Journal of Digital Convergence (디지털융복합연구)

The Society of Digital Policy and Management (한국디지털정책학회)
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A Study on the Relevance Between Investments Horizons of Foreign Investor and Book-Tax Difference

외국인투자기간과 회계이익-과세소득 차이 관련성 연구

  • Kwak, Young-Min (College of Business Administration, Ulsan University) ;
  • Ji, Sang-Hyun (Division of Business & Commerce, BaekSeok University)
  • Received : 2018.11.15
  • Accepted : 2019.02.20
  • Published : 2019.02.28
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Abstract

This study analyzed the relevance between investment horizons of foreign investors and Book-Tax Difference. To do this, we measured investment horizons of foreign investors as the investment-turnover of foreign investors. We use the sample of 3,025 firm-year Korea listed companies belonging to non-financial corporate sector during 2011-2016. The results of empirical analyses show that investment horizons of foreign investors has a negative relevance with Book-Tax Difference. This result indicates that the firm have a long-term foreign investors has a good Accounting Earning's Quality than the firm have a short-term foreign investors. This study is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And Our Study has a contribution that this study extended prior research on foreign investors by utilizing investment horizons of foreign investors.

본 연구는 외국인투자자의 투자기간과 회계이익-과세소득 차이(Book-Tax Difference; BTD) 간의 관련성을 실증적으로 검증하였다. 이를 위해 외국인투자기간은 외국인투자자 투자회전율로 측정하였으며, 회계이익-과세소득 차이는 실질 부담세액을 토대로 산출한 과세소득을 활용하여 산출하여 이들 간의 관련성을 회귀분석을 통해 검증하였다. 연구표본은 한국채택국제회계기준(K-IFRS)이 의무적으로 도입된 2011년부터 2016년까지 한국증권거래소 상장 12월 결산법인으로 총 3,025 기업-연도이다. 검증결과, 외국인투자기간이 장기일수록 회계이익-과세소득 차이 수준이 낮은 것으로 나타났다. 이는 외국인투자자들의 장기 투자에 따른 효율적인 모니터링 효과로 인한 결과로 해석할 수 있다. 본 연구는 기업의 회계처리정책에 미치는 외국인투자자의 영향력을 외국인투자기간 측면에서 검증함으로써 관련 선행연구를 확장하였다는 점에서 연구의 의의가 있다.

Keywords

Table 1. Variable Definition

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Table 2. Descriptive Statistics

DJTJBT_2019_v17n2_73_t0002.png 이미지

Table 3. Pearson Correlation

DJTJBT_2019_v17n2_73_t0003.png 이미지

Table 4. Results of regression(1) BTDt = α1 + β1InvTurnt + β2FOR + β3SIZEt + β4LEVt + β5CFOt + β6OWNt + β7BIG4t + β8LPt + βnΣIND + βmΣYEAR

DJTJBT_2019_v17n2_73_t0004.png 이미지

Table 5. Results of regression(2) BTD = α1 + β1InvTurn-Dt + β2InvTurn-Dt*FORt + β3SIZEt + β4LEVt + β5CFOt + β6OWNt + β7BIG4t + β8LPt + βnΣIND + βmΣYEAR

DJTJBT_2019_v17n2_73_t0005.png 이미지

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