英文摘要 |
Due to the opacity of tax havens, multinational corporations (henceforth MNCs) have implemented harmful tax practices that erode the tax base of their home countries. To combat international tax avoidance and profit shifting, the OECD has promoted tax information exchange agreements (TIEAs) since 2000. In 2012, OECD also mandated that countries or regions on the tax haven blacklist must sign at least 12 bilateral agreements on the exchange of information that meet the OECD transparency standard.The increased information sharing between tax authorities makes it more difficult for multinationals to shift profits offshore to avoid taxes; tax havens, therefore, are losing their charm. Whether the expansion of the TIEAs network will delink tax havens from MNCs’ ownership structure is unclear.To explore this question, this paper uses TEJ’s financial data to examine how the Tax Information Exchange and Tax Havens mechanism affects multinational corporations’ shareholding structure. The results show that the number of delinks related to tax havens is relatively high, and the expansion of the TIEA network negatively impacts delinks. In addition, when tax havens sign more TIEAs with other countries or regions, delinks increase. |