상장기업의 조세감면제도를 이용한 법인세평균화에 관한 연구

박희석 대구대학교 대학원 2004 국내박사

상속세법상 상속재산평가방법의 개선에 관한 연구

김명수 安東大學校 大學院 2006 국내석사

稅金效果가 企業合倂에 미치는 影響에 관한 硏究

심혜영 淑明女子大學校 1999 국내석사

This study analyzes whether tax effects can be a potential motive for a merger. The tax effects of a merger refer to a reduction of the tax burden of the mergered firms and their shareholders. If tax effects are the only factor of a merger, I. e. leaving out all other factors such as synergy effects and the related costs, the firms under a merger will benefit greater than. The purpose of this study are twofolds : First the study analyzes, through a theoretical approach, the types of tax effects, Second it determines, through an empirical test, whether the tax effects in reality serve as a motive for a merger. The following three major steps are taken for this study, first the types of the tax effects under current tax laws are analyzed. Second, through a study of the mergers actually taken place in Korea, the frequency and types of potential tax effects are analyzed. Third, through a logit analysis, the main tax attributes of the firms which have undergone a merger and those of the firms which have not are compared to determine whether the tax effects were indeed the primary motive for the mergers. The empirical results of the study are as follows. It has been observed that tax savings can obtained through merger and acquisitions in the following ways. (1) By avoiding gift and inheritance tax and reduction of corporation tax by way of manipulating the merger ratio, (2) By reducing corporation tax using unused net operating losses, (3) By reducing tax expense on dividends by carrying over the acquiree companys retained earning as the gain from merger, (4) By reducing of corporate income tax by an increased financial leverage, and (5) By reducing tax on dividends by substituting capital gains for ordinary income. In conclusion, this study reports that tax effects constitute one of the major factors influencing mergers in Korea, The study observes that some of the tax effects are lonely related with mergers.

배당소득세를 고려한 초과이익모형의 검증

권지영 숙명여자대학교 대학원 2003 국내석사

This paper examines income tax effect of Korean firms based on Harris and Kemsley(1999)s model which extends the Ohlson(1995)s model by incorporating dividend income taxes into the model. Harris and Kemsley(1999) have studied implications of Ohlson(1995)s framework to introduce dividend income taxes into his model. They find that dividend taxes reduce the value of expected future earnings by means of reducing the firm value to the after-tax value of dividend. They also find that book values decrease, which net incomes increase proportionately when retained earnings grows relatively to total equity. This paper covers Korean firms for the period of 1981-2001. But this study fails to find any evidence of the dividend income taxes effect, variation in book values and earnings according to the change of retained earnings. Empirical evidence suggests that dividend taxes do not affect the value of Korean firms, which substantially differs from those in Harris and Kemsley(1999). These findings provide some practical ideas on the application of Ohlson(1995) model in the dividend tax context of Korea. 본 연구에서는 배당소득세를 고려하여 Ohlson(1995)의 모형을 확장한 Harris and Kemsley(1999)의 모형을 한국 상장기업에 적용하여 미국과 다른 배당소득세제도를 유지하고 있는 한국의 소득세 효과를 분석하였다. Harris and Kemsley(1999)는 미국기업을 대상으로 한 연구에서 이익잉여금의 유보율이 증가함에 따라 기업의 장부가액은 감소하고 회계이익은 증가하는 뚜렷한 추세를 발견했다. 배당소득세가 미래이익의 가치를 감소시켜서 기업가치는 배당소득세율에 따라 감소한다는 것이다. 본 연구에서는 1981년부터 2001년까지 KIS-FAS에 수록된 한국 상장기업을 대상으로 장부가액 대비 이익잉여금 비율(유보율; RE/BV)을 기준으로 표본을 나누어 주가에 대해 주주지분의 장부가액과 회계이익을 회귀분석하였다. 미국 기업을 대상으로 수행된 Harris and Kemsley(1999)의 분석결과와 달리 한국기업들은 뚜렷한 소득세 효과를 보이지 않았다. 이러한 분석결과는 미국과 달리 한국의 배당소득세 부담이 낮기 때문이라고 해석된다. 한국은 배당소득에 대한 이중과세 조정제도가 없는 미국과는 달리 배당세액공제제도를 통해 배당소득에 대한 이중과세를 조정하고 있으며, 배당소득세율도 미국에 비해 낮은 편이다. 본 연구는 한국과 미국간에 존재하는 배당소득세제도의 차이를 고려하여 두 국가간의 소득세 효과를 비교분석했다는 점에서 한국에서 앞으로 수행될 Ohlson(1995) 모형에 대한 실증적 연구를 확장하는데 공헌할 것으로 기대된다.

