轉(zhuǎn)讓定價的行業(yè)垂直整合【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：TransferpricinginverticallyintegratedindustriesAbstractTaxofficialsjudgewhetheramultinational’stransferpriceisconsistentwiththearm’slengthstardthepriceatwhichtwoindependentfirmswouldcarryoutasimilartr

2、ansactionbyusingdatafromcomparablebutindependenttransactions.Inverticallyintegratedindustriestheonlysourceofcomparabledatamaybefromcontrolled(nonindependent)transactions.Conventionalwisdomassertsthatstardarm’slengthmetho

3、dscannotperfmwellinsuchmarketsbecausethecomparabilityrulesencouragetheintegratedfirmstocolludetacitlyontransferpricesinawaythatamplifiestaxdifferentialincentives.Inthispaperweshowthatstrategiclinkagesbetweenverticallyint

4、egratedfirmsoperatinginthesamefinalgoodmarketmoderatecanpossiblyreversetaxdifferentialincentivesifthecrectcomparisonmethodisused.TheCostPlusmethodturnsouttobethemosteffectiveinlimitingtheequilibriumamountofprofitshifting

5、outofthehightaxcountryityieldsthehighesttaxrevenuesfthehightaxcountry.Thesebenefitsareshowntostrengthenwhenthefirmshaveprivatecostinfmation.KeywdsTransferpricingVerticalintegrationIncentivecomparabilityIntroductionAtrans

6、ferpriceisusedtovaluetheexchangeofanassetservicebetweentwosubsidiariesofthesamemultinational.Whenthesubsidiariesareincpatedincountrieswithdifferenttaxratesthemultinationalhasanincentivetosetthetransferpricetoshiftprofits

7、intothelowtaxcountry.TomitigatethisincentiveOECDcountriesauditmultinationaltransferpricestodeterminewhethereachtransferpricemeetsthearm’slengthstard:thetransferpriceequalsthepricetwoarm’slengthindependentfirmsfirmsnotcon

8、trolledbythesamemultinationalwouldtrade.Whenanauditdeterminesthatatransferpricedoesnotmeetthearm’slengthpropertyliabilityinsuranceisquitethinriskacteristicscanvaryfromoneplatfmtoanother.Likemostlargecpationsoilgascompani

9、esselfinsuretheirriskina(captive)insurancesubsidiarythenreinsureaptionoftheirriskwithindependentinsurers.Thedifficulttaskfrevenueauthitiesisfindingcomparableinsuranceratesontheretainedrisks.3Inadditiondifferencesinthetax

10、treatmentofinsuranceprofitsoilgasprofitscreateanincentivetoshiftprofitsintotheinsurancesubsidiaries.4Becauseofthethinmarketidiosyncraticriskfeaturessimilaryetindependentdatafcomparabilitycalculationsisnotavailable.Ontheo

11、therhthepresenceofseveralmultinationalcompaniesintheNthSeageneratesgoodalbeitcontrolledcomparabledata.TobetterunderstwhyitisdesirabletousetransferpricedatafromindependentpartiesconsiderhowrevenueAuthitiesconducttransferp

12、riceaudits.Datafromtransactionsbetweenindependentpartiesiscollectedcomparedtotheauditedparty’sdata.RegulationsfromOECDcountriesspecifyseveraldifferentmethodsfanalyzingthisdata.Thecomparableuncontrolledpricemethodcompares

13、theauditedtransferpricetothecomparabletransactionpricestheCostPlusmethodcomparescostmarkupsofthesellingfirmsthecomparableprofitmethodallowstaxofficialstocompareprofitabilityratios(e.g.operatingprofitsalesgrossprofitopera

14、tingexpenses).Theresalepricemethodcomparesthemarkupoverthetransferpricereflectedinthefinalgoodpricesofthebuyingfirms.Finallytheprofitsplitmethodcomparesprofitsharesbetweenthebuyingsellingparties.Ifthevalueoftheauditedpar

15、ty’sdataimpliedbyoneofthesemethodsfallswithinthe25ththe75thpercentileofthedatafromtheindependenttransactionsthetransferpriceisdeemedacceptable.Whenthetestedtransferpricefallsoutsidethisrangethetestedparty’spriceisadjuste

16、danewtaxliabilityiscalculatedpenaltiesareimposed.Aslongastheauditedfirmcannotinfluencethecomparabletransactionsthedatafromallfivemethodsshouldapproximateacompetitiveprice.Onekeywaytheauditedfirmcaninfluencetheindependent