国际债务转移:内外债务的价值最大化组合

IF 1.9 Q3 BUSINESS
Jarle Møen, Dirk Schindler, Guttorm Schjelderup, Julia Tropina Bakke
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引用次数: 10

摘要

摘要本文对跨国公司的资本结构进行了研究,并从内部和外部资本市场两方面对国际债务税盾效应进行了扩展。我们表明:(1)如果跨国公司的企业价值最大化,内部和外部债务都被用来节省税收;(二)内部债务和外部债务的使用独立;(三)跨国公司比国内公司有税收优势,因为国内公司不能跨境转移债务。我们使用德国跨国公司的大型面板来测试我们的模型,发现内部和外部债务转移的重要性大致相同。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
International Debt Shifting: The Value-Maximizing Mix of Internal and External Debt
Abstract We study the capital structure of multinationals and expand previous theory by incorporating international debt tax shield effects from both internal and external capital markets. We show that: (i) multinationals’ firm value is maximized if both internal and external debt are used to save tax; (ii) the use of internal and external debt is independent of each other; and (iii) multinationals have a tax advantage over domestic firms, which cannot shift debt across international borders. We test our model using a large panel of German multinationals and find that internal and external debt shifting are of about equal importance.
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来源期刊
CiteScore
2.60
自引率
8.30%
发文量
9
期刊介绍: International Journal of the Economics of Business presents original, peer reviewed research in economics that is clearly applicable to business or related public policy problems or issues. The term "business" is used in its widest sense to encompass both public and private sector—governmental, private non-profit and cooperative organizations, as well as profit-seeking enterprises. International Journal of the Economics of Business carries papers relating to three main spheres: The organization—to analyse and aid decision making and the internal organization of the business; The industry—to analyse how businesses interact and evolve within and across industries.
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