회계이익과 과세소득의 차이와 이익의 가치관련성

김철환,전규안 한국세무학회 2010 세무학 연구 Vol.27 No.2

This study examines the effects of book-tax income differences on value relevance. The research samples are 1,953 KOSPI(Korea Composite Stock Price Index) listed firms and research period is 5-years from 2000 to 2004. I use Ohlson(1995) model as a main research model. My work is motivated primarily by recent fraudulent accounts and academic research demonstrating the role of book-tax income differences. There are two kinds of corporation's reporting income:book income(accounting income) and taxable income. Book income is for financial reporting purposes under Generally Accepted Accounting Principles(GAAP) and taxable income is to determine the corporation's tax liabilities under tax law. I define book-tax income differences that after deducting income before income tax expense to each business year taxable income, dividing by weighted average current stocks number. The differences between book and taxable income may be large in spite of both book and taxable being prepared on an accrual basis. The main empirical results are followed:First, I find that taxable income has the value relevance as accounting income's benchmark. Second, I examine that the firm-years with large book-tax income differences have value relevance that are less than firm-years with small book-tax income differences. Finally, I find that managers use the temporal differences than the permanent differences when they manage earnings. The contributions of this study are as follows. First, the information of book-tax income differences would likely provide additional information that would assist the information users including investors that they analysis value relevance. Second, I indicate the necessity of the public announcement about book-tax income differences when the companies announce the information. Large book-tax income differences as disclosed in the financial statements will show to provide information about the value relevance of current earnings. 본 연구는 회계이익과 과세소득의 차이가 이익의 가치관련성에 미치는 영향을 알아보는 것이다. 이를 검증하기 위해 1,953개의 유가증권시장 상장기업을 대상으로 2000년부터 2004년까지의 5년을 연구기간으로 Ohlson(1995)모형을 이용하여 회계이익과 과세소득의 차이가 이익의 가치관련성에 미치는 영향을 분석하였다. 본 연구에서 사용되는 회계이익과 과세소득의 차이는 법인세비용차감전순이익에서 각사업연도소득금액을 차감한 값을 가중평균유통주식수로 나눈 값으로 정의하였다. 본 연구의 주요 결과는 다음과 같다. 첫째, 회계이익뿐만 아니라 과세소득도 기업가치를 설명함으로써 회계이익이 주가를 설명하지 못하는 부분에 대해 과세소득이 하나의 벤치마크(benchmark)로서의 역할을 할 수 있는 것으로 나타났다. 둘째, 회계이익과 과세소득의 차이금액이 회계이익이 기업가치를 설명하는 부분 이외에 추가적인 가치관련성을 갖는 것으로 나타났다. 셋째, 회계이익과 과세소득의 차이가 매우 크거나 매우 작은 기업의 이익은 그렇지 않은 기업에 비해 이익의 질이 낮으므로 가치관련성이 낮은 것으로 나타났다.

일시적차이와 영구적차이 및 기업특성과 이익의 가치관련성

김철환,전규안 한국세무학회 2008 세무와 회계저널 Vol.9 No.3

The Objective of this study is to examine the effects of book-tax earnings differences, temporary differences and permanent differences on value relevance. The research samples are 1,730 KOSPI (Korea Composite Stock Price Index) listed firms and research period is 5-years from 2000 to 2004. I use Ohlson(1995) model as a main research model. My study is motivated primarily by recent fraudulent accounts and academic research demonstrating the role of book-tax earnings differences. There are two lists of book-tax earnings differences:temporary differences, permanent differences. I define book-tax earnings differences that after deducting income before income tax expense to each business year taxable income, dividing by weighted average current stocks number. The differences between book and taxable income may be large in spite of both book and taxable being prepared on an accrual basis. The main empirical results are followed: First, I find that income companies have the value relevance temporary differences than permanent differences and loss companies can not compare the value relevance between temporary differences and permanent differences. Second, The companies that book income are bigger(smaller) than taxable income have the value relevance temporary differences than permanent differences. Third, middle size companies have the value relevance temporary differences than permanent differences after companies sort by size. Finally, I study that the firm-years with large book-tax earnings differences have value relevance that are less than firm-years with small book-tax earnings differences. Concisely, I find that managers use the temporal differences than the permanent differences when they manage earnings. The contributions of this study are as follows. First, the information of book-tax earnings differences, temporary differences and permanent differences would likely provide additional information that would assist the information users including investors that they analysis value relevance. Second, I indicate the empirical results that have the value relevance temporary differences than permanent differences when the companies do earnings management. 본 연구는 회계이익과 과세소득의 차이뿐만 아니라 회계이익과 과세소득의 차이를 구성하는 일시적차이와 영구적차이가 이익의 가치관련성에 미치는 영향을 기업특성(이익발생 여부, 회계이익과 과세소득 차이의 양 또는 음 여부, 기업규모 등)을 고려하여 알아보았다. 이를 검증하기 위해 1,730개의 유가증권시장 상장기업을 대상으로 2000년부터 2004년까지의 5년을 연구기간으로 Ohlson(1995)모형을 이용하여 회계이익과 과세소득의 차이, 일시적차이 그리고 영구적차이가 이익의 가치관련성에 미치는 영향을 기업의 특성을 고려하여 분석하였다. 본 연구에서 사용되는 회계이익과 과세소득의 차이는 법인세비용차감전순이익에서 각사업연도소득금액을 차감한 값으로 정의하였다. 본 연구의 주요 결과는 다음과 같다. 첫째, 회계이익과 과세소득의 차이를 기준으로 표본을 나누어 분석한 결과에서 회계이익과 과세소득의 차이가 매우 크거나 매우 작은 기업이 회계이익과 과세소득의 차이가 크지 않은 기업인 중간집단보다 이익의 가치관련성이 작은 것으로 나타났다. 이는 회계이익과 과세소득의 차이가 매우 크거나 작다는 것은 이익의 가치관련성이 낮다는 것을 의미하므로 투자자들이 이러한 기업의 이익에 대해서는 동일한 이익에 대해서 낮게 평가하고 있다는 것을 의미한다. 둘째, 회계이익과 과세소득 차이의 구성항목인 일시적차이와 영구적차이 중에서 일시적차이에 의해 표본을 분류하는 경우가 영구적차이에 의해 표본을 분류하는 경우보다 이익의 가치관련성을 더 잘 설명하는 것으로 나타났다. 이러한 결과는 경영자가 영구적차이보다는 일시적차이에 영향을 주는 항목(예를 들어 발생액)을 주로 이용하여 이익조정을 하며, 이러한 이익조정이 이루어진 이익은 가치관련성이 적게 된다는 것을 보여주는 결과이다. 본 연구는 회계이익과 과세소득의 차이가 이익의 가치관련성에 영향을 미칠 뿐만 아니라 일시적차이가 영구적차이보다 이익의 가치관련성에 미치는 영향이 더 크다는 것을 보여주었다는 점에서 의의가 있다. 이는 기업의 이익조정이 영구적차이가 아닌 일시적차이에 영향을 주는 항목을 주로 이용하여 이루어진다는 일반적인 예상을 실증적으로 보여주었다는 점에서 의의가 있다. 또한 이러한 경향이 기업특성에 따라 차이가 있다는 것을 보여주었다는 점에서 의의가 있다.

