Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base
利用跨境并购中资本利得税基转移的意外事件，研究发现资本利得税率每提高1个百分点，股权价值下降0.225%，资本成本上升5.3%，表明资本利得税对企业发行新股构成显著成本。
In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one percentage point increase in the capital gains tax rate reduces the value of equity by 0.225%. The implied average effective tax rate on capital gains is 7% and it raises the cost of capital by 5.3% of its no-tax level. This indicates that capital gains taxation is a significant cost to firms when issuing new equity.