The Effects of the U.S. Tax Reform on Investments in Low-Tax Jurisdictions—Evidence from Cross-Border M&As
研究了2017年美国税改（TCJA）中GILTI条款如何影响美国企业跨境并购，发现受GILTI影响的企业在税改后显著减少对低税国家和避税天堂的收购，且收购目标盈利能力和超额回报更低。
ABSTRACT This paper examines the effects of the 2017 U.S. tax reform, commonly known as the “Tax Cuts and Jobs Act” (TCJA) on cross-border M&As of U.S. acquirers. The TCJA replaced the U.S. worldwide tax system by a territorial system, albeit with one important exception: the “Global Intangible Low-Taxed Income” (GILTI) provision. We utilize a difference-in-differences type design and compare cross-border M&A patterns of U.S. acquirers with acquirers outside the U.S. before and after the TCJA. Our results suggest that the outbound acquisition pattern changed significantly for those U.S. acquirers likely affected by the new GILTI provision. GILTI-affected firms acquire targets in low-tax countries and tax havens significantly less often after the TCJA. Furthermore, post-TCJA, GILTI-affected U.S. firms acquire targets that are less profitable and have lower excess returns. JEL Classifications: G34; H26; H32.