회계이익과 과세소득의 차이와 발생액 정보가 감사시간과 감사보수에 미치는 영향

전규안(Kyu An Jeon),박종일(Jong Il Park) 한국경영학회 2009 經營學硏究 Vol.38 No.2

Recent academic studies investigates book-tax differences as an indicator of earnings management(Joos et al. 2000; Philips et al. 2003; Hanlon 2005; Hanlon and Krishnan 2005 etc). Tax accounting texts claim that the differences between pre-tax financial reporting earnings and taxable income (i.e., book-tax differences) can provide information about current earnings, and the large differences between book and taxable incomes should have been an indicator of low-quality financial reporting earnings. The underlying maintained hypothesis is that because less discretion is allowed in the computation of taxable income, book-tax differences can informative about management discretion in the accruals process. The prior literature on book-tax differences provides evidence consistent with the differences providing information about quality of earnings. Though recent research reports that earnings management incentives and lower earnings response coefficients are associated with book-tax differences (i.e., Hanlon 2005), there is no direct evidence that large book-tax differences reflecting information that auditors use to assess quality of earnings. This paper examines whether auditor utilize the information in book-tax differences. Specifically, we investigate whether book-tax differences are associated with higher audit hours and audit fees. Prior financial accounting research reports evidence consistent with accrual earnings being more relevant in reflecting firm performance as compared to cash flows (Dechow 1994; Dechow et al. 1998). We also investigate whether audit hours and audit fees are associated with discretionary accruals. Using our measure of total book-tax differences and discretionary accruals allows us to examine auditors` use of all this information collectively. We measure book-tax differences as the absolute value of both total book-tax differences and accruals. A large or volatile book-tax differences and accruals (positive and negative) may imply a large extent of aggressiveness or frequent manipulations. We use discretionary accruals to measure the extent of firms` earning management. We employ the model identified by Dechow, Sloan and Sweeny(1995) to estimate discretionary accruals. If auditors use the information reflected in book-tax differences in assessing quality of earnings then large book-tax differences should indicate the necessity for auditors to exert more audit effort (more audit hours and including more specialists) which would increase the level of audit fees for these relative to firms with smaller book-tax differences, all else constant, and also similar to accruals. The sample consists of non-banking firms with a December fiscal year-end listed on the Korean Stock Market over 2000-2005. The empirical findings are summarized as follows. First, to audit hour results, the data are consistent with larger book-tax differences or discretionary accruals being associated with high audit hours and audit fees respectively. However, we find no evidence that audit hours is associated with high total accruals. Second, to audit fee results, if prior Hanlon and Krishnan(2005) differently, book-tax difference as dividing by total assets (this is scale), the data are inconsistent with book-tax difference being associated with high audit fees. However, the data are consistent with larger total accruals or discretionary accruals being associated with high audit fees. Third, abnormal book-tax differences is no associated with abnormal audit fees, but abnormal book-tax differences is positively associated with abnormal audit hours. However, the magnitude of discretionary accruals is positively associated with abnormal audit hours and fees. Finally, we find that audit pricing is premium related to higher magnitude of discretionary accruals and deferred tax expenses. Overall, we interpret this evidence as indicating that large book-tax differences or discretionary accruals reflect information that represents a higher ris

