법인세법상 지급이자 손금한도 초과법인에 대한 실증연구 = Empirical Study of the Usefulness of the Regulation of the Non-inclusion of interest expenses

다국어 초록 (Multilingual Abstract)

The purpose of this study is to examine the effect of the regulations of the non-inclusion of interest expenses, the relationship of firm value, and the impact of the restriction of loss to interest paid on tax equity. The sample of this study includes companies listed on the Korean stock market (excluding financial institutions and using 1,526 firm-years data) and the analysis period is 3 years (2001-2003). The major findings of this study are as follows. First, there is a positive relation between the applied firm of the regulations of the Non-inclusion of interest expenses in the prior year and the change of debt ratio, between the applied firm of the regulations of the non-inclusion of interest expenses in the prior year and the change of stocks of other companies and a negative relation between the applied firm of the regulations of the non-inclusion of interest expenses in the prior year and non-operating assets. However, is not significant. Second, there is a positive significant relation between the stocks of other companies and firm value, a negative significant relation between the non-operating assets and firm value, a negative significant relation between the applied firm of the regulations of the non-inclusion of interest expenses for the stocks of other companies and firm value. Third, there is a large deviation in the application of the regulations of the non-inclusion of interest expenses between industries.

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