嘉宾简介：

王毓轩，william英国中文助理教授、复旦大学william英国中文管理学博士、圣路易斯华盛顿大学联合培养博士生。主要研究兴趣为债务市场、成本管理等，研究成果发表于Contemporary Accounting Research、Journal of Accounting, Auditing, and Finance。

讲座内容：

This paper studies whether banks price the deployability of foreign earnings when lending to U.S. multinational corporations (MNCs). Deployability of earnings across borders is a strategic organizational capability that firms cultivate through their cross-border tax structures, but this capacity may be constrained by tax authorities’ access to information about inter-firm transactions. Exploiting the staggered implementation of Tax Information Exchange Agreements (TIEAs) between the U.S. and foreign jurisdictions as an exogenous shock to deployability, we find that banks charge higher loan spreads to U.S. MNCs after TIEAs. Cross-sectional analyses suggest that the effect is stronger among firms with larger stocks of trapped foreign earnings, greater pressure to service debt, and greater exposure to IRS scrutiny. These results are consistent with lenders demanding higher risk premia when borrowers’ ability to use foreign earnings to service parent-level debt declines. In firms with opaque information environments, however, the increase in loan spread is attenuated, indicating the beneficial role of IRS monitoring for debtholders. Overall, our findings identify deployability as a previously overlooked dimension of pledgeable income through the lens of the multinational setting.