재무보고시점과 세무보고시점의 차이에 따른 이연법인세 공시의 적정성과 기업특성

김상헌 ( Sang Hun Kim ),배수진 ( Su Jin Pae ),심태섭 ( Tae Sup Shim ) 한국회계학회 2009 會計學硏究 Vol.34 No.2

세무보고시점에는 세무조정계산서를 통해 최종적인 세무조정 항목과 금액이 정확히 공시되는 반면, 재무보고시점에는 감사보고서를 통해 이연법인세 계산을 위한 임시적 세무조정항목과 금액이 공시될 수 있다. 실무적으로 조기결산에 대한 사회적 요구의 증가로 인해 재무보고시점이 세무보고시점보다 빨라지고 있으며, 재무보고업무와 세무보고업무의 성격 자체가 상이하므로 두 시점사이에 세무조정 항목과 금액의 오차가 발생할 가능성이 존재한다. 이에 본 연구에서는 2004년부터 2006년까지 거래소 상장기업 중 제조업에 속하는 1,089개(기업-년) 표본을 대상으로, 재무보고시점과 세무보고시점에 공시하는 구체적인 세무조정 항목과 금액을 이용하여 일시적차이 및 영구적차이 오차의 발생현황 및 오차를 발생시키는 기업의 특성에 대해 실증적으로 분석하였다. 먼저 재무보고시점과 세무보고시점 오차의 발생을 분석한 결과, 일시적차이의 오차의 중위수가 음(-)의 값으로 관찰되어, 재무보고시점에서 이루어지는 일시적차이에 대한 부정확한 공시가 가급적 많은 차감할일시적차이나 적은 가산할일시적차이를 보고하는 방향으로 나타나고 있었다. 반면, 영구적차이의 오차의 중위수는 양(+)의 값으로 관찰되어 재무보고시점에서 영구적차이의 오차의 공시가 가급적 많은 가산할영구적차이나 적은 차감할영구적차이를 보고하는 것으로 나타났다. 이러한 부정확한 일시적차이 및 영구적차이의 오차의 공시는 결과적으로 이연법인세자산·부채를 왜곡시켜 대차대조표에 영향을 미치는 동시에 법인세비용에 영향을 미쳐 손익계산서상 당기순이익을 왜곡시킬 수 있다. 다음으로 재무보고시점과 세무보고시점의 오차에 영향을 미치는 기업특성을 분석한 결과는 다음과 같다. 첫째, 재무보고시점과 세무보고시점의 일시적차이의 오차만을 대상으로 분석한 경우, 경영성과와 재무구조가 양호하지 못한 기업일수록, 기업의 규모가 작을수록 그리고 내부지분율이 높은 기업일수록 재무보고시점에 상대적으로 양(+)의 일시적차이의 오차를 보고하는 것으로 나타났다. 둘째, 영구적차이의 오차만을 대상으로 분석한 경우에는 재무보고시점이 빠를수록, NonBIG 회계법인에게 감사를 받을수록 재무보고시점에 양(+)의 영구적차이의 오차를 보고하는 것으로 나타났다. 본 연구의 결과는 재무보고시점과 세무보고시점의 차이에서 발생하는 일시적차이 및 영구적차이의 오차가 이연법인세의 계산을 부정확하게 함으로써 결과적으로 기업이 공시하는 재무상태 및 회계이익의 신뢰성에 유의한 영향을 미칠 수 있음을 시사하고 있다. 따라서 관계감독당국은 감리 등의 적극적인 방법을 통해 기업들이 재무보고시점과 세무보고시점의 세무조정 항목과 금액의 오차를 실질적으로 감소시킬 수 있는 회계시스템을 유지하도록 유도할 필요가 있다. 또한 감사인 입장에서도 부정확한 법인세회계 관련 공시에 대해 보다 적극적인 감사절차를 수행함으로써 회계정보에 대한 신뢰성 향상과 함께 감사품질을 높일 수 있을 것으로 기대된다. When a tax return is filed, tax reconciliation items and amounts are exactly disclosed through the tax return, but when a financial information is reported, temporary items and amounts for calculating deferred corporate tax are disclosed through an auditor`s report. In practice, because a financial report precedes a tax report and the purposes of what they report are different, an error in permanent or temporary differences may occur. If errors in temporary differences occur, the assets and liabilities are incorrectly disclosed on the balance sheet and thus the financial status of a corporation is distorted. And errors in permanent differences affect corporate tax expenses and accounting income. The exact disclosure of tax returns becomes the source of calculation of deferred income tax. Therefore, the study related to deferred income tax is required to be made from the basic standpoint of the exact disclosure of tax return. However, most of prior studies have focused on earnings management using deferred income tax, realizable possibility of deferred income tax assets and value relation of deferred income tax. Therefore before evaluating empirical results of prior studies related to deferred income tax, it is necessary to examine the accuracy of tax reconciliation items and amounts. Accordingly, this study examined the errors in temporary and permanent differences occurring from book-tax timing differences(differences in the time between a financial and a tax report) using corporate tax-related materials disclosed by a firm. This study also empirically analyzed firm characteristics which can generate such errors. For this analysis, we estimate the empirical model containing the seven firm characteristics discussed following using OLS regression. Specifically, we use the seven firm characteristics that focus on reliability of the disclosure on deferred tax: (i) Debt ratio(proxy of financial structure), (ii) Size of total assets, (iii) ROA(proxy of financial performance), (iv) Book-tax timing differences between points of time of a financial and tax report, (v) Size of external auditor, (ⅵ) Foreign investor ownership and (ⅶ) Principal stockholder ownership. Based on the explanation discussed above, we test the following hypothesis. (i) the poorer financial performance and financial structure are, the larger errors in temporary or permanent differences are reported, (ii) the longer book-tax timing differences between points of time of a financial and tax report are, the larger errors in temporary or permanent differences are reported, (iii) the higher ratio of foreign ownership and principal stockholder ownership are, the larger errors in temporary or permanent differences are reported. The sample selection procedure is summarized as follows; Our initial sample consists of 1,260 observations(firm-year) available on TS 2000 belonging to manufacturing industry with December fiscal years listed on the Korea Stock Exchange from 2004 to 2006. From these total observations, we exclude 131 observations (missing financial data and temporary and permanent differences data). We also delete the top and bottom 1% of dependent and independent variable to mitigate the effects of extreme observations. Accordingly, we exclude 40 observations because of deletion of the outlier. Of the remaining 1,089 observations, 399 observations(about 37% of the total samples) have the errors in temporary differences and 152 companies (about 14% of the total samples) have the errors