기업의 이익조정 유형과 조세회피: 적자회피 기업과 Big bath 기업을 중심으로

김진태,배종일,심충진 한국기업경영학회 2013 기업경영연구 Vol.20 No.2

The purposes of this study are to verify the influence on tax avoidance according to the types of earnings management with manufacturing listed company. This study started in the view point of total cost saving strategy will be performed by the CEO. Company’s total costs are consist of tax cost and non-tax cost and CEO will consider which kind of cost is more powerful in the total cost saving. Thus we focused on the types of earnings management will affect the tendency and the amount of tax avoidance. More specific, loss avoidance company with larger size earnings management has higher possibility to accept much more pay tax cost compare to loss avoidance company with comparatively smaller size earnings management. Because the company intend to manipulate large amount of earnings has to pay more tax cost in the result of increase of taxable income. Also Big bath company reports minimized current year net income by using possible cost and expense which will realize after next yeat normally in order to realize maximum earnings in the next year. Minimized current year net income of Big bath company makes lower or minimized tax cost. But because Big bath company is not loss avoidance company or loss taking company, we expect that Big bath company has different level of tax paying tendency. Therefore we would like to confirm the influence on tax avoidance in accordance with the size of earnings management of Big bath company. To see the purposes, we estimated non-discretional net income (NDNI) by using discretional accrual (DA) and performance matched discretional accrual (PMDA) in accordance with adjusted Jones model. In addition, to acquire the robustness of this study we adopted the method used in the study of Dechow et al. (1995) and Kothari et al. (2005) in order to estimate non-discretional net income (NDNI). Also we used Desia and Dharmapala (2006) model to estimate tax avoidance which is most popular method in the prior studies. And we have done empirical analysis by using loss avoidance group and Big bath group classified in the basis of mark and size of non-discretional net income (NDNI) and net income (NI). The results of this study are follows. First, company with the larger loss avoidance size has the less tax size. In other words, the CEO intend to achieve net income instead of net loss for the purpose of loss avoidance will be take more burden of tax increase. Because CEO with the company like that would accept tax increase for the decrease of non-tax expense and personal motivation. The increasing of usefulness from loss avoidance is larger than the decreasing of usefulness from further tax paying, CEO will pay more tax for loss avoidance. Second, with the study of Big bath company between the size of earnings management and the size of tax avoidance, the size of earnings management makes positive (+) effect to the size of tax avoidance. This result says that CEO with the Big bath company is willing to minimize tax payment through active tax avoidance strategy. The results of this study in the two types of company loss avoidance and Big bath are contrary to each other. This means that the purposes of earnings management make influence on the attitude of tax avoidance. The company intend to avoid net loss is willing to pay the tax regardless of amount but Big bath company is not to pay the tax. Because the purpose of earnings management of Big bath company is to minimize the reporting earnings without further tax paying. This study has contribution in the field of relationship between earnings management and tax avoidance by using the types of earnings management such as loss avoidance and Big bath. 본 연구는 국내 상장 제조기업을 대상으로 기업의 이익조정 유형이 조세회피에 어떠한 영향을 미치는지 분석하였다. 또한 이익조정 유형을 구분하는데 있어 이익조정 유형의 구분에 대한 강건성을 확보하기 위하여 수정 Jones 모형에 의한 재량적 발생액과 성과대응 재량적 발생액을 이용하여 비재량적 이익(NDNI)을 추정하고, 이러한 비재량적 이익(NDNI)과 보고이익(NI)의 부호 및 크기를 바탕으로 적자회피 기업과 Big bath 기업으로 이익조정 유형을 각각 구분하여 실증분석을 실시하였다. 2012년 상장 제조기업 중 12월 결산법인을 대상으로 하고, 검증기간을 2005년부터 2010년까지로 한 분석결과는 다음과 같다. 첫째, 적자회피의 규모가 큰 기업일수록 조세회피를 적게 하는 것으로 나타났다. 즉, 적자회피를 위해 이익조정 규모를 크게 해야 하는 경영자는 조세부담보다는 적자보고를 회피하고자 하는 유인이 높기 때문에 적극적으로 조세부담을 하고자 하는 것으로 나타났다. 둘째, Big bath 기업의 이익조정 규모에 따른 조세회피를 검증한 연구결과에서 기업의 이익조정 규모는 조세회피에 양(+)의 영향을 미치고 있는 것으로 나타났다. 이는 Big bath 기업의 경영자가 적극적인 조세회피를 통해 조세부담을 최소화하고 있다는 것을 의미한다. 이와 같은 본 연구의 결과는 기업의 이익조정 유형(적자회피, Big bath)에 따라 경영자에 의한 조세회피 행위가 달라질 수 있다는 것을 의미한다고 볼 수 있다. 더불어 본 연구는 기업의 이익조정 행위가 조세회피에 어떠한 영향을 미치는지 분석하는데 있어 기업의 이익조정 행위를 기존 선행연구 보다 세분화하여 실증분석 하였다는데 그 공헌점이 있다.

