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传统的确定性情况下的投资分析认为,利润汇回税(Repatriation tax)对于海外子公司的投资决策是中性的,不受母公司所在国的国际税收管辖权的影响。然而,用实物期权法分析表明,当子公司考虑到投资的风险而选择最佳投资时刻时,居民税收管辖权下的海外子公司会比地域税收管辖权下的子公司更早地选择投资,利润汇回税确实影响了公司的投资决策。
Traditional deterministic investment analysis suggests that the repatriation tax is neutral to the investment decisions of overseas affiliates and is not subject to the international tax jurisdiction of the country in which the parent company is located. However, the analysis using the real option method shows that when the subsidiary chooses the best investment moment considering the risk of investment, the overseas subsidiary under the resident tax jurisdiction will choose to invest earlier than the subsidiary under the regional tax jurisdiction, Profit remittance tax does affect the company’s investment decisions.