in permanent differences. When total samples with an error were classified to subsample according to whether errors repetitively occurred or not, it was found an error occurred more than twice in 36% of them. It means that an error tends to be comparatively repeated. Firms adjusted errors not through modification of the current financial statements but through the notes related to deferred corporate tax of the next year audited statements. This means that most of companies calculate deferred tax through tentative tax adjustment for only calculating accounting profits and subsequently report a true tax amount to be paid through exact tax adjustment. The analysis results are as follows. First of all, it was found that the median of errors in temporary differences was a negative value and the median of errors in permanent differences was a positive value at the point of time of a financial and tax report. This means that more deductible temporary difference or fewer taxable temporary difference tend to be reported and more taxable permanent differences or deductible permanent differences tend to be reported at the time of a financial report. The disclosure of errors in incorrect negative temporary differences leads to overstatement of assets and liabilities. Also, the errors in positive permanent differences may result in a increase of net income through an decrease in corporate tax. In the second place, the results of analysis of firm characteristics affecting the errors occurring between the time of a financial and tax report are as follows. First, it was found that a firm with the poorer financial performance and financial structure, the smaller total assets and the higher ratio of principal stockholder ownership, tends to report the lower deductible temporary differences and the higher taxable temporary differences when a financial report is made. This leads to understatement of assets and liabilities and misstatement of debt ratio. Also it may inform outside interested parties with underestimation about cash outflow. Second, it was found that a firm having the larger book-tax timing differences and being audited by the Non-BIG, tends to report fewer deductible permanent differences or more taxable permanent differences when making a financial report. This is likely to understate accrued corporate tax that is to be disclosed as of the day of balance sheets and leads outside interested parties to underestimate cash flow related to corporate tax. Simultaneously, this may lead to a decrease of corporate tax expense to be reported in income statements and result in an increase of accounting income which are ultimately reported. In the meantime, errors of temporary and permanent differences were classified according to whether or not they repetitively occurred. The group was divided into the one in which each error occurred once and the one in which each error occurred twice, and analysis of firm characteristics affecting errors was made. As a result of analysis, the occurrence types of errors according to variables of firm characteristics were more remarkably discovered in the firm in which each error repetitively occurred over twice than the one in which each error occurred once. Finally, this study analyzed sensitive test classifying size of error by absolute value, because the errors in temporary differences and in permanent differences have a large gap in size of absolute value. The result of additional test indicated that firms in which the absolute value of error took place in large scale have similar firm characteristics with those where error occurred more than twice. This study implies that temporary and permanent differences occurring from booktax timing differences(differences between points of time of a financial report and a tax return) may lead to incorrect calculation of deferred corporate tax and thus greatly affect the reliability of financial status and accounting income publicly announced by a corporation. Accordingly, it is required that a supervising agency should recommend firms to maintain an accounting system in which they can actually reduce errors related to corporate tax through active methods such as supervision. Also, from the standpoint of an auditor, it is expected to improve the reliability of accounting information as well as audit quality by paying attention to audit procedure of incorrect corporate tax. In the meantime, this study had some limitations in that it conducted an analysis excluding the effect owing to valuation of deferred tax assets with respect to realizability of future tax expense and thus it would be necessary to consider additional firm characteristics variables occurring errors which were not found out in this study. In other words, future studies should elaborately examine the associations between the book-tax timing differences and firm characteristics. It is also expected that precise analysis of concrete account item affecting the error of tax reconciliation items and amounts will propose more useful information on deferred income tax.

