跨国公司的全球利润转移：来自国别报告微观数据的证据
Global Profit Shifting of Multinational Companies: Evidence from Country-by-Country Reporting Micro Data
Journal of the European Economic Association · 2025 · [{"name": "Clemens Fuest", "affiliation": ["Ifo Institute for Economic Research"]}, {"name": "Stefan Greil", "affiliation": ["Federal Ministry of Finance"]}, {"name": "Felix Hugger", "affiliation": ["Ifo Institute for Economic Research"]}, {"name": "Florian Neumeier", "affiliation": ["Ifo Institute for Economic Research"]}]
中文摘要
摘要：我们使用超过3600家跨国公司的国别报告微观数据，分析其为避税而进行的全球利润转移。与其他数据集不同，国别报告提供了跨国公司全球经济活动的详细信息，包括其在避税天堂国家的活动。我们发现，这些公司通过将利润转移至低税国家，每年减少390亿欧元的税负。将我们的结果外推至全体大型跨国企业，表明全球企业所得税收入每年损失1620亿欧元（占其总体纳税额的12%）。我们表明，考虑利润转移中的非线性以及子公司报告零利润的情况，是准确估计利润转移的关键。
Abstract
Abstract We use micro data from country-by-country reports of more than 3,600 multinational companies to analyze global profit shifting to avoid taxes. Unlike other data sets, country-by-country reports provide detailed information about the global economic activities of multinational companies, including those in tax haven countries. We find that these companies reduce their tax burden by €39 billion per year by shifting profits to low-tax countries. Extrapolating our results to the universe of large multinational enterprises indicates a global loss in corporate tax revenues of €162 billion per year (12% of their overall tax payments). We show that taking into account non-linearities in profit shifting and subsidiaries reporting zero profits is key for accurately estimating profit shifting.