中文摘要
本文考察企业避税(corporate tax avoidance, CTA)对美国企业层面销售额的影响及其总体含义。理论上，避税使避税企业获得竞争优势，从而影响经济中销售额的分布。实证上，我们利用一系列广泛的避税度量指标和不同的识别策略，发现避税对企业层面销售额存在因果影响。将微观估计与模型相结合，我们评估了过去二十年间避税程度的变化如何塑造了美国各行业间销售额的分布。尽管效应因行业而异，但在若干关键行业中，大企业避税的上升强化了其主导地位，促成了集中度的提高。本文由 Maria Guadalupe（商业战略方向）接受发表。致谢：感谢 ENS Paris-Saclay Booster 计划、SSHRC[洞察发展资助 207-2018-2019-Q1-00406]、UQAM 跨国公司本地影响研究讲席以及 Fonds de la Recherche Scientifique – FNRS[资助号 F.4533.23]提供的资金支持。补充材料：数据文件可从 https://doi.org/10.1287/mnsc.2024.05773 获取。
Abstract
This paper examines the effect of corporate tax avoidance (CTA) on U.S. firm-level sales and its aggregate implications. In theory, CTA gives a competitive edge to avoiding firms, which affects the distribution of sales in the economy. In practice, we find a causal impact of CTA on firm-level sales using a broad set of measures of tax avoidance and different identification strategies. Combining microestimates and the model, we assess how changes in CTA over the past two decades have shaped the distribution of sales across U.S. industries. Although the effects vary by sector, rising CTA among large firms has reinforced their dominant positions, contributing to increased concentration, in several key industries. This paper was accepted by Maria Guadalupe, business strategy. Funding: Financial support from the ENS Paris-Saclay Booster’s program, from the SSHRC [Insight Development Grant 207-2018-2019-Q1-00406], from the UQAM research chair on the local impact of multinationals, and from the Fonds de la Recherche Scientifique – FNRS [Grant No. F.4533.23] is gratefully acknowledged. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2024.05773 .