재무보고이익과 세무보고이익 차이의 관점에 대한 검토

최경수 한국세무사회 부설 한국조세연구소 2014 세무와 회계 연구 Vol.3 No.2

본 연구는 재무보고이익과 세무보고이익의 차이(재무보고이익에서 세무보고이익을 차감한 값으로 정의:이하 ‘보고이익의 차이’)에 대한 다양한 기존 연구들을 고찰하고 이에 대해 논의한다. 아울러, 이를 통해 보고이익의 차이에 대한 관점을 다룰 향후 논문들이 관련 연구 범위를 확장하고 유용한 사실을 제공하는 데 유용한시사점을 제시하고자 한다. 구체적으로 본 연구는 재무보고이익과 세무보고이익의 차이에 관한 선행연구들의 다양한 시각을 다음과 같은 네 가지 범주로 분류하고 이를 정리 및 논의한다. 첫째, 보고이익 차이에 대한 관점을 다룬 선행연구들은 보고이익의 차이가 경영자의 이익조정 행위를 반영한다는 관점으로 구분할 수 있다. 둘째, 보고이익 차이에 대한 시각을 연구한 기존 논문들은 보고이익의 차이는 경영자의 구체적인 이익조정 유인에 대한 정보를 내포한다는 시각으로 분류할 수 있다. 셋째, 보고이익 차이에 대한 관점을 다룬 선행연구들은 보고이익의 차이는 이익의 지속성에 대한 정보를 담고 있다는 관점으로 구분된다. 넷째, 보고이익 차이에 대한 시각을 연구한 기존 논문들은 보고이익의 차이는 정보비대칭에 대한 정보를 포함하고 있다는 시각으로 분류할 수 있다. 본 연구는 보고이익의 차이에 대한 기존 관점들을 정리하는 과정에서 관련 논리들을 상세히 기술하고자 하였으며, 이러한 측면에서 보고이익의 차이에 기반한 후속 연구들은 여러 가지 유용한 정보를 획득할 수 있을 것으로 기대된다. The objective of this paper is two-fold. First, we investigate and discuss the differences between book income and taxable income (hereafter, book-tax differences) which is related with various viewpoints. In addition, by accomplishing our first objective, our second objective is to provide useful implications when relevant future researches explore the viewpoints of book-tax differences. More specifically, this paper classifies the viewpoints of book-tax differences which is suggested in prior literatures into four categories and discuss them. First, the prior literatures which is related with the viewpoints of book-tax differences can be classified into category dealing with the association between book-tax differences and managements’ earnings management. Second, the prior literatures which is related with the viewpoints of book-tax differences can be classified into category dealing with the association between book-tax differences and incentives of managements’ earnings management. Third, the prior literatures which is related with the viewpoints of book-tax differences can be classified into category dealing with the association between book-tax differences and persistence of earnings. Lastly, the prior literatures which is related with the viewpoints of book-tax differences can be classified into category dealing with the association between book-tax differences and information asymmetry. This paper tried to provide the detailed logics when exploring the viewpoints of book-tax differences. In this respect, the possible future researches that are based on the viewpoints of book-tax differences might be able to acquire useful information.

재무보고이익-세무보고이익의 차이 및 재무분석가가 경영자 이익예측에 미치는 영향

김경혜 ( Kyung Hye Kim ),유승원 ( Seung Weon Yoo ),최경수 ( Kyong Soo Choi ) 한국회계학회 2013 회계학연구 Vol.38 No.2