會計公示 制度에 關한 硏究 : 部門別 報告를 中心으로

이성훈 全南大學校 大學院 1982 국내석사

Accounting, Broadly conceived as the measurement and communication of economic information relevant to decision makers. Thus, one of the major objectives of financial reporting is the supply informations for economic decision making on business enterprise. Relevance and reliability are the two primary qualities that make Accounting information useful for decision making based on understandability, and financial statemant (F/S) is the major presentation method of accounting information to the external users. "Investors" and "creditors" are the major interest groups of business enterprises, and both terms are so used that they are regarded as including not only those who have or contemplate having a claim to enterprise resources but also those advise or represent them. They are mainly interested in the expected cash flow from enterprise. And, judgement of cash flow depends on predictability of growth, profitability and risk and it requires better assessment on the past performances of the enterprise. However, the emergence of diversified business companies make it difficult. Since W.W II, business enterprise and business enterprises group diverfy their operation in line of business, in foreign markets and in geographical area, so there are defferent segments in them which have their own profitability, growth and risk. As a result, investors and creditors are requesting SEGMENT REPORTING as a disaggregation of consolidated or combined financial data because of growth trends, variability of operations and risk cannot be evaluated adequately from the aggregated data comprising various elements. To the investors and creditors, SEGMENT REPORTING is useful in analizing and understanding consolidated financial data and therefore in analizing overall enterprises results. So SEGMENT REPORTING is useful to their economic decision making. But SEGMENT REPORTING has some problems as follows; First problem is to determine the limits in it's application. Generally, segment reporting gives an additional expenses to the enterprises especially small and medium enterprises that is small in scale, capital and have a poor accounting system. Therefore it's application is limited within listed companies and other economically significant entities that have a fixed standard and have more interested and it's enforcement should be practiced step by step. Second problem is to determine the standard through which segments are selected as a unit of reporting. For more useful accounting information, generally applicable standard is needed. But each standard has a merit and demerit,furthermore characteristics of each enterprise make this difficult. Reflecting upon modern enterprise’s characteristic, it is reasionable for classification of segment to take into account line of business according to business substance, export sales because of increasing tendency of export and geographical area according to extension of business into foreign country. Third problem is intracompany transfer pricing and allocation of common costs. These are relation to the forecasting of profitability. One segment's revenue amounts to the other's in intracompany transactions. So more proper standard is needed to accurate assessment of the segment's performance. And, common costs are those incurred for the benefit of more than one segment and whose interrelated nature prevents a completely objective division of costs among segments. Transfer pricing and allocation of common costs also need a generally applicable standard to give more useful accounting information to the external users. Each standard makes defferent performance and selecting of the standard have an arbitrariness. At this point medium range of standard is too considerable. Accurate measurement of segment's profitability is common concern for both the purpose of segment reporting and internal reporting. So same standard is applicable and gets an information in the same accounting system. At these points, fair maket price standard and allocation based on profit concept is relevant to the accurate measurement of segment's profitability. Forth problem is the contents and fair disclosure of SEGMENT REPORTING. Although theoretically useful reporting based on the net profit concept is, it has many difficulties in accounting especially in measurement of revenue and expenses. So summarized F/S and its presentation by means of footnotes are desirable. And it seems logical that divisional reporting, above mentioned, should also require the separate reporting of the net assets used by each segment of the business since the profitability of a enterprise is frequently measured in terms of the net income in relation to the amount of net assets investee in the enterprise. Accounting problems, mentioned above, are related to the product which is useful, relevant and reliable because of their accuration. SEGMENT REPORTING is mainly prescribed in the nation that consolidated or conbined F/S have been rooted and is a major F/S in annual reports. But consolidated or conbined F/S is immature in our nation's accounting practice and has a unique equity ownership for the dominance on the enterprises group so called JAEBOˇL. So, GROUP F/S of enterprises group should be established before doing SEGMENT REPORTING. As the first step of SEGMENT REPORTING, major enterprises of enterprises group like JAEBOˇL are to disclose not the sales of major's and export sales' income but the operation profit of theirs in the SAUPBOGOSOˇ. On enterprises group, so called JAEBOˇL in our nation, should be considered to draw up the F/S based on total-enterprise basis and supplemental SEGMENT REPORTING because of its important influence to our nation. Accounting is a social product. Differencial accounting practice in each nation should also be considered. Practitioners and scholars should cooperate for the practice of the SEGMENT REPORTING.

