2017年《减税与就业法案》国际税收规定对美国跨国公司支出和投资决策的影响

IF 1.3 Q3 BUSINESS, FINANCE
Brooke D. Beyer, Jimmy F. Downes, Mollie E. Mathis, Eric T. Rapley
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引用次数: 2

摘要

《2017年减税和就业法案》(TCJA)极大地改变了美国对美国跨国公司(MNCs)海外收入的征税。具体来说,TCJA要求通过视同汇回对现有未汇出的外国收入征税,并通过100%的股息扣除有效地消除未来的汇回税。此外,该法案还引入了全球无形低税收入(GILTI)制度。我们研究了跨国公司对TCJA的反应,发现支出和投资行为取决于流动性、投资机会和借贷成本。国内流动性低而国内投资机会高的跨国公司的国内资本支出和股票回购增加。相比之下,国内流动性低(债务成本高)和国内投资机会低的跨国公司增加了股息(债务减少)。最后,我们发现,拥有大量海外现金且最容易受到GILTI制度影响的跨国公司增加了海外资本支出,而不是国内资本支出——这是一个潜在的意外后果。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
U.S. Multinational Companies’ Payout and Investment Decisions in Response to International Tax Provisions of the Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 (TCJA) dramatically changed U.S. taxation of foreign earnings for U.S. multinational companies (MNCs). Specifically, the TCJA required taxation of existing unremitted foreign earnings through a deemed repatriation and effectively eliminated future repatriation taxes through a 100 percent dividends received deduction. Additionally, the bill introduced the global intangible low-taxed income (GILTI) regime. We examine MNCs’ responses to the TCJA and find that spending and investment behavior depends on liquidity, investment opportunities, and borrowing costs. Domestic capital expenditures and share repurchases increased for MNCs with low domestic liquidity and high domestic investment opportunities. In contrast, MNCs with low domestic liquidity (high cost of debt) and low domestic investment opportunities increased dividends (decreased debt). Finally, we find that MNCs with high foreign cash and most vulnerable to the GILTI regime increased their foreign but not domestic capital expenditures—a potential unintended consequence.
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来源期刊
CiteScore
3.20
自引率
12.50%
发文量
14
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