조세부담이 부채수준에 미치는 영향과 한계세율의 내생성 = The Effect of Tax Burden on Debt Level, and Endogeneity of Marginal Tax Rate

다국어 초록 (Multilingual Abstract)

Many studies have investigated the effect of tax burden on capital structure, and some studies have recently reported the positive relation between marginal tax rate and additional debt financing. But there has been almost no study showing the positive relation between marginal tax rate and debt level itself. The possible reason for this seems to be the endogeneity problem of marginal tax rate used in prior studies. Motivated by this possibility, this paper estimates the marginal tax rate that is free from endogeneity problem and investigates whether higher debt level is related with higher marginal tax rate. Marginal tax rates are estimated by applying the methods suggested by Shevlin(1990) and Graham(1996b). In the estimation process, firms are assumed to have no debt in order to avoid the endogeneity problem. The test results consistently show that the marginal tax rate that is free from the endogeneity problem has positive relation with debt level, regardless of the test periods. However, when the endogeneity problem is not controlled, the marginal tax rate has negative relation with debt level, thus revealing the endogeneity problem of marginal tax rate. These results correspond to the claims of prior empirical studies that a firm`s tax burden affects its debt level and suggest that endogeneity problem should be controlled if marginal tax rate is to be used as an explanatory variable for debt level.

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