Corporate tax planning and thin-capitalization rules: evidence from a quasi-experiment
Corporate tax planning and thin-capitalization rules: evidence from a quasi-experiment
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公司税务规划和资本弱化规则：来自准实验的证据
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
G. Wamser
中科院分区：
文献类型：
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作者：
Michael Overesch;G. Wamser
本文以公司间融资为手段，考察了企业的税收筹划行为，并通过薄型资本规则对政府对策的有效性进行了研究。本文采用一个考虑跨国公司融资决策的简单理论模型来获得经验启示。基于1996年至2004年德国境内投资数据的实证分析，证实了税率差异对公司间债务使用的显著影响。德国“瘦资本”规则的有效性是通过将法律修正案作为自然实验来检验的。结果表明，薄资本规则显著降低了内部借贷。因此，通过内部财务进行的税收筹划受到瘦资本规则的有效限制。
This article investigates tax-planning behaviour by means of inter-company finance and the effectiveness of government countermeasures via thin-capitalization rules. A simple theoretical model which considers the financing decision of a multinational company is used to obtain empirical implications. The empirical analysis, based on German inbound investment data from 1996 to 2004, confirms a significant impact of tax-rate differentials on the use of inter-company debt. The effectiveness of the German thin-capitalization rule is tested by using legal amendments as natural experiments. The results suggest that thin-capitalization rules induce significantly lower internal borrowing. Hence, tax planning via internal finance is effectively limited by thin-capitalization rules.