몽골기업의 이익조정과 원가의 하방경직성

벌러르토야 세르엇,구정호 대한산업경영학회 2022 산업융합연구 Vol.20 No.9

The purpose of this paper is to verify the cost behavior of non-listed companies in Mongolia from 2013 to 2018. And we investigate the relationship between cost behavior and earnings management. Earnings management was measured using the Big-Bath and avoiding loss incentives. Big-Bath suspected firms report a very large loss and avoiding loss suspected firms have a bite profit. The results of this study are as follows. First, non-listed firms in Mongolia, operating costs(oc) and selling, general and administrative(sga) costs show the cost stickiness. Second, cost stickiness was different depending on the earnings management. The suspected avoiding loss firms have upward earnings management incentives, operating costs and sga costs all present anti-cost stickiness. The suspected big bath firms strengthen the cost stickiness of operating costs and sga costs. This study is meaningful in that it first analyzed the relationship between earnings management and cost stickiness of non-listed firms in Mongolia using empirical data. It will be meaningful in that it provides relevant information to those interested in research and investment. 본 연구는 2013년부터 2019년까지 몽골 비상장기업을 대상으로 원가행태를 살펴보고, 원가행태와 이익조정 간의 관계를 분석하였다. 이익조정이 의심되는 기업은 이익이 0에 근접하여 적자회피를 위해 상향의 이익조정이 의심되는 경우와 적자 폭이 매우 커 Big-Bath가 의심되는 경우로 구분하여 이익조정이 원가행태에 미치는 영향을 파악하였다. 본 연구의 결과는 다음과 같다. 첫째, 몽골의 비상장기업에서는 영업비용과 판매관리비는 하방경직적인 원가행태를 나타내었다. 둘째, 이익조정 구간에 따라 원가행태가 상이하게 나타났다. 이익이 0보다 약간 큰 구간에서는 영업비용, 판매관리비 모두 하방탄력적인 원가행태를 보여 상향의 이익조정 유인이 있음을 발견하였다. 셋째, 적자가 매우 큰 폭의 손실을 보고하는 구간에서는 영업비용과 판매관리비 하방경직적인 원가행태가 강화됨을 보여 Big-Bath 유인이 있음을 확인하였다. 즉, 이익조정 유인에 따라 원가행태가 상이함을 알 수 있다. 본 연구는 실증자료를 이용하여 최초로 몽골 비상장기업의 원가행태를 분석하여 경영자의 관리적 의사결정을 파악하였고, 적자기업의 이익조정 유인을 적자회피와 Big-Bath로 구분하여 원가행태와의 관계를 실증적으로 검증하였다는 점에서 의의가 있다. 몽골 비상장기업에 대한 연구가 전무한 상태를 고려했을 때 이에 대한 이해도를 높여 몽골기업에 대한 연구 초석이 된다는 점에서 의미가 있을 것이다.

손실함수의 형태를 고려한 생산자 규격한계의 결정

김동혁,정영배 한국산업경영시스템학회 2018 한국산업경영시스템학회지 Vol.41 No.3

Taguchi regarded the concept of quality as ‘total loss to society due to fluctuations in quality characteristics from the time of supplied to the customer.’ The loss function is a representative tool that can quantitatively convert the loss that occurs due to the deviation of the quality characteristic value from the target value. This has been utilized in various studies with the advantage that it can change the social loss caused by fluctuation of quality characteristics to economic cost. The loss function has also been used extensively in the study of producer specification limits. However, in previous studies, only the second order loss function of Taguchi is used. Therefore, various types of losses that can occur in the process can’t be considered. In this study, we divide the types of losses that can occur in the process considering the first and second loss functions and the Spiring’s reflected normal loss function, and perform total inspection before delivering the customer to determine the optimal producer specification limit that minimizes the total cost. Also, we will divide the quality policy for the products beyond the specification limits into two. In addition, we will show the illustration of expected loss cost change of each model according to the change of major condition such as customer specifications and maximum loss cost.

