재무유연성과 내부자금시장이 부채의 순세금효과와 투자지출에 미치는 영향

We examine whether financial flexibility and internal capital market consideration influences firms’ debt financing and investment decisions in financial crises, using Korean data around the 1997 Asian financial crisis and the 2008 global credit crisis. The results show that, the net tax benefit of debt in the total sample is 0.9% of total assets at actual debt level and 2.0% of total assets at equilibrium debt level. The net tax benefit of debt at the actual debt level and at the equilibrium debt level is 0.9% and 2.0% of total assets respectively in low financial flexibility samples, and 0.5% and 1.2% of total assets respectively in high financial flexibility samples. The net tax benefit of debt at the actual debt level and at the equilibrium debt level is 0.8% and 2.0% of total assets respectively in samples without internal capital market and 0.5% and 1.2% of total assets respectively in samples with internal capital market. Comparing individual firms’ actual debts against estimated equilibrium debts, we find that Korean firms with high financial flexibility were relatively under-levered after the 1997 crisis, and firms with internal capital market were relatively over-levered after the 2008 crisis. In addition, capital expenditure increased in firms with high financial flexibility after the 1997 crisis, and in firms with internal capital market after the 2008 crisis, indicating that financial flexibility and internal capital market had a positive effect on capital expenditures.