聯結會計制度의 改善方向에 관한 硏究

원정연 漢陽大學校 大學院 1984 국내박사

Bluetooth 기술을 적용한 원격지 센서 정보 전송 시스템 구현에 관한 연구

노진호 安東大學校 大學院 2006 국내석사

해외동시상장기업 회계정보의 가치관련성에 관한 연구

장경준 홍익대학교 대학원 2009 국내박사

우리나라의 상장기업들이 외국증권거래소에 주식을 상장하는 사례가 계속 늘어나고 있으며 이와 같은 추세는 우리나라의 회계기준이 2011년부터 국제회계기준(IFRS)으로 일치되게 됨에 따라 더욱 가속화될 전망이다. 본 연구는 한국 증권거래소에 상장되어 있는 기업을 해외동시상장기업과 국내단독상장기업으로 나누어 각 구분에 있어 회계정보의 주가설명력 즉 가치관련성에 차이가 있는지를, 또한 해외상장전과 해외상장후에 주가설명력에 차이가 있는지를 검증하려는 것이다. 본 연구에서는 비회계정보의 영향을 고려하지 않은 Ohlson의 단순모형을 이용하여 장부가치와 당기순이익으로 대표되는 회계정보가 주가를 설명하는 정도를 연도별 회귀분석을 통해 얻어지는 수정결정계수(수정 R2, 이하 R2)로 측정하며, R2가 높을수록 회계정보의 주가설명력, 즉 가치관련성이 높은 것으로 판단한다. 이러한 모형의 설명력을 통계적으로 비교하기 위하여 Fisher's Z-transformation을 적용하여 Z값을 비교하였다. 연구결과 5개년 전체 데이터에서 해외동시상장기업이 국내단독상장기업보다 R2(0.86>0.80)가 높게 나타났으며, 각 연도별로도 2007년을 제외한 모든 연도에서 해외동시상장기업의 R2가 국내단독상장기업보다 높게 나타났다. 해외동시상장기업의 회계정보의 주가설명력 즉 가치관련성이 국내단독상장기업보다 높은 것으로 나타났으며, 장부가치와 당기순이익 각각의 설명력 또한 대체로 해외동시상장기업에서 높게 나타났다. 그리고 장부가치와 당기순이익은 상호보완적으로 기업의 주가설명력에 기여하는 것으로 나타났으며 대체로 당기순이익의 R2보다 장부가치의 R2가 다소 높은 것으로 나타났는데 이는 지금까지 대부분 선행연구에서의 결과와 동일하다. 기업규모, 경상이익의 부호, 부채비율 등의 기업특성요인을 고려한 추가분석에서도 같은 결과를 나타내고 있다. 국내의 상장기업 중 해외에도 동시에 상장을 한 105개 기업을 대상으로 해외상장을 전·후로 각각 3년씩의 기간에 대해 분석해 본 결과 회계정보의 주가설명력을 나타내는 R2는 기업의 해외상장후 계속적으로 증가하고 있고 해외상장 1년 전·후로 하여 설명력이 가장 많이 증가하는 것으로 분석되었다. 향후 연구에 대한 제안으로는 우리나라의 회계기준이 국제회계기준(IFRS)으로 일치되는 2011년 이후에도 동일한 형태로 설명력에 차이를 보일지 분석해 보는 것도 의미가 있을 것으로 보인다. 기업특성에 대한 추가분석과 관련해서는 기업규모, 경상이익의 부호, 부채비율 뿐만 아니라 특별항목, 무형자산 등 다른 특성까지 고려해 볼 수 있을 것이다. 또한 해외증권의 종류별로 회계정보의 가치관련성에 차이가 있는지, 그리고 해외증권 발행 대상국가에 따라 차이가 있는지에 대한 연구도 표본이 충분해지면 추가로 가능할 것으로 보인다. An increasing number of Korean companies are listing on oversea stock exchanges, and this trend is expected to accelerate as Korea begins adopting International Financial Reporting Standards (IFRS) in 2011. This study examines whether there are differences between internationally cross-listed firms and domestically listed firms in the explanatory power that accounting information has on stock prices. This study also validates the extent to which book value per share and earnings per share can explain stock price (value relevance). In addition, the study examines differences in explanatory power on stock prices before and after international cross-listing. The degree of explanation is measured using the Ohlson model and validated through regression analysis by examining adjusted R² (hereinafter R²) value. The value relevance of accounting information is considered to be higher when R² value is higher. Values are converted into Z values using the Fisher's Z-transformation for statistical comparison. The results of the study indicate that the R² value of internationally cross-listed firms was higher than that of domestically listed firms as a whole (0.86 > 0.80) and for individual years except for 2007. The results of the study also indicate that the value relevance of book value is higher than that of net income as suggested in preceding studies. Additional analysis considering firm size, ordinary income and debt ratio showed the same results. The change in the value relevance of 105 Korean firms was observed for a period of 3 years before and after their stocks were listed on international stock exchanges. The results demonstrate that the value relevance of book value and net income continuously increased from the time of listing overseas. The largest increase was during the years immediately before and after listing. Similar studies are recommended after Korea adopts International Financial Reporting Standards (IFRS) in 2011. Additional analysis can be made on other attributes including extra-ordinary items and intangible assets as well as firm size, ordinary income and debt ratio. Further analysis may be performed on whether the value relevance of accounting information is different according to types of foreign stocks or the country in which the stock is issued when sufficient sample data becomes available.

