【讲座时间】2025年12月30日 14:00
【讲座地点】会计学院108室
【讲座主题】
U.S. Income Tax Incentives and Firms' International Physical Trade Flows
【嘉宾介绍】Travis CHOW，香港大学经管学院
Professor Travis Chow is an Associate Professor of Accounting at the University of Hong Kong (HKU). He holds a Ph.D. in accounting from the University of Waterloo, an MSc in statistics and an MA in economics from the University of Toronto, and a bachelor's degree in economics from the University of Alberta. Before pursuing his doctoral studies, he worked as an economic analyst in Toronto.
Dr. Chow's research focuses on how taxes influence corporate and individual decision-making. His work has been published in leading journals such as The Accounting Review, Journal of Accounting Research, Contemporary Accounting Research, Management Science, and the Journal of Risk and Insurance. He currently serves on the Editorial Board of the Journal of the American Taxation Association.
【内容提要】
We examine the role of income tax incentives in U.S. firms’ international physical trade flows. The Tax Cuts and Jobs Act of 2017 fundamentally changed the U.S.’s international tax policy, with an important objective of improving U.S. competitiveness and exports. We evaluate whether this tax reform achieved this intended goal by examining firm-level shipping container data. In a difference-in-differences approach, we find that U.S. firms more exposed to changes in the international tax provisions significantly increased their exports after the reform relative to less‑exposed firms. Cross-sectional analysis shows that these effects are stronger for firms with high pre-tax profitability, high innovation, and low shipping costs, consistent with changes in tax incentives being the underlying mechanism. At the same time, we document a stronger positive co-movement between exports to and imports from the same foreign jurisdictions in the post-reform period, consistent with tax-motivated round-tripping trades. Finally, we find no evidence of shifts in real production activities or outsourcing of domestic production. Our study provides the first empirical evidence on how this tax reform affected U.S. firms’ international physical trade flows.
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