International Taxation and the Direction and Volume of Cross‐Border M&As
研究发现，跨境并购形成的母子公司结构受国际双重征税影响：高双重征税降低母公司设在某国的可能性，并减少该国吸引的母公司数量。模拟显示，美国单方面取消全球征税可使并购后母公司设在美国的比例从53%升至58%。
ABSTRACT We show that the parent‐subsidiary structure of multinational firms created by cross‐border mergers and acquisitions is affected by the prospect of international double taxation. Specifically, the likelihood of parent firm location in a country following a cross‐border takeover is reduced by high international double taxation of foreign‐source income. At the same time, countries with high international double taxation attract smaller numbers of parent firms. A unilateral elimination of worldwide taxation by the United States is simulated to increase the proportion of parent firms locating in the United States following cross‐border mergers and acquisitions from 53% to 58%.