Jennifer L. Blouin, Linda K. Krull, Casey M Schwab
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引用次数: 10
Abstract
The American Jobs Creation Act of 2004 created a tax holiday allowing firms to repatriate foreign earnings at a reduced tax rate and a domestic production activities deduction (DPAD) to encourage domestic investment. We investigate whether the DPAD affects firms’ decisions to use repatriated earnings to increase investment versus shareholder payout. We find that firms receiving an incremental benefit from the DPAD decrease payout by approximately $7.2 billion whereas firms receiving no incremental benefit from the DPAD increase payout by approximately $18.3 billion. This suggests that, under certain conditions, firms retain repatriated funds which may lead to increased domestic investment.
2004年的《美国创造就业法案》(American Jobs Creation Act)设立了免税期，允许企业以较低的税率将海外收入汇回国内，并实行国内生产活动扣减(DPAD)，以鼓励国内投资。我们调查了DPAD是否会影响公司使用汇回收益来增加投资与股东支付的决定。我们发现，从DPAD中获得增量收益的公司减少了约72亿美元的支出，而没有从DPAD中获得增量收益的公司增加了约183亿美元的支出。这表明，在某些条件下，公司保留汇回的资金，这可能导致国内投资增加。
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