Taxes as a Determinant of Foreign-Owned Property-Liability Insurers' Investment Strategies in the United States.
研究了母国税收制度（属地与全球征税）如何影响外资财产责任保险公司在美国的投资策略，通过比较1993年不同税收制度下子公司和分支机构的美国免税债券收入比例来检验。
Abstract This paper investigates the influence of home-country tax systems on foreign-owned property-liability insurance company investment strategies in the U.S. It compare the investment strategies of foreign insurers subject to home-country territorial and worldwide tax regimes. The impact of differential home-country tax regimes on the U.S. investment decisions of foreign companies has received increasing research attention as foreign direct investment (FIN) in the U.S. has expanded. These prior studies have focused primarily on the home-country tax rate relative to the U.S. tax rate in their estimates of the effect of taxation on FDI. This study focuses on the impact of nexus of home-country tax regimes on the composition of FDI by property-liability companies. To test the influence of the two tax regimes on foreign-owned insurers' investment preferences, the proportions of U.S. tax-exempt bond income of U.S. branches and subsidiaries has been compared subject to worldwide and territorial taxation in 1993.