Davies Ronald B, Siedschlag Iulia, Studnicka Zuzanna
University College Dublin, Dublin, Ireland.
Oxford University Centre for Business Taxation, Oxford, UK.
Int Tax Public Financ. 2021;28(2):434-464. doi: 10.1007/s10797-020-09640-3. Epub 2021 Jan 4.
It is well documented that foreign investment inflows are deterred by host taxes. What is less clear, however, is the degree to which these aggregate changes are driven by firm choices at the extensive (whether to invest) or intensive (how much to invest) margins. Further, there is little evidence on the way in which these two margins are affected by firm and home-country characteristics. We contribute by examining firm-level cross-border investments during 2007-2015 into Europe from a broad group of home countries at both investment margins. Similar to the existing single-country studies, we find that taxes operate primarily on the extensive margin. Building on those results, we delve further and find significant variation across firms with small investors from high-tax home countries especially sensitive to host taxation.
有充分的文献记载表明，外国投资流入会受到东道国税负的阻碍。然而，不太清楚的是，这些总体变化在多大程度上是由企业在广度（是否投资）或深度（投资多少）边际上的选择所驱动的。此外，关于这两个边际如何受到企业和母国特征影响的证据很少。我们通过研究2007年至2015年期间来自广泛母国的企业对欧洲的跨境投资在两个投资边际上的情况做出了贡献。与现有的单一国家研究类似，我们发现税收主要在广度边际上起作用。基于这些结果，我们进一步深入研究，发现不同企业之间存在显著差异，来自高税母国的小投资者对东道国税收尤为敏感。
