Taxation and U.S. Multinational Investment
Taxation and U.S. Multinational Investment
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税收和美国跨国投资
DOI：
10.1086/tpe.2.20061772
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发表时间：
1988
期刊：
影响因子：
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通讯作者：
J. J. Hines
中科院分区：
文献类型：
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作者：
J. J. Hines
1985年，非银行美国跨国公司雇佣了2450万名工人，全球销售额近3.5万亿美元，净收益1500亿美元，资产4.2万亿美元。外国(非美国)这些公司的附属公司拥有640万名员工，销售额为9000亿美元，净收入为430亿美元，资产为8380亿美元。1985年，美国跨国公司约占美国商品出口总额的四分之三，占进口总额的一半，每一类别中约有40%来自美国母公司与其自己的外国分支机构之间在美国跨国公司内部的转移。1人们普遍认为，1985年是美国跨国公司低迷的一年。无论以什么标准衡量，美国跨国公司在世界经济中都扮演着重要角色。然而，跨国公司在经济和法律环境中运作，这些环境往往极其复杂，容易发生突然变化。汇率波动是最近这种变化的一个例子；1986年的美国税改法案(TRA)是另一个例子。美国最近的税收变化似乎可能会对美国跨国公司有望进入海外的净收益产生相当大的影响。
In 1985, nonbank U.S. multinational companies employed 24.5 million workers, had worldwide sales of almost $3.5 trillion, and net income of $150 billion on assets of $4.2 trillion. The foreign (non-U.S.) affiliates of these companies had 6.4 million employees, $900 billion of those sales, and $43 billion of net income, with assets of $838 billion. United States multinationals accounted for roughly three-quarters of total American merchandise exports in 1985 and half of total imports, with approximately 40 percent of each category arising from transfers within U.S. multination als between American parent firms and their own foreign affiliates.1 And 1985 is widely regarded as a sluggish year for U.S. multinationals. By any measure, U.S. multinationals play an important role in the world economy. Yet multinational corporations operate in economic and legal environments that are often extremely complex and subject to abrupt changes. Volatility in exchange rates is one recent example of such changes; the U.S. Tax Reform Act of 1986 (TRA) is another. The recent U.S. tax change seems likely to have a considerable effect on the net earnings U.S. multinationals can expect to get abroad.