재무보고이익과 세무보고이익의 차이와 이익의 지속성, 초과이익의 지속성 및 미래 기업가치에 대한 연구

산업에 따른 차이를 기준으로

This study attempted to test whether the difference between book-income and tax-income has an effect on the persistence of earnings, abnormal earnings, and future valuation based on previous studies viewing the difference between book-income and tax-income as the proxy for earnings management and analyzing its effect on the persistence of earnings. For empirical analysis, the difference between book-income and tax-income was calculated by deducting the standard of assessment from the pre-tax income. Based on this calculated difference between book-income and tax-income, this study analyzed the effect of the persistence of earnings, abnormal earnings and future valuation on upper 25% and lower 25%. As a result, the following findings were obtained: First, in the large section that the difference between book-income and tax-income was positive, the persistence of earnings had a positive significant effect. But in the large section that the difference between book-income and tax-income was negative, the persistence of earnings had a negative significant effect. Second, in the large section that the difference between book-income and tax-income was positive, the abnormal earnings had a positive significant effect. But in the large section that the difference between book-income and tax-income was negative, abnormal earnings had a positive significant effect. Third, in the large section that the difference between book-income and tax-income was positive, there was no significant difference. But in the large section that the difference between book-income and tax-income was negative, future valuation had a negative significant effect. Additional analyses, almost industry the difference between book-income and tax-income no significant effect to the persistence of earnings except the manufacturing industry. Manufacturing industry, electronic and gas, the building industry is significant effect to the abnormal earnings. Finally difference between book-income and tax-income was no significant effect to future valuation in the each industry. This study had its significance in that it made an empirical analysis on abnormal earnings and future valuation as well as the persistence of earning by extending the effect on the persistence of earnings according to the difference between the existing book-income and tax-income. But it would be difficult to generalize the results of this study because the period of the sample was limited to two years. And it is necessary to subdivide the difference between book-income and tax-income into four groups on the basis of it. Accordingly, it is necessary to investigate the value relationship of the subdivided groups of the difference between book-income and tax-income.