公司倒置、股权成本和无效税制改革

Liu Hong, Tianpeng Zhou
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摘要

美国跨国公司通常通过纯粹形式或与外国实体合并的方式进行倒置。我们的研究表明,纯粹的倒置会增加倒置企业的股权成本,而合并倒置则会降低股权成本。在采用不同的股权成本衡量标准时,这些结果仍然是稳健的。我们还证明,2004 年的税制改革并不能有效降低美国跨国公司的倒置倾向。相反,它促使企业从纯粹的倒置转向兼并倒置,而兼并倒置由于税收优惠较低,对价值的提升作用较小。立法者不太可能预见到这些结果。
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Corporate inversion, cost of equity and ineffective tax reform
US multinational firms typically invert either through a pure form or by merging with foreign entities. Our research documents that pure inversions increase inverting firms' cost of equity, while merger inversions decrease it. These results remain robust across different measures of the cost of equity. We also demonstrate that the 2004 tax reform is ineffective in reducing US multinational firms' tendency to invert. Instead, it prompts firms to shift from pure inversions to merger inversions, which are less value‐enhancing due to their lower tax benefits. It is unlikely that the legislators had foreseen these outcomes.
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