본 연구는 재무보고이익과 세무보고이익의 차이(재무보고이익에서 세무보고이익을 차감한 값으로 정의: 이하 ``보고이익의 차이``)가 경영자 이익예측정보의 정확성과 편의에 미치는 영향을 분석한다. 아울러, 본 연구는 재무분석가 수가 보고이익의 차이에 따른 경영자 이익예측 정확성 및 편의에 어떠한 영향을 미치는지 검증하고자 한다. 분석을 위해 2002년 11월부터 2009년 말까지 공정공시를 통해 발표된 경영자 예측정보 중 영업이익에 대한 예측값을 이용하며, 구체적인 주요 실증결과는 다음과 같다. 첫째, 보고이익의 차이가 클수록 경영자 이익예측정보의 정확성이 감소하고 낙관적인 편의가 증가하는 것으로 나타난다. 본 연구는 보고이익의 차이가 커질수록 이익지속성이 낮아져 미래이익에 대한 경영자와 외부투자자 간의 정보비대칭이 증가하므로, 경영자는 상대적으로 정확성이 낮고 낙관적인 이익예측치를 공시할 것이라고 예상한다. 따라서 이 결과는 보고이익의 차이로 인한 미래이익에 대한 정보비대칭이 경영자 이익예측치의 정확성을 감소시키고 낙관적인 편의를 증가시킬 것이라는 본 연구의 예상과 일치한다. 둘째, 해당기업에 대한 이익예측치를 제공하는 재무분석가의 수가 많을수록, 보고이익의 차이가 야기하는 경영자 이익예측정보의 부정확성 및 낙관적인 편의가 감소하는 결과를 보이고 있다. 이는 재무분석가의 수가 증가하면 보고이익의 차이로 인한 미래이익에 대한 정보비대칭이 실질적으로 감소하므로, 보고이익의 차이에 따른 경영자 이익예측치의 왜곡이 줄어드는 것으로 해석된다. 본 연구는 자발적 공시정보(경영자 이익예측 정확성과 편의)와 강제공시정보(보고이익의 차이)간의 체계적인 관계를 입증함으로써, 경영자의 공시정책에 대한 새로운 시사점을 제시하고 있다. 특히, 자발적 공시와 강제공시의 관계를 살펴본 기존 연구가 자발적 공시의 양적 측면(즉, 빈도 또는 공시여부)에 편향되어 있다는 점에서 본 연구의 차별점이 존재한다. 또한, 본 연구는 재무분석가의 수가 보고이익의 차이에 따른 경영자 이익예측정보의 부정확성과 낙관적인 편의를 감소시킨다는 결과를 제시함으로써, 재무분석가가 경영자 이익예측치의 질적 수준을 향상시킨다는 사실을 제시하고 있다. 이 결과는 자본시장의 대표적인 정보중개인으로서 재무분석가의 긍정적인 역할을 보여준다는 점에서 경영자 이익예측정보를 이용하는 다양한 이해관계자들에게 유용한 정보를 제공할 수 있다. In this paper, we investigate the impact of differences between book income and taxable income (hereafter, book-tax differences) on management earnings forecast accuracy and bias, incorporating the role of financial analysts. Specifically, this paper examines the effect of book-tax differences on management earnings forecasts accuracy and bias. Furthermore, we investigate how the number of analysts affects the relation between management earnings forecasts properties (i.e., accuracy and bias) and book-tax differences. We analyze the hand-collect data of management earnings forecasts for future operating income during fiscal years 2002-2009, from Financial Supervisory Service`s Data Analysis, Retrieval and Transfer System (DART). Our results are given as follows. First, we find that the accuracy of management earnings forecast decrease in the book-tax differences. Also, we show that management earnings forecasts exhibit greater optimistic biases when book-tax differences are relatively high. In sum, book-tax differences not only generates the error of management earnings forecast, but also creates the optimistic forecasting behavior of corporate manager. Based on the prior studies, we predict that a lager book-tax differences decreases the persistence of current earnings, thereby creates a relatively large information asymmetry between manager and outside investors about firm`s future earnings. This information asymmetry which is generated by the differences between book and taxable income is expected to induce a manager to provide less accurate and more optimistic earnings forecasts. Therefore, the systematic associations between management earnings forecasts properties (accuracy and bias) and book-tax differences are consistent with our expectations. Second, as the number of analysts following the firm increases, we find that the relation between management earnings forecasts properties (accuracy and bias) and book-tax differences lessens. We specifically find that the negative association between the management earnings forecasts accuracy and book-tax differences decreases when the number of analysts is relatively high. In addition, the positive relation between the management earnings forecasts bias and book-tax differences gets less positive as the number of analysts increases. These results indicates that a relatively large number of analysts following reduces the distortions induced by book-tax differences because the information asymmetry between a manager and outside shareholder about future earnings diminishes as the number of analysts increases. These findings also stress that our first findings that a larger book-tax differences generate management earings forecast errors and bias are mainly induced by information asymmetry between manager and outside investors regarding firm`s future earnings. Managers communicate information about firms` financial situations to outside investors through two important channels, that is, mandatory and voluntary disclosures. Both mandatory and voluntary disclosures are the main sources from which firm investors gets relevant (or valuable) information that is used in judgment. A considerable literature has, in fact, find that both types of disclosure significantly affects stock prices, and contains value-relevant information about a firm. This paper, by demonstrating the systematic association between the properties of voluntary disclosed information (management earnings forecasts accuracy and bias) and mandatory disclosed information (book-tax differences), provides a new insight about the manager`s disclosure policy. In particular, prior literatures which deal with the relation between voluntary disclosure and mandatory disclosure concentrate mainly on the quantitative aspects (i.e., occurrence or frequency) of voluntary disclosure. Our research adds a new insight by focusing on the management earnings forecast accuracy and bias (i.e., qualitative aspects of voluntary disclosure). By establishing the fact that a relatively large number of analysts following the firm lessens the relation between management earnings forecasts properties and book-tax differences lessens, we also document the analysts` behavior which enhances the quality of management earnings forecasts. It provides a useful information for the outside investors because the result shows the important role of financial analysts as a prominent information intermediaries in the capital market.

