조세와 전환사채 발행유형 결정

The purpose of this study is to analyze the tax effect regarding decision making between callable convertible bond and straight convertible bond, and between zero coupon convertible bond and straight convertible bond. For this study, We have tested incentives as to decision manking convertible bond issuing types using logit regression which compare tax incentives like marginal tax rate with non－debt tax shield and the non tax incentives. The summary of results of our 3 studies are as below. First, the tax incentive like marginal tax rate and non debt－tax shield do not have important effect when issuing firm does make decision whether it is financed by callable convertible bond or by straight convertible bond, and this result is interpreted that firm's incentive of issuing of callable convertible bond is that firm would like to reduce the issue cost of convertible bond and would like to be financed easily by giving the early call provision to investors rather than the interest expense tax benefit of callable. Second, when the marginal tax rate is lower, the issuing possibility of zero coupon convertible bond is higher than the issuing possibility of straight convertible bond and this is analyzed that firm's issuing incentive of zero coupon convertible bond instead of straight convertible bond is due to the difference of marginal tax rate rather than the difference of financial characteristic. The results of these studies will contribute to not only the convertible bond issuing firm but also investors First, the firm will select the rational capital structure by assumption of actual capital raising cost after taking into account the tax benefit and tax interest. Second, investors evaluate the firm which issues various types of convertible bonds and convertible bond itself by assumption of after－tax money flow.