세금비용과 비세금비용이 자산처분손익에 미치는 상충관계 = The Trade-Off Relationship of Tax Costs and Nontax Costs on Income from Asset Sales

국문 초록 (Abstract)

본 연구는 Scholes and Wolfson(1992)의 효과적인 세무계획(effective tax planning)을 위한 세 가지 주제 중에서 세무계획수립자가 세무계획을 수립할 때 세금비용(tax costs) 뿐만 아니라 관련된 다른 비세금비용(nontax costs)도 고려해야 한다는 모든 비용(all costs) 관점을 중심으로 논의를 전개한다. 경영자들이 보고이익수준을 조절하기 위해 수행하는 여러 재량적인 의사결정 중 본 연구는 기업이 보유하는 유형자산, 투자자산 등과 같은 자산처분손익의 실현에 초점을 맞추고자 한다. 왜냐하면 이러한 자산처분손익의 실현이야말로 세금비용과 비세금비용의 상충관계(trade-off relationship)가 극명하게 나타나기 때문이다. 자산처분손익을 실현할 때 세금비용이나 비세금비용 어느 한 측면만을 고려할 경우에는 다른 측면의 비용이 커져서 원래 의도했던 목적을 달성하지 못할 가능성이 있다. 따라서 자산처분손익을 실현하여 보고이익수준에 영향을 미칠 경우에는 양 비용을 모두 고려한 총비용을 최소화하는 효과적인 세무계획을 수립·시행해야 한다. 본 연구는 2001년 12월 31일 현재 한국증권거래소에 상장되어 있는 12월 결산 비금융 제조기업인 4,107 기업/년을 대상으로 1992년부터 2001년까지 10년 동안 단기적인 기업가치 극대화를 추구하는 경영자들이 세금비용과 비세금비용이 상충하는 자산처분손익을 실현하는 상황에서 양 비용을 모두 고려한 효과적인 세무계획을 수립·시행하는지 Shackelford and Shevlin(2001)이 제시한 상충관계모형을 이용하여 살펴보았다. 연구결과 가설에서 예상한대로 기업들이 자산처분손익을 활용하여 이익조정을 수행하고 있었으며 이때 세금비용과 비세금비용을 모두 고려한 효과적인 세무계획을 수립·시행하고 있었다. 특히 양 비용 간에는 상충관계가 존재함이 발견되었다. 이런 결과는 자산처분손익 전체뿐만 아니라 개별자산처분손익에 대해서도 일관되게 나타났다. 본 연구는 자산처분손익에 대해 보다 종합적인 시각에서 연구할 수 있는 유용한 분석수단을 제공하였으며 기업실무에 대한 체계적인 이해를 가능하게 하였다. 특히 이익조정수단으로서 자산처분손익에 대한 깊은 이해가 가능해져 기업을 둘러싼 여러 이해관계자들에게 다양한 시사점을 제공해줄 수 있을 것이다.

다국어 초록 (Multilingual Abstract)

Among various discretionary decision-making managers can perform in order to manage earnings, this study focuses on the realization of income from the sale of fixed assets and investments; for apparently there is the trade-off relationship of tax costs and nontax costs in the realization of income from asset sales. Therefore managers should perform the realization of income from asset sales minimizing total costs including tax costs and nontax costs to manage earnings. This study examines whether managers accomplish effective tax planning considering all costs in the trade-off context of tax costs and nontax costs in the realization of income from asset sales using the trade-off model suggested by Shackelford and Shevlin(2001). This is for 4,107 firm-year observations (calendar year-end, non-financial manufacturing and listed firms) over the ten-year period from 1992 to 2001. The dependent variable is measured as income from asset sales(including income from the sale of fixed assets and income from the sale of investments). The independent variables are measured as tax costs(marginal tax rates), nontax costs(unexpected pre-tax income proxy for financial reporting costs, debt-equity ratio for contracting costs, inside ownership concentration for capital market pressure), interaction variable (interaction between marginal tax rates and a dummy variable standing for high nontax costs firms) and other control variables(firm size, the beginning book value of assets, current cash flows from operations, last year`s income from asset sales). The results showed that managers performed earnings management using the realization of income from asset sales and accomplished effective tax planning considering both tax costs and nontax costs. Significantly, there was a trade- off relationship between them. These results were found in not only income from asset sales but also income from the sale of fixed assets and income from the sale of investments. This study provides a useful tool by which researchers can study income from asset sales in a more comprehensive view and gives a more systematic understanding on realities of business. This study furthermore provides a deeper understanding on the realization of income from asset sales as an earnings management method and contributes to the decision-makings of interested parties.

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