The Indirect Side of Direct Investment: Multinational Company Finance and Taxation
The Indirect Side of Direct Investment: Multinational Company Finance and Taxation
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直接投资的间接方面：跨国公司财务和税务
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Alfons J. Weichenrieder
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文献类型：
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作者：
J. Mintz;Alfons J. Weichenrieder
最近，外国直接投资跨境流动的增加使跨国公司税收的研究重点更加突出。在这本书中，税务专家Jack Mintz和Alfons Weichenrieder研究了跨国公司如何利用间接融资结构——将自己组织成具有多层所有权的集团——来减少全球税收。他们详细阐述了不同的税收政策如何影响企业对融资结构的选择，并从理论和实证两方面讨论了这些问题。根据法兰克福德意志联邦银行提供的关于德国跨国公司的独特数据集（MiDi）， Mintz和Weichenrieder证实了间接融资结构在德国对外和对内投资中的普遍存在。他们发现了“购买条约”以避免预扣税（利用税率更优惠的第三国作为投资渠道）和“债务转移”的证据。Mintz和Weichenrieder认为，增加我们对管道投资背后的税收原因的了解，将有助于更好地理解税收政策如何影响全球经济中资本的宏观经济流动。他们审查政府面临的权衡和讨论政策选择，不仅考虑企业所得税政策的可能变化，而且考虑国际合作对各国国内税收政策的潜在影响。
The Indirect Side of Direct Investment Multinational Company Finance and Taxation Jack M. Mintz and Alfons J. Weichenrieder The recent increase in cross-border flows of foreign direct investment has sharpened the research focus on multinational taxation. In this book, taxation experts Jack Mintz and Alfons Weichenrieder examine how multinational corporations use indirect financing structures--organizing themselves into groups with several tiers of ownership--to reduce worldwide taxes. They spell out in detail how different tax policies affect corporations' choice of financing structures, discussing the issues in both theoretical and empirical terms. Drawing on a unique data set (MiDi) on German multinationals provided by the Deutsche Bundesbank in Frankfurt, Mintz and Weichenrieder confirm the prevalence of indirect financing structures for both outbound and inbound German investment. They find evidence of "treaty shopping" to avoid withholding taxes (using a third country with more favorable tax rates as a conduit through which to route investments) and of "debt shifting." Mintz and Weichenrieder argue that increasing our knowledge of the tax reasons behind conduit investment will lead to a better understanding of how tax policy can affect macroeconomic flows of capital in the global economy. They review the trade-offs that governments face and discuss policy options, considering not only possible changes to corporate income tax policy but also the potential influence of international cooperation on countries' domestic tax policy.