Replication data for: Transfer Pricing by Multinational Firms: New Evidence from Foreign Firm Ownerships

Using a firm-level dataset of Danish exports between 1999-2006, we find robust evidence for profit shifting by multinational corporations. Our triple difference estimations exploit the response of export unit values to acquisitions of foreign affiliates and to changes in statutory corporate tax rates. This identification strategy corrects for a downward bias resulting from firms adjusting arm's length prices to obscure transfer price manipulations. We find that Danish multinationals reduce the unit values of their exports to low tax countries between 5.7 to 9.1 percent. This difference corresponds to a tax revenue loss of 3.24 percent of Danish multinationals' tax returns.基于1999年至2006年丹麦出口的企业级数据集，我们找到了跨国公司实施利润转移的稳健实证证据。我们采用三重差分估计方法，利用出口单位价值对外国子公司收购以及法定公司税率变动的响应作为识别策略。该识别策略修正了企业调整独立交易价格（arm's length price）以掩盖转移定价操纵行为所导致的向下偏误。研究发现，丹麦跨国公司对低税率国家的出口单位价值降幅达5.7%至9.1%。这一降幅对应的税收收入损失，占丹麦跨国公司纳税申报总额的3.24%。