JAE（2020年3月26日在線發(fā)表）論文：公司減稅，兼并活動和股東財(cái)富
摘要:我們研究了國內(nèi)生產(chǎn)活動扣除額（DPAD）對并購的影響。DPAD降低了美國勞務(wù)所得或在美國生產(chǎn)的商品所得的公司稅率。結(jié)果表明，DPAD優(yōu)勢企業(yè)的收購報(bào)價(jià)數(shù)量和質(zhì)量符合企業(yè)新古典理論和財(cái)務(wù)約束理論的預(yù)測。具體來說，在與DPAD相關(guān)的減稅幅度較大的行業(yè)以及在財(cái)務(wù)拮據(jù)的企業(yè)中，投標(biāo)，特別是現(xiàn)金資助的投標(biāo)大幅增加。此外，DPAD提高了收購質(zhì)量，在此情況下，收購方和目標(biāo)公司可能會通過合并產(chǎn)生遞增的DPAD稅收優(yōu)惠。
關(guān)鍵詞：公司減稅；收購；企業(yè)績效；財(cái)務(wù)約束
Abstract:We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPAD-advantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related tax cuts and for firms with financial constraints. Moreover, DPAD improves acquisition quality where acquirers and targets are likely to generate incremental DPAD tax benefits through their merger.
Keywords: Corporate tax deduction; Acquisitions; Firm performance; Financial constraints
參考文獻(xiàn)：Blouin J. L., Fich E. M., Rice E. M., Tran A. L. Corporate tax cuts, merger activity, and shareholder wealth. Journal of Accounting and Economics, 2020.
翻譯人：劉承忍
審核人：魏煒
原文來源：JAE（2020年3月26日在線發(fā)表）論文
