조세혜택 대체측정치의 평가 = An Evaluation of Alternative Measures of Tax Preferences

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to evaluate the properties of commonly used tax preference measures by directly comparing financial statements data to tax return-based tax data for a matched sample of tax and KIS-VALUE data. This paper focuses on how best to measure the corporate tax preference. The paper examines to find out whether the alternative measures of tax preference are a reasonable proxy for the tax preference using Korean Corporate Tax Code and tax return data.
In this study, we used the financial statements data and tax return-based tax data of 618 firm-year sample firms taken public in the stock market. The empirical results indicated that the Cash ETR 1(effective tax rate using financial statement data) is best available proxy for the real tax preference tax rate using tax return data. And, the Current ETR 10, GAAP ETR 3, Cash ETR 10, GAAP ETR 5 and GAAP ETR 10 are reasonable alternatives.

국문 초록 (Abstract)

본 연구는 재무제표 자료와 세무자료를 사용하여 조세혜택 측정치를 측정하였다. 또한 본 연구는 재무제표 자료를 사용하여 측정한 조세혜택의 대체측정치들이 법인세법 규정을 고려하고 기업의 세무자료를 사용하여 측정한 조세혜택 측정치에 대한 합리적인 대리변수인지 여부를 분석하였다.
본 연구는 유가증권시장에 상장된 618개 기업의 재무제표 자료와 세무자료를 분석하였다. 분석결과는 재무자료를 사용한 연차현금유효세율(Ca.ETR 1)이 세무자료를 사용한 조세혜택 측정치를 예측하는데 가장 우수한 측정치라는 것을 보여주고 있으며, 10년 동안의 당기유효세율 측정치(Cu.ETR 10), 3년 동안의 회계유효세율 측정치(G.ETR 3), 10년 동안의 현금유효세율 측정치(Ca.ETR 10), 5년 동안의 회계유효세율 측정치(G.ETR 5)와 10년 동안의 회계유효세율 측정치(G.ETR 10)가 세무자료를 사용한 조세혜택 측정치에 대한 대리변수로 이용 가능한 대안이 될 수 있다는 것을 보여주고 있다.
본 연구의 공헌은 세무자료를 사용하여 조세혜택 측정치를 측정하고 재무제표 자료를 사용한 조세혜택 측정치와 비교함으로써 자료부족으로 연구가 제한되었던 세무분야의 연구 활성화에 기여하였다는 것이다.

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