Costs Attributable to Overweight and Obesity in Working Asthma Patients in the United States

Chang, Chongwon,Lee, Seung-Mi,Choi, Byoung-Whui,Song, Jong-hwa,Song, Hee,Jung, Sujin,Bai, Yoon Kyeong,Park, Haedong,Jeung, Seungwon,Suh, Dong-churl Yonsei University, College of Medicine 2017 Yonsei medical journal Vol.58 No.1

<P><B>Purpose</B></P><P>To estimate annual health care and productivity loss costs attributable to overweight or obesity in working asthmatic patients.</P><P><B>Materials and Methods</B></P><P>This study was conducted using the 2003–2013 Medical Expenditure Panel Survey (MEPS) in the United States. Patients aged 18 to 64 years with asthma were identified via self-reported diagnosis, a Clinical Classification Code of 128, or a ICD-9-CM code of 493.xx. All-cause health care costs were estimated using a generalized linear model with a log function and a gamma distribution. Productivity loss costs were estimated in relation to hourly wages and missed work days, and a two-part model was used to adjust for patients with zero costs. To estimate the costs attributable to overweight or obesity in asthma patients, costs were estimated by the recycled prediction method.</P><P><B>Results</B></P><P>Among 11670 working patients with a diagnosis of asthma, 4428 (35.2%) were obese and 3761 (33.0%) were overweight. The health care costs attributable to obesity and overweight in working asthma patients were estimated to be $878 [95% confidence interval (CI): $861–$895] and $257 (95% CI: $251–$262) per person per year, respectively, from 2003 to 2013. The productivity loss costs attributable to obesity and overweight among working asthma patients were $256 (95% CI: $253–$260) and $26 (95% CI: $26–$27) per person per year, respectively.</P><P><B>Conclusion</B></P><P>Health care and productivity loss costs attributable to overweight and obesity in asthma patients are substantial. This study's results highlight the importance of effective public health and educational initiatives targeted at reducing overweight and obesity among patients with asthma, which may help lower the economic burden of asthma.</P>

Decision of Producer’s Specification Limits Considering Types of Loss Function

Dong-Hyuk Kim(김동혁),Young-Bae Chung(정영배) 한국산업경영시스템학회 2018 한국산업경영시스템학회지 Vol.41 No.3

Taguchi regarded the concept of quality as ‘total loss to society due to fluctuations in quality characteristics from the time of supplied to the customer.’ The loss function is a representative tool that can quantitatively convert the loss that occurs due to the deviation of the quality characteristic value from the target value. This has been utilized in various studies with the advantage that it can change the social loss caused by fluctuation of quality characteristics to economic cost. The loss function has also been used extensively in the study of producer specification limits. However, in previous studies, only the second order loss function of Taguchi is used. Therefore, various types of losses that can occur in the process can’t be considered. In this study, we divide the types of losses that can occur in the process considering the first and second loss functions and the Spiring’s reflected normal loss function, and perform total inspection before delivering the customer to determine the optimal producer specification limit that minimizes the total cost. Also, we will divide the quality policy for the products beyond the specification limits into two. In addition, we will show the illustration of expected loss cost change of each model according to the change of major condition such as customer specifications and maximum loss cost.

지진의 강도를 고려한 항만 손실비용 추정에 관한 연구

원승환 ( Seung Hwan Won ),조성우 ( Sung Woo Cho ),김우선 ( Woo Sun Kim ) 한국로지스틱스학회 2018 로지스틱스연구 Vol.26 No.4

