조세회피가 기업의 부채정책에 미치는 영향

The objective of this paper was to examine how tax shelters effect to corporate debt policy. Specifically, we used the methodologies of Desai and Dharmapala(2006) research to measure tax shelters. The estimated coefficient indicated that profitable firms use less debt as predicted. It means that consistent with pecking order theory. The coefficients also indicated that firm size(SIZE) affected a positive effect on debt ratio and dividend-paying firms use less debt. The market-to-book(MTB) ratio was positive, surprisingly, indicating that high market-to-book firms in our sample used more debt. The most important variable for the purposes of this paper was the tax shelters. The estimated coefficient indicated that firms that use tax shelters affected a positive effect on debt ratio. That means the evidence supported our hypothesis even though it's different from literature research(Graham and Tucker 2006). Overall, our results are consistent with the belief that tax sheltering activity is important economically(Desai 2003). Not only are tax shelters large economically, but they also appear to interact with corporate debt policy. Firms that use tax shelters use more debt than do nonshelter firms. These results are consistent with tax shelters using of the interest tax deductions.