中文摘要
本文构建了一个包含动态性、企业异质性和金融摩擦的定量开放经济框架，以研究针对跨国企业的公司税改革所产生的影响。该模型量化了这些改革对企业选择、生产和福利的影响。企业面临个体特异性冲击，投资于资本，选择最优融资方式，并内生地选择是否通过出口或对外直接投资（FDI）在国外销售。本文将该框架应用于《减税与就业法案》所实施的美国海外利润汇回税取消。该改革的影响体现为两种选择效应之间的权衡：一方面，更多业务向海外转移；另一方面，美国商业活力增强。该改革提高了美国的福利，而财政部为此付出的成本很小。一系列测算表明，该框架的新特征具有重大的定量意义。移除金融摩擦后，该改革产生的横截面预测截然不同，福利增益也更低；而在该模型的静态对应模型中，该改革会降低福利。
Abstract
Abstract This article develops a quantitative open economy framework with dynamics, firm heterogeneity and financial frictions to study the impact of corporate tax reforms targeted at multinationals. The model quantifies their impact on firm selection, production and welfare. Firms draw idiosyncratic shocks, invest in capital, choose optimal financing and select endogenously into selling abroad, through exporting or FDI. I apply this framework to the removal of the U.S. repatriation tax as in the Tax Cuts and Jobs Act. The reform’s impact trades-off two selection effects—more offshoring versus greater U.S. business dynamism. The reform leads to higher U.S. welfare at little cost to the Treasury. A series of exercises illustrate that the novel features of this framework have significant quantitative implications. The reform gives starkly different cross-sectional predictions and lower welfare gains when financial frictions are removed and it is welfare reducing in a static counterpart of the model.