최근까지 우리나라에서 지진은 관심을 끄는 자연재해가 아니었다. 그러나 2016년 9월 12일 경주, 2017년 11월 15일 포항에서 발생한 지진으로 인해, 최근 우리나라의 국민들이 가장 많은 위험을 느끼는 자연재해로는 지진이 손꼽힌다. 이런 상황에서 자연재해에 대비하여 국가 차원의 대응 전략을 마련하고 대응 시스템을 체계화하여 피해를 최소화하려는 노력이 요구된다. 특히 국가 기간시설인 항만에서는 자연재해에 대비하는 장기 계획 수립이 필수적이다. 본 연구의 목적은 항만에 지진이 발생했을 때 생기는 손실비용을 추정하는 모형을 개발하는 것이다. 손실비용은 직접 손실비용과 간접 손실비용으로 나눌 수 있는데, 직접 손실비용은 지진으로 인해 항만에 직접 발생하는 피해 금액으로, 간접 손실비용은 지진으로 인한 항만의 수입 감소 금액으로 정의하고자 한다. 모형에서는 지진의 강도에 따른 지진 발생 확률이 고려되고, 이에 따른 손실비용의 기댓값을 산정한다. 또한 모형에는 비용 추정을 위한 전체적인 적용 절차도 포함된다. 모형 제안 후에는 모형의 활용 방안을 설명하기 위하여 부산항의 한 컨테이너 부두를 대상으로 한 적용 사례를 제시하였다. Until recently, earthquakes in South Korea were not natural disasters that attracted attention. However, due to the earthquake that occurred on Sept. 12, 2016 in Gyeongju and on Nov. 15, 2017 in Pohang, earthquake is one of the natural disasters that people in South Korea feel most at risk. In this situation, it is required to prepare counterstrategies at national level in order to prepare for natural disasters and systematize response systems to minimize damage. In particular, it is essential to establish a long-term plan for natural disasters in ports, which are national infrastructure facilities. The purpose of this study is to develop a model for estimating the loss cost caused by earthquakes in ports. The loss cost can be divided into direct loss cost and indirect loss cost. The direct loss cost is defined as the amount of damage caused directly to the port due to the earthquake. The indirect loss cost is defined as the amount of decrease in the revenue of the port due to the earthquake. In the model, the earthquake occurrence probability is considered according to the strength of earthquake, and the expectation of the loss cost is calculated. The model also includes the overall application procedure for cost estimation. After the model proposal, a case study of a container terminal in Busan port was presented to explain the application of the model.

Costs Attributable to Overweight and Obesity in Working Asthma Patients in the United States

장종원,서동철,이승미,최병휘,송종화,송희,정수진,배윤경,박해동,정승원 연세대학교의과대학 2017 Yonsei medical journal Vol.58 No.1

Purpose: To estimate annual health care and productivity loss costs attributable to overweight or obesity in working asthmatic patients. Materials and Methods: This study was conducted using the 2003–2013 Medical Expenditure Panel Survey (MEPS) in the United States. Patients aged 18 to 64 years with asthma were identified via self-reported diagnosis, a Clinical Classification Code of 128, or a ICD-9-CM code of 493.xx. All-cause health care costs were estimated using a generalized linear model with a log function and a gamma distribution. Productivity loss costs were estimated in relation to hourly wages and missed work days, and a two-part model was used to adjust for patients with zero costs. To estimate the costs attributable to overweight or obesity in asthma patients, costs were estimated by the recycled prediction method. Results: Among 11670 working patients with a diagnosis of asthma, 4428 (35.2%) were obese and 3761 (33.0%) were overweight. The health care costs attributable to obesity and overweight in working asthma patients were estimated to be $878 [95% confidenceinterval (CI): $861–$895] and $257 (95% CI: $251–$262) per person per year, respectively, from 2003 to 2013. The productivityloss costs attributable to obesity and overweight among working asthma patients were $256 (95% CI: $253–$260) and $26 (95% CI: $26–$27) per person per year, respectively. Conclusion: Health care and productivity loss costs attributable to overweight and obesity in asthma patients are substantial. This study’s results highlight the importance of effective public health and educational initiatives targeted at reducing overweight and obesity among patients with asthma, which may help lower the economic burden of asthma.

