DISCUSSION OF Foreign Investment Decisions in the Presence of Real Options.
本文评论了Sansing的研究，该研究通过更细致地建模税收规则，推翻了投资决策与母国税制（属地或全球）无关的旧直觉，并指出税制可能影响外国投资的合意性和时机。
Abstract In this article the author comments on the research paper by Richard C. Sansing, which analyses the foreign investment decisions in the presence of real options. According to the author the paper contributes to the area of taxation research. Sansing, by modeling tax rules more carefully than in earlier research, overturns an old, incomplete intuition that investment decisions are independent of whether the home country tax regime is territorial or worldwide. He remarks that the paper shows that tax rules may affect the desirability and timing of foreign investment. He doubt that the ordering presented in this paper is robust to relaxation of the underlying assumptions because there are many ways to structure similar models. The present paper focuses on the imp act of the tax regime, either territorial or worldwide. The lower rate of tax applies even if the dividend is attributable to foreign source income imputation systems reduce recipients' taxes only on dividends attributable to domestic source income.