The location of financial sector FDI: Tax and regulation policy
The location of financial sector FDI: Tax and regulation policy
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DOI：
10.1016/j.jbankfin.2017.01.001
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发表时间：
2017-05
影响因子：
3.7
通讯作者：
Julia Merz;Michael Overesch;G. Wamser
中科院分区：
文献类型：
--
作者：
Julia Merz;Michael Overesch;G. Wamser
本文分析了公司税收和监管要求如何影响金融部门 FDI 的所在地。我们使用跨国公司在 83 个东道国建立的新金融服务实体的新颖信息。我们发现东道国税收对选择特定东道国地点的可能性有负面影响。我们还可以确认监管环境的重大影响。例如，更严格的（股权）资本要求会对选址概率产生负面影响。我们的实证方法使我们能够通过估计跨国税收和监管弹性来提供关于特定国家的政策措施如何影响其他国家的新见解。
This paper analyzes how corporate taxation and regulatory requirements affect the location of financial sector FDI. We use novel information on new financial services entities established by multinational firms in 83 host countries. We find a negative effect of host country taxes on the probability of choosing a particular host location. We can also confirm a significant influence of the regulatory environment. For example, stricter (equity) capital requirements negatively affect location probabilities. Our empirical approach allows us to provide new insight in how a policy measure of a given country affects other countries by estimating cross-country tax and regulation elasticities.