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지금까지는 회계이익과 세무이익의 양(+)의 차이가 양(+)의 이익조정으로 인식되어 왔었다. 본 연구는 양(+)의 BTD가 큰 기업을 조세회피기업과 이익조정기업으로 구분하여 이들 기업의 이익지속성의 차이와 시장반응을 분석하였다. 분석결과 이익조정기업의 경우 세전이익의 이익지속성과 발생액의 이익지속성은 다른 기업보다도 낮았으나, 조세회피기업의 경우 세전이익의 이익지속성과 발생액의 이익지속성이 다른 기업들과 큰 차이가 없었다. 즉 양(+)의 BTD가 큰 기업이다 하더라도 조세회피기업은 다른 기업들과 같은 수준의 이익지속성이 유지되고 있는데 이는 조세정책당국이 경제 활성화를 위하여 시행하고 있는 조세감면제도를 기업이 적절히 활용하면 일회성이 아닌 지속적인 절세가 가능하기 때문에 조세회피기업의 이익지속성이 유지되는 것으로 추정된다. 또한 이익조정기업과 조세회피기업의 이익에 대한 시장반응을 검증한 결과 이익조정기업의 세전이익과 발생액에 대하여 시장이 과대평가하는 것으로 나타났는데 이는 발생액 과대반응현상에 기인한 것으로 해석된다. 그리고 시장이 조세회피기업의 세전이익도 과대평가하는 것으로 나타났는데 그 이유는 투자자들이 기업의 세무정보를 정확하게 인지하지 못하고 투자를 하고 있는데 기인하거나 또는 투자자들이 기업의 미래를 낙관적으로 예측하는 성장기업의 특성을 조세회피기업이 가지고 있는 것에 기인한 것으로 추정된다. 본 연구는 추가분석을 통하여 성장기업의 이익지속성에 대하여 시장이 과잉반응하고 있고 조세회피기업에 성장기업이 많이 분포되어 있음을 확인하였다. 본 연구는 BTD가 주로 이익조정 측정치 중심으로 연구가 이루어지고 있지만 앞으로의 BTD연구에서는 조세회피적 측정치로서의 성격도 고려되어야 하고 투자자들이 재무제표의 정보를 보다 적정하게 활용할 수 있도록 이익조정정보나 세무정보가 재무제표에 보다 충분하고 명료하게 공시 되도록 제도가 개선되어야함을 시사한다.


BTD has been studied in terms of earning management proxy, but tax avoidance could be the reason of high BTD. This study partitioned LPBTD group into three subsample groups; Earning management firms (EM firms), Tax Avoider firms (TV firms) and Base firms. we defined EM firms for the firms with higher abnormal accruals than median firm measured by modified Jones model and TV firms with higher abnormal tax-avoidance than median firm measured by Desai and Dharmapala(2006)'s method. First. using Blaylock et al.(2012)'s method, we investigated the earnings and accruals persistence of EM firms and TV firms. Our study exhibited the persistency of earnings and accruals of EM firms is less than that of other firms within LPBTD samples and whole samples. This result explains that the earnings and accruals of Korean EM firms are not consistent in the following year due to the mean revert property of managed accruals. As for TV firms, the persistency of earnings and accruals is higher than other firms among LPBTD samples and not significantly different from other firms among whole sample firms, which explains the tax avoidance of Korean firms is relatively consistent year over year and tax avoidance does not d​eteriorate the persistence of earnings. This results are different from Blaylock et al.(2012)’s result which reported that the earnings and accruals persistence of US tax avoidance firms is lower than other firms. we conjecture Korean government tax policy is focused on boosting economic development and if the firms utilize this Korean tax system and get the tax benefit and they can maintain low effective tax rate year over year. Second, We checked the market response of the earnings and accruals of EM firms and TV firms with three methods; unexpected earning response coefficient model, hedge portfolio return test on accruals and mishikin test on market expectation of next year's earning persistence. We checked the Earning Response Coefficients of EM firms and TV firms and found market overvalued abnormal earnings of both EM firms and TV firms. And we find significant hedge returns in period t+1 in EM firms through the accruals portfolio test. The results show that if we would sell the stocks of high-accrual EM firms and buy low-accrual EM firm, then one year after we could get significant profits but it is impossible in the case of TV firms. This results are consistent with investors’ accrual anomaly and the insignificant hedge returns in TA firms means market overestimates accruals of EM firms but not TV firms. Applying the Mishikin (1983) methodology, we also investigated the investors' assessments of the persistence of earnings and accruals of EM firms and TV firms among Korean LPBTD firms. the result shows that investors overestimate the persistence of earnings and accruals of EM firms, which explains high book-tax different firms driven by earning management could be overestimated by investors due to accruals anomaly, in consistency with Sloan(1996) and Hanlon(2005). According to our test, the persistence of TV firms' earnings is also overestimated by investors but the overestimation is from cash flow side not from accrual side, which implicates that the cause of overestimation of TV firms’ earnings persistence is different from EM firms'. It could not be accruals anomaly because high book-tax different firms driven by tax avoidance have relatively low abnormal accruals. Our further study exhibits that TV firms' sales growth is relatively higher than those of other firms and investors tend to overestimate the future performance of the growing firms due to the optimistic future prospect of the growing firms which is in consistency with Lakonishok et al.(1994)'s result. Our further study shows that the earnings' persistence of the firms of top 20% high sales growth is overestimated by the investors. We also think that the overestimation of the persistence of earnings for TV firms can be resulted from investor's misunderstanding of BTD which is not fully disclosed in the financial statements. With this result, We can interpret the reason of overvaluation of earning consistency for TV firms is different from the reason for EM firms of which overestimation of earning comes from market accrual anomaly. We assume that Korean tax policies are focused on the economic growth and fast growing TV firms get the government tax benefit. And the characteristics of high growth firms might be reflected in the estimation of earning consistency for TV firms by investors. Overall, Our study distinguished TA firms’ earning property from other LPBTD firms’ and the consistence of TA firms’ earning could be attributable to Korean government tax policy which keeps supporting economic development. Our study may contributes three aspects. First, We analysed Korean high positive book-tax different firms by segmenting three sub-samples according to the cause of high BTD first time in korea. Second, We found the earning and accruals consistency of TV firms is not significantly different from the consistency of other firms whereas that of EM firms is significantly lower. Third, the earning persistency for tax-avoidance firms is overestimated by investor’s optimistic expectation of future performance not by accrual anomaly. This study implicates the information of earning management and tax should be reported properly and sufficiently in the financial statements to help investors understand financial performance of the firms.