美国跨国公司纳税的替代方案

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-12-05 DOI:10.1016/j.jcorpfin.2024.102722

Jeremiah Harris , William O'Brien

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引用次数: 0

摘要

我们研究了潜在的汇回税对美国跨国公司2018年之前的税收筹划行动和资本结构政策的影响。我们为汇回税率的外生变化构建了一个代理，发现对汇回税敏感的跨国公司更有可能追求免税汇回技术，并提供了示例。我们还发现，汇回税的增加与债券发行量和债务比率之间存在正相关关系，但仅适用于汇回税敏感的跨国公司。这些结果集中在债务资本成本较低的公司，而倒置的可能性没有增加。我们的研究结果对当前和拟议中的美国税收政策具有重要意义。

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U.S. multinationals' alternatives to paying taxes

We examine the impact of potential repatriation taxes on U.S. multinationals' pre-2018 tax planning actions and capital structure policies. We construct a proxy for exogenous changes to repatriation tax rates and find that repatriation-tax-sensitive multinationals are more likely to pursue tax-free repatriation techniques, with examples provided. We also find a positive relationship between repatriation tax increases and both bond issuance and debt ratios, but only for repatriation-tax-sensitive multinationals. These results are concentrated in firms with lower costs of debt capital, while no increased likelihood of inversions is found. Our findings have important implications for current and proposed U.S. tax policies.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.