회계이익과 과세소득의 차이, 관련 세액의 차이 및 유효세율의 관계

박한순 한국세무학회 2015 세무와 회계저널 Vol.16 No.4

Prior researches independently use book-tax income differences, temporary and permanent differences, income-related tax differences and effective tax rates such as GAAP ETR and current ETR. This paper discuss mathematically and verify empirically relations between these tax variables to be helpful for proper selection of tax variables, estimation of results‘ direction, improvement of test power. Temporary and permanent differences are net amount of tax income-decreasing differences minus tax income-increasing differences and income-related tax differences are total tax expense minus current tax expense. GAAP ETR is defined as total tax expense divided by book income and current ETR is defined as current tax expense divided by book income. 2004-2007 years' data of 283 listed nonfinancial firms are used in analysis. The empirical results support mathematical relations as follows. First, book-tax income differences, temporary and permanent differences have positive relations to income-related tax differences. Second, book-tax income differences and permanent differences have negative relations to both GAAP ETR and current ETR. Temporary differences have a negative relation to current ETR, but have no direct relation to GAAP ETR. Third, income-related tax differences are positively related to GAAP ETR and negatively related to current ETR. 본 연구에서는 회계이익․과세소득 차이와 그 구성요소인 일시적차이․영구적차이, 법인세비용․납부세액 차이 및 유효세율의 관계를 수리적으로 논의하고 실증적으로 검증하였다. 283개 상장제조기업을 표본대상으로 하고 2004년부터 2007년까지의 재무 및 세무자료를 이용하였다. 일시적차이와 영구적차이는 손금산입 세무조정에서 익금산입 세무조정을 차감한 순액으로 측정하였고, 유효세율은 회계이익에 대한 법인세비용의 비율인 GAAP ETR과 회계이익에 대한 납부세액의 비율인 당기 ETR로 측정하였다. 실증분석 결과는 다음과 같이 수리적으로 논의한 내용을 지지하고 있다. 첫째, 회계이익․과세소득 차이 및 일시적차이와 영구적차이는 법인세비용․납부세액 차이 양의 관련성을 갖는다. 둘째, 회계이익․과세소득 차이 및 영구적차이는 유효세율인 GAAP ETR 및 당기 ETR과 음의 관련성을 갖고, 일시적차이는 당기 ETR과 음의 관련성을 갖는 반면에 GAAP ETR과 직접적인 관련성을 갖지 않는다. 셋째, 법인세비용․납부세액 차이는 GAAP ETR과 양의 관련성, 당기 ETR과 음의 관련성을 갖는다. 본 연구는 적절한 변수의 선정과 분석 결과의 방향성 예측 및 이로 인한 검정력 향상에 도움을 줄 수 있다는 점에서 의의를 갖는다고 할 수 있다.

경북지역 옹기 제작기술의 문화지도 작성을 위한 모색

배영동 영남대학교 민족문화연구소 2008 민족문화논총 Vol.39 No.-

Ethno-Cartography is the study and practice of making representations on a map to show the differences that geographical boundaries make in the cultural phenomena of regions. Thus the basic purpose of making an ethno-cartography is to grasp the regional differences of culture. So far, the objects which a cartography represents on the map have been tangible cultural materials. To take a step forward, this study is a methodological plan and an operational assumption to make a cartography of pottery-making techniques in the Gyeongbuk area based on the premise that a cartography of technology may be possible. The ultimate goal of making an ethno-cartography is to understand the diversity of cultures. If so, an ethno-cartography has to show the regional and periodical differences of cultures, and also reasonable clues for such differences. Making pottery is done according to the proper procedures. Therefore, a two-step working process is needed for making a cartography of pottery-making techniques. First, the pottery-making techniques should be subdivided and classified according to the manufacturing process. Regional differences in the techniques should be researched and represented on the map. Next, in order to see whether changes in pottery making techniques are regionally different, detailed techniques of making pottery according to manufacturing process should regionally and periodically be investigated, and the results should be represented on the map. By following the above mentioned, it can be found out what are the regionally and periodically common and different features in pottery-making techniques in the Gyeongbuk area. Some clues can be prepared to explain why and how such differences came about. Thus, an ethno-cartography of pottery-making techniques is not the end but the means to understanding them. Ethno-Cartography is the study and practice of making representations on a map to show the differences that geographical boundaries make in the cultural phenomena of regions. Thus the basic purpose of making an ethno-cartography is to grasp the regional differences of culture. So far, the objects which a cartography represents on the map have been tangible cultural materials. To take a step forward, this study is a methodological plan and an operational assumption to make a cartography of pottery-making techniques in the Gyeongbuk area based on the premise that a cartography of technology may be possible. The ultimate goal of making an ethno-cartography is to understand the diversity of cultures. If so, an ethno-cartography has to show the regional and periodical differences of cultures, and also reasonable clues for such differences. Making pottery is done according to the proper procedures. Therefore, a two-step working process is needed for making a cartography of pottery-making techniques. First, the pottery-making techniques should be subdivided and classified according to the manufacturing process. Regional differences in the techniques should be researched and represented on the map. Next, in order to see whether changes in pottery making techniques are regionally different, detailed techniques of making pottery according to manufacturing process should regionally and periodically be investigated, and the results should be represented on the map. By following the above mentioned, it can be found out what are the regionally and periodically common and different features in pottery-making techniques in the Gyeongbuk area. Some clues can be prepared to explain why and how such differences came about. Thus, an ethno-cartography of pottery-making techniques is not the end but the means to understanding them.