호텔 食飮料 原價管理 改善方案에 關한 硏究

차낙근 慶熙大學校 經營大學院 1985 국내석사

지분평가모형에서 장부가액과 회계이익의 가중치에 관한 실증분석

조은영 숙명여자대학교 대학원 2003 국내석사

This study aims to examine the relative importance of earnings and book value in equity valuation. This study attempts to calculate weights on earnings and book value in equity valuation of the Korean firms, following Penman(1998). In addition, this study provides some suggestions for the revision of the Korean Property and Estate Tax Law regarding the valuation of closely held stocks, using adjusted book value with the market value of land. Samples are confined to the calendar-year-end manufacturing firms listed in the Korea Stock Exchange from 1981 to 2001. Major findings are as follow. First, Korean firms have relatively lower weights on earnings(0.11) than U.S. firms(0.42) which Penman(1998) has reported. Second, consistent with my hypotheses, the earnings-weight for the extreme-ROE samples is far less than the samples in the moderate range of ROE. Third, by adjusting book values with the market value of land, I find that the weight on book values increase slightly to 0.59. This means that the Korean Property and Estate Tax Law has wrong guideances for the tax-payers equity valuation, which is almost contrary to the pricing behavior of the Korean stock market. 본 연구는 Penman(1998)의 연구에 따라 한국 상장기업을 대상으로 회계이익과 장부가액에 부여되는 가중치를 계산하여 가치평가시 회계이익과 장부가액에 부여되는 상대적 중요성을 검토하였다. 따라서 본 연구에서는 Penman(1998)의 연구모형을 사용하여 회계이익과 장부가액에 대한 가중치를 산정하고, 회계이익과 장부가액의 상대적 비율에 따라 가중치가 변화하는가를 분석했다. 또한 이 결과를 토대로 두차례 개정된 상속세법상 비상장주식의 평가규정이 과세불평등을 초래할 수 있다는 선행연구에 따라 비상장주식 평가규정의 개정방향을 검토하였다. 1981년부터 2001년까지 증권거래소에 상장된 12월 결산 제조기업을 대상으로 분석한 결과는 다음과 같다. 첫째, 연도별 회계이익과 장부가액에 대한 가중치를 계산한 결과 한국기업의 회계이익에 대한 가중치는 0.11로서 장부가액에 부여되는 가중치 0.89보다 작은 것으로 나타났다. 이는 Penman(1998)에서 보고한 회계이익의 가중치 0.42보다 현저히 낮은 것이다. 둘째, 회계이익과 장부가액의 상대적 비율인 ROE에 따라 표본 그룹을 구분하여 분석한 결과 이익이 극단적으로 작거나 큰 그룹은 회계이익에 대한 가중치가 중간범위의 그룹보다 낮았다. 이러한 분석결과는 Penman(1998)이 보고한 분석결과와 유사하며, 본 연구의 가설에도 부합한다. 또한 가중치가 음수이거나 1보다 큰 극단치를 제거하는 경우 한국과 미국의 회계이익과 장부가액에 대한 가중치 차이는 크게 감소하였다. 셋째, 1999년부터 2001년까지 토지 공시지가를 반영한 장부가액으로 가중치를 계산한 결과 장부가액에 대한 가중치는 0.59로서 회계이익보다 장부가액에 더 많은 가중치가 부여되었다. 이러한 결과는 순자산가치가 순손익가치보다 큰 경우 순자산가치에 1의 가중치를 부여하도록 되어있는 현행 상속세법상 비상장주식 평가규정이 주식시장의 순자산가치와 순손익가치에 대한 평가방법과 서로 일치하지 않는다는 사실을 의미한다. 이렇게 한국 주식시장에서 회계이익과 장부가액에 대한 평가행태를 분석하고, 상속세법을 개정하는데 필요한 실증적 증거를 제시하였다는 점에서 본 연구의 중요성이 부각된다.