, the NOL limitation only affects large firms under particular circumstances, and thus statistical significance is not observed on average. Third, based on the conjecture that firms with a larger (smaller) amount of tax NOL and higher (lower) operating performance will be affected by the introduction of the NOL limitation to a greater extent than those with a larger (smaller) amount of tax NOL and lower (higher) operating performance, we re-examine the effects of the introduction of the NOL limitation on firms that are expected to be particularly affected by the NOL limitation. The results show that the positive relationship between tax NOL and earnings management becomes stronger for these firms after the introduction of the NOL limitation. Therefore, we confirm that the introduction of the NOL limitation selectively influences firms under certain conditions. Finally, we further examine earnings management in the year prior to the introduction of the NOL limitation. No earnings management behavior is detected prior to the introduction. We also identify that the recognition of deferred assets in NOL does not influence the relationship between tax NOL and earnings management. Overall, our findings imply that tax law enactments or revisions related to tax NOL have a limited impact on decision-making by management. Therefore, we contribute empirical evidence and the political implication that the recent changes in tax laws related to tax NOL have achieved their policy goals of preventing significant tax planning by firms through earnings management.

Multi-platform Metabolomics for Origin Discrimination of Ginger (Zingiber officinale) Rhizom

Boram Choi(최보람),Da Hye Yoon(윤다혜),Jae Suk Ban(반재숙),Young Seob Lee(이영섭),Kwan Woo Kim(김관우),Je Hun Choi(최재훈),Dae Young Lee(이대영) 한국약용작물학회 2022 한국약용작물학회 학술대회논문집 Vol.2022 No.1

The Function and Mechanism Study of Myelin and Lymphocyte Protein(MAL) Gene as a Tumor Suppressor in Gastric Cancer

Boram Choi,Tae-Su Han,Jimin Min,Keun Hur,Hyuk-Joon Lee,Han-Kwang Yang 대한종양외과학회 2016 대한임상종양학회 학술대회지 Vol.2016 No.2

“I am not what I am”: The Ambivalence of All-Male Performance in Ninagawa Yukio’s Twelfth Night

Boram Choi(최보람) 한국셰익스피어학회 2020 셰익스피어 비평 Vol.56 No.2

This article studies the concept and practice of gender ambiguity in Japanese theatre culture by examining Ninagawa Yukio’s Twelfth Night (2009). Ninagawa employs an all-male cast to emphasise the subject of gender ambiguity and fluidity. By adapting some traditional Kabuki forms, he tries to recreate the beauty of ideal femininity through the convention of onnagata, which can be understood in the context of Japanese cultural preference for ambiguity in representing gender and sexuality. However, at the same time, his actors present a series of stereotyped gender actions based on the principles of Shingeki, which highlights the distinction between female and male roles in modern Japanese society. As a result, although his theatrical practices of gender ambiguity allow the audience to explore multiple gender roles, they are not radical enough to question the present concept of femininity and masculinity that have been socially constructed and accepted. Ninagawa’s eclectic use of different acting forms reflects the anxiety of Japanese culture regarding both conservative and radical attitudes towards gender. By examining the descriptions of the female characters performed by the male actors, this article explores how Ninagawa perceives the traditions of gender ambiguity in Japanese theatre culture, and points out that the director is still trapped in the gender stereotypes by adopting the acting style of Shingeki.

Virus-induced gene silencing in pepper using a broad bean wilt virus 2-based vector system

Boram Choi,Myung-Hwi Kim,Jang-Kyun Seo 한국농약과학회 2018 한국농약과학회 학술발표대회 논문집 Vol.2018 No.10

Therapeutic effect of methanol extracts of Capparis ecuadorica leaves on atopic dermatitis of IL-4/Luc/CNS-1 model mice

Boram Song,Miju Kang,Jieun Kim,Junyoung Choi,Jinju Park,Mirim Lee,Hyeryeong Kim,Jiwon Park,Hyeonjun Choi,Juji Bae,Daeyoun Hwang 한국실험동물학회 2019 한국실험동물학회 학술발표대회 논문집 Vol.2019 No.1

Male Heroines and Female Masters: Reconstructing Gender through Cross-gender Acting in Trans-Twelfth Night

Boram Choi(최보람) 한국셰익스피어학회 2019 셰익스피어 비평 Vol.55 No.3

The aims of this article are to study the concept of gender and its embodiments in Trans-Twelfth Night, which was performed by Oh Dong-Shik in 2004 and 2014, and to highlight the changes of social consciousness and attitudes toward gender identity and its representation. By comparing the general perspectives of the artists and audiences on gender descriptions in the both productions, this paper observes how social mind on gender and sexuality has been changed in Korean culture. The director exchanges the gender of every character into its opposite side—from male to female and vice versa—to explore the moment of anxiety in the process of crossing over different gender roles. That is, the actors are asked to translate the gender described in Shakespeare’s text into their own gender with some specific ideas of current social and cultural context of Korea. This leads the audience to reconsider the concept of gender in different perspectives that ultimately reflect the current social attitudes to the subject of cross-gender and transvestite in general. Based on the analysis of the body actions and visual descriptions of different genders, interviews with the director, and reviews from the audience and critics, this article investigates how gender practice in Shakespeare’s Twelfth Night can be translated and experimented to reflect social consciousness of gender and sexuality in the specific culture.

Analytical Method Validation for Simultaneous Determination of Six Marker Compounds in Dill (Antethum graveolens) and Fennel (Foeniculum vulgare)

Boram Choi(최보람),Da Hye Yoon(윤다혜),Jae Suk Ban(반재숙),Je Hun Choi(최재훈),Soo Kyeong Lee(이수경),Dae Young Lee(이대영) 한국약용작물학회 2022 한국약용작물학회 학술대회논문집 Vol.2022 No.1

A possible role for FRM-1, a C. elegans FERM family protein, in embryonic development

Choi, Boram,Kang, Junsu,Park, Yang-Seo,Lee, Junho,Cho, Nam Jeong Springer-Verlag 2011 Molecules and cells Vol.31 No.5