The degree of book-tax conformity and value relevance of accounting earnings

本研究探讨会计盈余的账面-税项一致性程度如何影响会计盈余的价值相关性。要求BTC的利弊早在十多年前就已经讨论过了。然而，以前在这方面的研究很少。本研究的研究结果如下。BTC程度越高，会计盈余在税务稽查概率中的价值相关性越大。反之，BTC程度越低，税务稽查的价值关联度越低。此外，如果现金流的不确定性较高和/或经理类型的不确定性较低，则BTC增强了价值相关性。

This research investigate how a degree of book-tax conformity (BTC) affect a value relevance of accounting earnings. The pros and cons of requiring BTC have been discussed more than a decade ago. However, there have been little previous studies in this area. The results of this research are as follows. If the degree of BTC is high, the value relevance of accounting earnings is increasing in the tax audit probability. On the contrary, if the degree of BTC is low, the value relevance is decreasing in the tax audit probability. Further, if the uncertainty of cash flow is high and/or the uncertainty of manager's type is low, BTC enhances the value relevance.