4 | The Journal of the American Taxation Association 美国税务协会杂志

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The Journal of the American Taxation Association
Volume 45 Issue 2
美国税务协会杂志 第45卷第2期
本期目录
1.
The effect of intellectual property boxes on innovative activity and tax benefits
专利盒制度对创新活动和税收优惠的影响
2.
Debt and taxes? The effect of Tax Cuts & Jobs Act of 2017 Interest limitations on capital structure
发债或征税？2017年《减税与就业法案》中利息扣除限制对资本结构的影响
3.
Companies’ initial estimates of the one-time transition tax imposed by the Tax Cuts and Jobs Act
预估《减税与就业法案》所规定一次性税项支出的市场反应
4.
Discussion of companies  initial estimates of the one-time transition tax imposed by the Tax Cuts and Jobs Act
争鸣：《预估<减税与就业法案>所规定一次性税项支出的市场反应》
5.
New evidence on investors’ valuation of deferred tax liabilities
税收递延评估决策的影响因素研究再添新证
6.
Does tax deductibility affect goodwill impairment decisions?
税收减免是否会影响商誉减值决策？
7.
The economic impact of Interim CEOs: The case of tax avoidance
临时CEO的经济决策缘何不同：以一起避税案为例
部分文章摘要
01
The effect of intellectual property boxes on innovative activity and tax benefits
Abstract: We exploit a quasi-experimental setting with high internal validity to measure the effect of adopting an intellectual property (IP) box on innovative activity and tax benefits. We document innovative activity increases, including patent applications, grants, and highly skilled employment, at the expense of patent quality. Domestic firms drive this effect. We also provide evidence that firms with patents, on average, enjoy up to 7.0 percent lower effective tax rates, with the most significant tax benefits accruing to multinational firms compared to domestic firms. We use the Belgium IP box that limits tax benefits to patent income. Prior IP box literature analyzes heterogeneous IP boxes and provides evidence of substantial increases in patent applications in response to IP box adoption. Our results suggest the patent-income only IP box leads to a modest increase in innovative activity by a maximum of 5.1 percent, with multinationals benefitting relatively more from a financial perspective.

摘要：本文利用内部有效性较高的准实验环境来衡量“专利盒制度”（Intellectual property boxes）对创新活动和税收优惠政策的影响。本文关注到创新活动的增加，其中包括专利申请、专利授权和高技能就业，但此种增长是以牺牲专利质量为代价的。国内企业推动了这一效应。本文还提供证据表明，拥有专利的企业平均实际税率可降低7.0%，与国内企业相比，跨国企业所能享受的税收优惠最为显著。本文采用了比利时的“专利盒制度”，即将税收优惠的适用范围限制在专利收入内。此前的相关文献分析了异质性“专利盒”，并提供了部分国家或地区在采用“专利盒制度”后专利申请大幅增加的证据。本文的研究结果表明，只考虑专利收入的“专利盒制度”会使创新活动适度增加，其增幅最高为5.1%，且跨国公司的财务受益相对更大。
02
Debt and taxes? The effect of Tax Cuts & Jobs Act of 2017 interest limitations on capital structure
Abstract：The Tax Cuts & Jobs Act of 2017 (TCJA) limited interest deductibility. Using a difference-in-differences design, we show that following the enactment of the new limitations, affected firms significantly decrease their leverage. Specifically, we find that relative to unaffected U.S. firms, affected firms decrease leverage by 7.6 percent of assets, corresponding to $330 million per firm and $84.8 billion for the treatment sample. These results are driven by decreases in long-term domestic debt and by declines in new issuances rather than debt repayment. Additional tests indicate other tax reform elements do not explain the results. We also find that firms not currently subject to limitations on interest but subject to future limitations decrease leverage by about half as much as firms currently subject to the limits. Overall, our findings document an economically significant effect of recent tax reform on firm behavior and advance understanding of how taxes affect capital structure.

摘要：2017年制定的《减税与就业法案》（TCJA）限制了利息扣除。利用双重差分模型，本文发现在2017年的限制性规定颁布后，受影响企业的杠杆率显著下降。具体而言，相较于未受影响的美国企业，受影响企业的杠杆率降低了7.6%，这相当于每家企业降低了3.3亿美元，全样本口径下降低了848亿美元。但这些结果并非是由债务偿还所驱动的，而是源于国内长期债务和新债发行的减少。进一步的检验表明，其他的税制改革因素并不能合理解释前述结果。本文还发现，对于目前不受利息限制但未来会受限的企业而言，其杠杆率的降低幅度约为目前受限企业的一半。整体而言，近期的税制改革对企业行为产生了显著的经济影响，并深化了人们对于税收如何影响资本结构的理解。
03
Does tax deductibility affect goodwill impairment decisions?
Abstract: Using a setting with tax-deductible goodwill impairments, we examine how tax deductibility affects impairment decisions. Goodwill impairments are costly to firms, and managers generally attempt to avoid recording impairments. However, we propose that tax deductibility reduces the net cost of impairment, increasing the likelihood of impairment. Results indicate that tax deductibility increases impairment likelihood, especially when capital market pressure is high, consistent with tax deductibility reducing the net cost of impairments (i.e., partially offsetting high costs of impairment). We rule out known plausible nontax explanations for these effects. Overall, results suggest that taxation is an important, previously overlooked determinant of economically important goodwill impairments.

摘要：本文在商誉减值可进行税收抵扣的前提下，研究了抵扣会如何影响企业的减值决策。一般认为，商誉减值对企业来说成本高昂，因此管理者通常会试图避免记录减值。然而，本次研究发现税收抵扣将降低减值的净成本，从而增加了减值的可能性，尤其是在资本市场压力较大的情况下。同时，本文排除了对这些影响已知的非税收解释路径。整体而言，研究结果表明：作为一个重要的决定性因素，税收对商誉减值的经济意义在此前被长期忽视。
整理 | 娄佳璐
排版、审核 | 寇韵楳、薛榆淞

北京大学税法研究中心
Peking University
Center for Tax Law


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