경영전략이 세무계획과 부채조달의 관계에 미치는 영향

초록

This study examining the causes of long－term conservative debt financing in listed companies from a tax perspective by testing the debt substitution hypothesis. The study investigates the role of effective tax planning as a means to reduce debt financing and examines the differential effects of tax planning and debt financing according to management strategies that can influence financing decisions. To test the debt substitution hypothesis, effective tax planning measures were employed, following the methodologies of Schwab et al. (2022) and Kim & Ma (2021), and regressions were conducted on future debt ratios. Management strategies were measured based on the framework of Miles and Snow (1978, 2003), adapted from Bently et al. (2013) and Choi et al. (2015). The results are as follows：First, the more effective the tax planning, the lower the level of debt financing. This indicates that when tax planning allows companies to retain more internal funds, the need for external debt decreases. Second, in the prospector strategy group, the substitution effect between tax planning and debt financing is weaker compared to the analyzer and defender groups. This suggests that for prospector companies, which are more active in debt financing for investment purposes, the prioritization of investment over tax planning influences financing decisions. This study provides additional evidence for the debt substitution hypothesis, which posits that companies use active tax planning to address the challenges of increased taxes and funding shortages resulting from conservative debt usage. Furthermore, it offers valuable insights into the relationship between tax planning and debt financing according to different management strategies.

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