Where Does Multinational Investment Go with Territorial Taxation? Evidence from the United Kingdom
利用英国2009年转向属地税制的自然实验，发现该改革使英国跨国公司在低税率国家的投资率提高了16.7个百分点，且未显著减少其他地区投资，表明总对外投资可能增加。
In 2009, the United Kingdom changed from a worldwide to a territorial tax system, abolishing dividend taxes on foreign repatriation from many low-tax countries. This paper assesses the causal effect of territorial taxation on real investments, using a unique dataset for multinational affiliates in 27 European countries and employing the difference-in-differences approach. It finds that the territorial reform has increased the investment rate of UK multinationals by 16.7 percentage points in low-tax countries. In the absence of any significant investment reduction elsewhere, the findings represent a likely increase in total outbound investment by UK multinationals.