재무적 제약, 조세회피와 영업활동현금의 사용

초록

Prior researches argue that financially constrained firms view tax avoidance as a low cost source of internal fund, and they use cash generated from tax avoidance for investments. This paper investigates whether financially constrained firms with cash generated from tax avoidance use the fund for investment purpose. Our research design finding a positive relation between cash form tax avoidance and firm level investment simultaneously look at all possible sources and uses of cash. The research design uses the identity inherent in the cash flow statements to estimate the sources and uses of each marginal dollar of cash flows. The main findings in this paper are as follows. First, more constrained firms usually use more of cash for paying down debt relative to saving cash or investments. Second, more constrained firms use cash from tax avoidance mainly for investments, and the investments tend to be real investments such as acquiring fixed assets rather than securities or other purpose investments. Third, when constrained firms are insufficient of cash for investments, they usually use more bank loans and other liabilities than bond issues to fund additional cash. But, contrary to non business group firms, due to internal capital market, Korean business group firms seem to use more bond issue than other sources fund additional cash.

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