우리나라 모성 관련 질환의 사회적 비용

조민우,조보금,이상일,안정훈,오인환,이예린 한국보건의료기술평가학회 2018 보건의료기술평가 Vol.6 No.2

Objectives: Maternal morbidity and mortality are important healthcare issues. However there have been few studies on cost of illness (COI) from maternal disorders. This study aimed to estimate the COI due to maternal disorders in Korea. Methods: By reviewing previous studies and consulting expert we determined the scope of maternal disorders. We operationally defined maternal disorders as maternal hemorrhage, maternal sepsis, hypertensive disorders of pregnancy, obstructed labor, and abortion for maternal disorders. The reference period of this study is the year 2015. Main source of data were the National Health Insurance Service claims data, cause of death statistics from the Korea National Statistical Office, and the Korea Health Panel study. We classified the total costs into direct and indirect costs. The direct costs cover healthcare costs and non-healthcare costs. The indirect costs consist of productivity losses due to morbidity and premature death. Results: The cost of maternal disorders in 2015 was 229.7 billion won. The direct and indirect costs of maternal disorders were 165.2 billion won and 64.5 billion won respectively. The largest cost item for maternal disorders was healthcare cost (138.3 billion won, 60.2%). By age groups, the COI in 30-39 years old women were the highest (165.1 billion won, 71.9%). Abortion was the disorder with the highest COI among maternal disorders (71.9 billion won, 31.3%). Conclusion: The COI due to maternal disorders in Korea is quite substantial. Economic burden of maternal disorder increased when being compared with the year 2012 data despite the continued low birth rate in Korea. Therefore, it is necessary to continuously monitor the social costs of the maternal disorders in Korea.

자산손상차손이 자본비용에 미치는 영향

김은주,박미영 한국회계정보학회 2012 재무와회계정보저널 Vol.12 No.2

Asset impairment loss may effect management’s subjective determination considerably in the issue of applying the larger of net realizable value and usable value, as recoverable value. In case whether asset impairment loss is recognized and the amount thereof is determined opportunistically by management’s discretion, the quality of accounting information may be damaged. If quality of accounting information deteriorates, investment risk sensed by investors and information risk would increase, investors’ required return would rise accordingly in return for increased risk, and this could result in high capital cost to corporations. This study empirically analyzed what effect corporate’ capital cost receives if asset impairment loss is recognized, and how much effect in accordance with the amount thereof, so as to find out how investors evaluate the relationship between asset impairment loss and quality of accounting information. Result of empirical analysis showed that whether asset impairment loss is recognized did not have meaningful correlation with capital cost, but the amount recognized thereby has meaningful positive correction therewith. This analytical result shows the fact that capital market participants are interested not in the factor of whether a corporate recognized asset impairment loss, but are more sensitive on the absolute amount of asset impairment loss. Also, capital cost is found to increase as the asset impairment loss amount increases, evidencing that capital market participants are aware of the possibility of asset impairment loss recognition to be utilized as profit adjusting measures by corporate management’s discretions. 자산손상차손은 순실현가능가치와 사용가치 중 큰 금액을 회수가능액으로 결정하는 문제에 있어서 경영자의 주관적인 판단이 상당한 영향을 미칠 수 있다. 자산손상차손 인식 여부 및 금액이 경영자의 재량에 따라 기회주의적으로 결정되는 경우 회계정보의 질이 훼손될 수 있다. 회계정보의 질이 하락하는 경우 투자자들이 느끼는 투자위험과 정보위험이 증가하고, 투자자들은 증가된 위험에 대한 대가로 더 높은 요구수익률을 요구하게 되고 이는 기업의 자본비용이 증가되는 결과를 가져올 수 있다. 본 연구에서는 자산손상차손의 인식여부 및 크기에 따라 자본비용에 미치는 영향을 실증적으로 분석해 봄으로써, 투자자들이 자산손상차손과 회계정보 질의 관계를 어떻게 평가하고 있는지를 살펴보고자 하였다. 실증분석결과 자산손상차손의 인식 여부는 자본비용과 유의적인 관련성이 없었으나, 인식 크기는 유의적인 양(+)의 관련성을 가지는 것으로 나타났다. 이러한 분석결과는 자본시장 참여자들이 기업이 자산손상차손을 인식했느냐 하지 않았느냐에 관심을 가지기 보다는, 자산손상차손의 금액적 크기에 더 민감한 반응을 나타낸다는 사실을 보여준다. 또한 자산손상차손의 금액이 클수록 자본비용은 증가하는 것으로 나타나, 자본시장 참여자들은 자산손상차손 인식에 대해 경영자의 재량성으로 인한 이익조정의 수단으로 활용될 가능성에 대해 인지하고 있다는 것을 보여주고 있다.

