A Multinational Perspective on Capital Structure Choice and Internal Capital Markets
分析跨国公司的外国子公司资本结构及内部资本市场，发现高税率地区子公司债务比率更高，且内部借贷对税收敏感；在资本市场不发达或债权人保护弱的国家，子公司外部债务较少，但母公司借款可替代约四分之三的外部债务减少。
ABSTRACT This paper analyzes the capital structures of foreign affiliates and internal capital markets of multinational corporations. Ten percent higher local tax rates are associated with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive to taxes. Multinational affiliates are financed with less external debt in countries with underdeveloped capital markets or weak creditor rights, reflecting significantly higher local borrowing costs. Instrumental variable analysis indicates that greater borrowing from parent companies substitutes for three‐quarters of reduced external borrowing induced by capital market conditions. Multinational firms appear to employ internal capital markets opportunistically to overcome imperfections in external capital markets.