ECONOMIC INTEGRATION AND AGGLOMERATION OF MULTINATIONAL PRODUCTION WITH TRANSFER PRICING
研究了经济一体化如何影响跨国公司的生产布局，发现贸易成本降低时，高税率国家的工厂份额先降后升，且转让定价加剧了税收竞争。
Abstract Do low corporate taxes always favor multinational production over economic integration? We propose a two‐country model in which multinationals choose the locations of production plants and foreign distribution affiliates and shift profits between them through transfer prices. With high trade costs, plants are concentrated in the low‐tax country; surprisingly, this pattern reverses with low trade costs. Indeed, economic integration has a nonmonotonic impact: Falling trade costs first decrease and then increase the plant share in the high‐tax country, which we empirically confirm. Moreover, allowing for transfer pricing makes tax competition tougher and international coordination on transfer‐pricing regulation can be beneficial.