| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18107 |
| 来源ID | Working Paper 18107 |
| Trade Credit and Taxes | |
| Mihir A. Desai; C. Fritz Foley; James R. Hines Jr. | |
| 发表日期 | 2012-05-25 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the extent to which firms use trade credit to reallocate capital in response to tax incentives. Tax-induced differences in pretax returns encourage the use of trade credit to reallocate capital from firms facing low tax rates to those facing high tax rates. Evidence from the worldwide operations of U.S. multinational firms indicates that affiliates in low-tax jurisdictions use trade credit to lend, whereas those in high-tax jurisdictions use trade credit to borrow: ten percent lower local tax rates are associated with net trade credit positions that are 1.4 percent higher as a fraction of sales. The use of trade credit to get capital out of low-tax, low-return environments is also illustrated by reactions of U.S. firms to the temporary repatriation tax holiday in 2005, when affiliates with positive net trade credit positions were significantly more likely than others to repatriate dividends to parent companies in the United States. |
| 主题 | International Economics ; International Factor Mobility ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w18107 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575782 |
| 推荐引用方式 GB/T 7714 | Mihir A. Desai,C. Fritz Foley,James R. Hines Jr.. Trade Credit and Taxes. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w18107.pdf（294KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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