해외 채권발행을 통한 타인 자본조달과 기업가치와의 관계 연구

초록

Corporate financing, in general, can be done either by equity financing by issuing stocks or debt financing by issuing bonds. These financing activities change firm’s capital structure and these changed capital structure and firm’s financing decision per se, which will change the firm’s capital structure, are known to affect firm value. Since the irrelevant theory of Modigliani and Miller (1958), this topic has been studied by adding additional aspects such as corporate tax, personal tax, bankruptcy cost associated with financial distress, information asymmetry, agency cost, and corporate governance, etc. Firms issue stocks or sell bonds to raise capital in the domestic and the international financial market. These can be classified into 4 ways: Seasoned equity offering in the domestic market, Capital raising through DR issuance in the foreign stock market, Bond issuance in the domestic market and Issuing bonds in the international market. While first three cases have been studied both by the domestic and foreign researchers, the last case has been investigated only by the foreign studies, but not by the domestic ones to our knowledge. This is the research gap we attempt to fill by examining the relationship between debt financing by issuing international bonds and firm value. We find a statistically significant negative (-) relationship between debt financing by issuing international bonds and firm vale during 20 days (+1st day～+20th day) after bond issuance, whereas significant positive (+) relationship appears between debt financing by issuing foreign bonds and firm value during issuance dates. We also find the decrease of firm value with fixed rate bond issuance while the increase of firm value with floating rate notes issuance. Considering issuing dates, while both foreign and international bond issuances before 2008 financial crisis influence positively on firm value, there is a negative impact on firm value after 2008. In conclusion, we find that international bond issuance influences on firm value and its impact varies according to its type (euro vs. foreign bond), its interest type (fixed vs. floating rate) and its issuance date. Our finding provides some valuable implications for a firm making an international debt financing decision.

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