차이들의 우주적 네트워크 ― 2000년대 한국소설의 패러다임

송지연 한국문학이론과비평학회 2008 한국문학이론과 비평 Vol.41 No.-

There are no further efforts to make an interpretation of Korean novels in the 2000s than merely assessing how much the novels are shallow. Recent novels are 'displayed' as the texts of postmodernism research that just focuses on deconstruction or fusion in conjunction with massmedia or popular culture marked by fantasy, drama or the Internet, and there are few attempts to make 'research' on the philosophical depth of the texts. However, Park Min-gyu and Kim Ae-ran who entrench themselves as a new generation in the Korean literary world in the 2000s don't simply show an extraordinary and marvelous imagination in their novels. There are ample signs of ethics and communication with others in their works that tried to create harmony between absolutely different things by linking their meanings in a diverse and bold manner such as using a metaphor. Dichotomy that was extremely prevailing in early modern times indicates that 'I' am different from 'you.' The problem was that it disapproved of the differences instead of accepting them. If 'the differences' could be understood as a matter of interval between people or between geographic regions, it could be said that Kim Ae-ran and Park Min-gyu bridged the interval and spoke to mutually separated others. They had a narrative will to link different things, and described the coexistence of every subject matter in the world without being restricted by time and space. And they pursued a mix-up of different species and desired to understand the subjective and relative differences of people and things. It should be noted here that the ways of linking the differences in their novels are like a metaphor that bridges different meanings and different images. A metaphor is the primary attribute of language signs, and people's perception is built on a metaphor in a broad sense. Truth is not absolute but always depends on human understanding that is structurized in a metaphorical manner. In the current age, no truth is absolute, and there is no fixed, absolute standpoint. The fact that the languages of today's novels are connected regardless of time, space, tribes and attributes could be explained in that context. Meanings are found here and there between the nets of metaphors. A metaphor is a secret way by which one is bound to accept a difference. Ultimately, that makes up the 21st century's paradigm that values diversity, break down barriers and leads to co-living. Today's world is overly fragmented, and there is no idea how to link the fragments. Due to the pervasive dichotomous ideology in the literary world, giant narration was rampant in the 1980s, and the 1990s focused on quotodiennete. In the 2000s, Korean novels are on the verge of connecting the fragmented world. Man's life is basically built on relationship with others. Esteem for the diversity of life and communication are mandatory in this age, and there are infinite things, such as other species or the unknown space, which we have to understand in the future. It's needed to set our sights higher by thinking from the perspective of the universe, and a future academic paradigm built on that perspective is to interpret novels by utilizing one's humane imagination and by centering around what problems the novels pose. Novels should be in pursuit of totality through network, not one geared toward creating a particular mythology. There are no further efforts to make an interpretation of Korean novels in the 2000s than merely assessing how much the novels are shallow. Recent novels are 'displayed' as the texts of postmodernism research that just focuses on deconstruction or fusion in conjunction with massmedia or popular culture marked by fantasy, drama or the Internet, and there are few attempts to make 'research' on the philosophical depth of the texts. However, Park Min-gyu and Kim Ae-ran who entrench themselves as a new generation in the Korean literary world in the 2000s don't simply show an extraordinary and marvelous imagination in their novels. There are ample signs of ethics and communication with others in their works that tried to create harmony between absolutely different things by linking their meanings in a diverse and bold manner such as using a metaphor. Dichotomy that was extremely prevailing in early modern times indicates that 'I' am different from 'you.' The problem was that it disapproved of the differences instead of accepting them. If 'the differences' could be understood as a matter of interval between people or between geographic regions, it could be said that Kim Ae-ran and Park Min-gyu bridged the interval and spoke to mutually separated others. They had a narrative will to link different things, and described the coexistence of every subject matter in the world without being restricted by time and space. And they pursued a mix-up of different species and desired to understand the subjective and relative differences of people and things. It should be noted here that the ways of linking the differences in their novels are like a metaphor that bridges different meanings and different images. A metaphor is the primary attribute of language signs, and people's perception is built on a metaphor in a broad sense. Truth is not absolute but always depends on human understanding that is structurized in a metaphorical manner. In the current age, no truth is absolute, and there is no fixed, absolute standpoint. The fact that the languages of today's novels are connected regardless of time, space, tribes and attributes could be explained in that context. Meanings are found here and there between the nets of metaphors. A metaphor is a secret way by which one is bound to accept a difference. Ultimately, that makes up the 21st century's paradigm that values diversity, break down barriers and leads to co-living. Today's world is overly fragmented, and there is no idea how to link the fragments. Due to the pervasive dichotomous ideology in the literary world, giant narration was rampant in the 1980s, and the 1990s focused on quotodiennete. In the 2000s, Korean novels are on the verge of connecting the fragmented world. Man's life is basically built on relationship with others. Esteem for the diversity of life and communication are mandatory in this age, and there are infinite things, such as other species or the unknown space, which we have to understand in the future. It's needed to set our sights higher by thinking from the perspective of the universe, and a future academic paradigm built on that perspective is to interpret novels by utilizing one's humane imagination and by centering around what problems the novels pose. Novels should be in pursuit of totality through network, not one geared toward creating a particular mythology.

수학, 과학 학업성취의 성차에 대한 영재교사의 인식 연구

채유정 ( Yoo Jung Chae ),류지영 ( Ji Young Ryu ) 한국과학교육학회 2011 한국과학교육학회지 Vol.31 No.8

The purpose of this study was to investigate teachers` perceptions of gender differences in students` mathematics and science learning ability. The sample included 289 elementary and secondary school gifted teachers. The teachers filled out the survey, asking their perceptions of gender differences in mathematics and science learning ability, as well as of the reasons of the differences. The results were as follows: 1) 65% of the teachers responded that gender differences existed in students` mathematics and science learning ability, 2) 63% of the teachers perceived that the differences began around higher elementary or middle school ages, 3) 57% of the teachers thought that gender differences existed in the high-achieving student group. Teachers perceived the reasons of differences were 1) differences in inborn ability, 2) the different expectation, and 3) the different ways of parental cares. Since teachers` perceptions of students` ability would impact teachers` attitudes on students, implications and suggestions were included in this article to provide teachers insights that promote students` better learning.