Cross‐Jurisdictional Income Shifting by U.S. Multinationals: Evidence from International Bond Offerings
研究税收激励如何影响美国跨国公司选择在哪个国家或地区扣除利息支出，利用1987-1997年国际债券发行数据，发现公司会考虑税收亏损结转和外国税收抵免限制来安排债务地点，以实现税收驱动的收入转移。
We examine whether tax incentives influence where U.S. multinationals locate their interest deductions worldwide. Our sample includes international bond offerings by U.S. multinationals during 1987–1997 denominated in the currencies of Australia, Canada, France, Germany, Italy, Japan, or the United Kingdom. Our results suggest that U.S. multinationals’ debt location decisions take into account the effect of jurisdiction‐specific tax‐loss carryforwards and binding foreign tax credit limitations on the value of debt tax shields. Our results are also consistent with U.S. multinationals locating interest deductions in different tax jurisdictions as a mechanism to achieve tax‐motivated income shifting.