Читать книгу Applied Mergers and Acquisitions - Robert F. Bruner - Страница 104

Marginal corporate tax rates vary dramatically across the globe. In January 2002, they ranged from a low of 16 percent in Hong Kong and Chile to a high of 42 percent in Sri Lanka with a mean of 31.39 percent for OECD countries (see KMPG (2002)). Some have argued that this disparity permits multinational corporations to shift operations globally in ways that profitably arbitrages away from high-tax jurisdictions and toward lower-tax jurisdictions.¹⁰ This is consistent with anecdotal evidence from practitioners (especially chief financial officers) about the importance of tax considerations in investment decisions. Nevertheless, empirical research at best gives mixed support for this motive.¹¹