비부채 감세수단으로써 비조건부 보수주의가 부채정책에 미치는 영향
Impacts of Unconditional Conservatism on Debt Financing as a Non Debt Tax Shield
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본 연구의 목적은 비부채감세수단으로써 비조건부 보수주의가 기업의 보수적 부채정책을 설명하는 하나의 요인이 될 수 있는가에 대한 증거를 제시하는데 있다. 이를 위해서 첫 번째, 비조건부 보수주의와 조세부담간의 관련성을 살펴봄으로써 비부채감세수단으로써 비조건부 보수주의의 유용성을 제시하고, 두 번째 비조건부 보수주의와 부채간의 관련성을 살펴봄으로써 대체효과에 따라서 비조건부 보수주의가 부채를 감소시키는지에 대한 증거를 제시한다. 분석결과 비조건부 보수주의와 조세부담과 음(-)의 관련성이 있는 것으로 나타났으며, 비조건부 보수주의와 부채간의 음(-)의 관련성이 있는 것으로 나타났다. 이는 비조건부 보수주의가 비부채감세수단의 효과를 갖고 있으며, 부채와 비부채감세수단의 대체효과에 의해서 부채조달 의사결정에 영향을 미칠 수 있다는 것을 의미한다. 또한 비조건부 보수주의는 부채조달의사결정시 부채계약의 효율성을 증가시키는 측면보다 감세 측면에서 영향을 미칠 수 있다는 것을 의미한다. 본 연구는 세금측면에서 비조건부 보수주의가 부채의 감소시킨다는 실증적 증거를 제시함으로써 보수주의와 부채간의 관련성을 설명하는데 세금효과가 중요한 요인이 될 수 있음을 제시하고 있다는 공헌점을 갖는다.
Abstract
This study shows how unconditional conservatism in financial income impacts debt financing as a non-debt-tax-shield. First, this study investigates if there is a relation between unconditional conservatism and tax expenses. Second, this study examines the relation between unconditional conservatism and debt financing. The results are as follows. First of all, this study found the negative relations between unconditional conservatism and tax expenses. This result implies that companies’s tax expenses with unconditional conservatism lower. In addition, it is likely that unconditional conservatism appears non debt tax shield. Second, the results show the negative relation between unconditional conservatism and debt financing. It implies that companies with unconditional conservatism are likely to maintain low debt. And it is that companies acknowledge the importance of conservatism on the debt financing. This study contributes to the literature by examining the importance of unconditional conservatism on corporate debt policy. In addition, this study is suggesting that unconditional conservatism has impact on debt financing in the beside tax purpose.
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