期刊论文

JAE（2020年3月26日在线发表）论文：公司减税，兼并活动和股东财富

摘要:我们研究了国内生产活动扣除额（DPAD）对并购的影响。DPAD降低了美国劳务所得或在美国生产的商品所得的公司税率。结果表明，DPAD优势企业的收购报价数量和质量符合企业新古典理论和财务约束理论的预测。具体来说，在与DPAD相关的减税幅度较大的行业以及在财务拮据的企业中，投标，特别是现金资助的投标大幅增加。此外，DPAD提高了收购质量，在此情况下，收购方和目标公司可能会通过合并产生递增的DPAD税收优惠。

关键词：公司减税；收购；企业绩效；财务约束

Abstract:We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPAD-advantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related tax cuts and for firms with financial constraints. Moreover, DPAD improves acquisition quality where acquirers and targets are likely to generate incremental DPAD tax benefits through their merger.

Keywords: Corporate tax deduction; Acquisitions; Firm performance; Financial constraints

参考文献：Blouin J. L., Fich E. M., Rice E. M., Tran A. L. Corporate tax cuts, merger activity, and shareholder wealth. Journal of Accounting and Economics, 2020.

翻译人：刘承忍
审核人：魏炜
原文来源：JAE（2020年3月26日在线发表）论文