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本文通过分析公司债务地域选择的边际决策,研究一系列涉税效应的综合影响,包括个人和企业所得税税率、税收抵扣和豁免制度以及利息和股息支付的双边跨国扣税等方面的差异。研究结果表明,个人和企业所得税税率、股息扣税或税收减免制度、汇出利润的税收待遇、股息和利息国际间代扣所得税等方面的差异显著影响债务地域选择和国外债务比例的决策。
By analyzing the marginal decision-making of corporate debt geography, this paper studies the combined effects of a series of tax-related effects, including individual and corporate income tax rates, tax deductions and exemptions, and bilateral cross-border tax deductions for interest and dividend payments. The results show that the differences between individual and corporate income tax, dividend deduction or tax deduction, tax remittance profits, international withholding income tax on dividends and interest significantly affect the decision-making of the geographical choice of debts and the ratio of foreign debts.