장외파생상품거래의 조기종료에 따른 정산금 산정에 관한 연구

김창희 법무부 2015 선진상사법률연구 Vol.- No.69

The ISDA (International Swaps and Derivatives Association) Master Agreement (“Master Agreement”) is often concluded between OTC (Over-the-counter) derivatives market participants prior to individual transactions. According to the Master Agreement, specific events including the Events of Default, Illegality, and other events triggering termination can lead the accelerated termination of all the transactions between the parties. In this situation, a party is authorized to determine the Settlement Amount, which is the sum owing to the counter-party or owed by the counter-party. The aim of this research is to consider the issues in order to help dispute settlements over Settlement Amount determination. First, the study reviews the two methods, Market Quotation (MQ) and Loss, of calculating Settlement Amounts under the Master Agreement by way of examples. To explain Market Quotation method, the example of currency option contract is selected because of its familiarity with the KIKO (Knock-In Knock-Out) contracts. As to the Loss method, a case between a Korean security corporation and Rehman Brothers Commercial Corp. Asia is examined. The former example mainly deals with how MQ reflects the present value of the transection. In the latter, the process how funding costs are calculated is explained in details. Second, after reviewing major issues in cases of Korean and the UK, the paper is concluded as follows: (1) Even if there is an agreed method of determining Settlement Amounts, if the result calculated by the method is not commercially reasonable, the parties may disregard the agreed method and select other reasonable method; (2) In the costs of terminating hedge which can be included in Settlement Amounts the loss incurred by drop in value of hedge position should not be included, but administration costs and the cost of bid-offer spread should be (included); (3) While the MQ method may reflect the credit standing of the determining party, the Loss method should not reflect the non-defaulting party’s credit worthiness. (4) The funding costs should be included in the Loss, if the unexpected early termination of transactions lays a new burden on and generates new costs to non-defaulting party. In addition, the paper reviewed the changes in the ISDA 2002 Master Agreement. 장외파생상품거래를 하는 당사자들 사이에서 ISDA 기본계약을 미리 체결해 두는 경우가 많다. 기본계약에는 특정 사유가 발생하는 경우 기본계약에 따라 진행되는 모든 거래를 한꺼번에 조기종료시키는 규정이 있다. 모든 거래가 조기종료되면 계산권한 있는 당사자가 거래별로 종료시점을 기준으로 상대방에게 지급하거나 상대방으로부터 지급받을 금액을 결정하도록 되어 있다. 이 연구는 장외파생상품거래의 조기종료시 정산금 결정과 관련된 쟁점들을 정리하고 논평함으로써 분쟁의 예방과 해결을 도울 목적으로 이루어졌다. 이 연구에서는 먼저 정산금을 산정하는 두 방식에 관하여 기본계약에서 추상적으로 표현된 조항을 구체화시켜 설명하였다. Market quotation 방식에 관하여는, 키코사건으로 우리에게 익숙한 통화옵션계약의 가상적 사례를 통하여 시장호가금액이 어떻게 형성되는지를 살펴 보았다. Loss 방식에 관하여는, 리만 브라더스의 도산시 우리나라의 한 증권회사가 손해금액을 산정한 실제 사례를 검토하였다. 이어서, 외국과 우리나라 판례들을 요약하여 소개하고, 쟁점에 관하여 다음과 같이 필자의 견해를 정리하였다. 첫째, 당사자들이 정산금 산정방식에 합의하였더라도 그 방식에 따른 결과가 상업적으로 합리적이지 아니한 경우 다른 방식으로 정산금을 산정할 수 있다. 둘째, Loss에 산입되는 헤지청산비용은, 행정비용과 매수-매도 호가 차이 등 헤지청산과정에서 새롭게 발생하는 비용만을 말하고, 헤지거래의 시장가치 하락부분은 포함하지 아니한다. 셋째, 준거시장조성자가 호가를 산정함에 있어서 현실적으로 당사자의 신용상태를 고려하지 않을 수 없지만, 결정당사자가 Loss를 산정함에 있어서는 자신의 신용상태를 반영해서는 안된다. 넷째, 조기종료로 인하여 결정당사자에게 예상치 못한 시기에 거액의 지급의무가 발생함으로써 통상의 자금조달비용을 초과한 비용지출이 예상되는 경우 그 초과부분은 정산금에 포함되어야 한다.