JOURNAL OF ACCOUNTING AND ECONOMICS, VOL 66, NOVEMBER-DECEMBER 2018

美国全球税收和国内并购

作者：Jeremiah Harris (Kent State University)

William O'Brien（The University of Illinois at Chicago）

摘要：本文的研究表明，美国对外国收入的全球税收政策抑制了国内并购（M＆A）。双重爱尔兰结构是一个复杂的子公司网络，该结构降低了外国税率，从而提高了潜在的汇回税率，与美国公司的国内并购水平较低有关。这些结果并未反映出先前趋势的延续或全球收购的下降，并且对若干计量经济学方法具有稳健性。本文认为，双重爱尔兰变量减轻了另一种税收变量中的混杂效应，这种混杂效应混淆了在汇回税和国内并购检验中的推论。

关键词：收购；遣返；税

U.S. Worldwide Taxation and Domestic Mergers and Acquisitions

Jeremiah Harris (Kent State University)； William O'Brien（The University of Illinois at Chicago）

ABSTRACT

This study shows that domestic mergers and acquisitions (M&A) were inhibited by the U.S.’s worldwide tax policy on foreign-earned income. Double Irish structures, a complex web of subsidiaries that reduce foreign tax rates and therefore increase potential repatriation tax rates, are associated with lower levels of domestic M&A by U.S. firms. These results do not reflect a continuation of prior trends or declines in worldwide acquisitiveness and are robust to several econometric approaches. We suggest that the Double Irish variable mitigates a confounding effect in an alternative tax variable that clouds inferences in tests of repatriation taxes and domestic M&A.

Keywords: Acquisitions; Repatriation; Taxes

原文链接：https://www.sciencedirect.com/science/article/pii/S0165410118300570#!

翻译：王秭越