Unprofitable Affiliates and Income Shifting Behavior
Unprofitable Affiliates and Income Shifting Behavior
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无利可图的附属公司和收入转移行为
DOI：
10.2139/ssrn.2340693
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Jeri K. Seidman
中科院分区：
文献类型：
--
作者：
L. Simone;K. Klassen;Jeri K. Seidman
收入从高税收管辖区转移到低税收管辖区被认为是减轻跨国公司全球税收负担的主要方法。当前的损失也会影响收入转移的激励措施。我们通过明确考虑无利可图的关联公司来扩展先前的方法，并测试亏损与无利可图关联公司的税收激励之间的关联是否偏离了在盈利关联公司中观察到的负相关。结果表明，跨国公司改变了报告利润的分配，以利用亏损。我们对盈利关联公司的点估计表明，对于平均资产回报率为13.3的关联公司，每增加一个标准偏差的税收激励C，其资产回报率就会降低0.5个百分点。在持有资产、劳动力、生产率和其他因素不变的情况下，一个无利可图的附属公司的税收激励的相同变化与其资产回报率增加约0.7个百分点有关。我们进一步记录了高税收管辖区盈利和非盈利子公司之间对税收激励的更大响应，与预测一致。
Income shifting from high-tax to low-tax jurisdictions is considered a primary method of reducing worldwide tax burdens of multinational firms. Current losses also affect income-shifting incentives. We extend prior approaches by explicitly considering unprofitable affiliates and test whether the association between losses and tax incentives for unprofitable affiliates deviates from the negative association observed in profitable affiliates. Results suggest that multinational firms alter the distribution of reported profits to take advantage of losses. Our point estimate for profitable affiliates implies that an increase of one standard deviation in the tax incentive, C, of an affiliate with average return on assets of 13.3 is associated with a lower return on assets of 0.5 percentage points. The same change in tax incentive of an unprofitable affiliate is associated with an increase in its return on assets of approximately 0.7 percentage points, holding assets, labor, productivity and other factors constant. We further document a larger responsiveness to tax incentives between profitable and unprofitable affiliates in high-tax jurisdictions, consistent with predictions.