Thin Capitalization Rules and Multinational Firm Capital Structure
Thin Capitalization Rules and Multinational Firm Capital Structure
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资本弱化规则和跨国公司资本结构
DOI：
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发表时间：
2014
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通讯作者：
G. Nicodème
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作者：
Jennifer L. Blouin;H. Huizinga;L. Laeven;G. Nicodème
本文研究了资本弱化规则对美国跨国公司海外子公司资本结构的影响。我们构建了一个新的数据集在54个国家的资本弱化规则，1982-2004年期间。使用美国跨国公司的外国子公司的内部和总杠杆的机密数据，我们发现，资本弱化规则影响跨国公司的资本结构在一个显着的方式。具体而言，限制子公司的债务与资产比率平均降低了1.9%，而限制子公司从母公司借款的比率降低了6.3%。此外，对从母公司借款的限制使子公司的债务与资产比率降低了0.8%，这表明针对内部杠杆的规则对子公司的整体债务产生了间接影响。如果资本化规则的应用是自动的，而不是自由裁量的，那么资本化规则对附属机构杠杆的影响会更大。此外，我们表明，资本弱化制度有总公司的影响：他们减少了公司的总利息支出法案，但较低的公司估值。总的来说，我们的研究结果表明，资本弱化规则，迄今为止一直研究不足，有一个实质性的影响跨国公司的资本结构，与公司的市场估值的影响。
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US multinationals, we find that thin capitalization rules affect multinational firm capital structure in a significant way. Specifically, restrictions on an affiliate’s debt-to-assets ratio reduce this ratio on average by 1.9%, while restrictions on an affiliate’s borrowing from the parent-to-equity ratio reduce this ratio by 6.3%. Also, restrictions on borrowing from the parent reduce the affiliate’s debt to assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their application is automatic rather than discretionary. Furthermore, we show that thin capitalization regimes have aggregate firm effects: they reduce the firm’s aggregate interest expense bill but lower firm valuation. Overall, our results show than thin capitalization rules, which thus far have been understudied, have a substantial effect on the capital structure within multinational firms, with implications for the firm’s market valuation.