数字公司的围栏:投资者对欧盟委员会数字税提案的反应

Daniel Klein, Christopher Ludwig, Christoph Spengel
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引用次数: 2

摘要

我们研究了数字税收措施对企业价值的影响。通过采用事件研究方法,我们分析了投资者对欧盟委员会关于数字公司征税提案的反应。对指令草案发布前后可能受影响公司的股票收益率进行分析,发现资本市场的异常反应显著为-0.692个百分点。投资者的反应对于那些更积极参与避税、有更高利润转移潜力的公司,以及那些在欧盟有更高敞口的公司更为明显。在活动期间,数字和创新企业的市值比常规市场波动至少减少了520亿欧元。总体而言,我们的研究表明,对“圈护”数字税收措施的预期会影响公司价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Ring-Fencing Digital Corporations: Investor Reaction to the European Commission’s Digital Tax Proposals
We study the effect of digital tax measures on firm value. By employing an event study methodology, we analyze investor reaction to the European Commission's proposals on the taxation of digital corporations. Examining the stock returns of potentially affected corporations surrounding the draft directives' release, we find a significant abnormal capital market reaction of -0.692 percentage points. The investor reaction is more pronounced for firms that engage more actively in tax avoidance, have a higher profit shifting potential, and for those with higher exposure to the EU. The market value of digital and innovative corporations decreased by at least 52 billion euro in excess of the regular market movement during the event window. Overall, our study reveals that expectations about ringfencing digital tax measures impact firm values.
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