英文标题：
《Uncovering Offshore Financial Centers: Conduits and Sinks in the Global
Corporate Ownership Network》
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作者：
Javier Garcia-Bernardo, Jan Fichtner, Eelke M. Heemskerk and Frank W.
Takes
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最新提交年份：
2017
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英文摘要：
Multinational corporations use highly complex structures of parents and subsidiaries to organize their operations and ownership. Offshore Financial Centers (OFCs) facilitate these structures through low taxation and lenient regulation, but are increasingly under scrutiny, for instance for enabling tax avoidance. Therefore, the identification of OFC jurisdictions has become a politicized and contested issue. We introduce a novel data-driven approach for identifying OFCs based on the global corporate ownership network, in which over 98 million firms (nodes) are connected through 71 million ownership relations. This granular firm-level network data uniquely allows identifying both sink-OFCs and conduit-OFCs. Sink-OFCs attract and retain foreign capital while conduit-OFCs are attractive intermediate destinations in the routing of international investments and enable the transfer of capital without taxation. We identify 24 sink-OFCs. In addition, a small set of five countries -- the Netherlands, the United Kingdom, Ireland, Singapore and Switzerland -- canalize the majority of corporate offshore investment as conduit-OFCs. Each conduit jurisdiction is specialized in a geographical area and there is significant specialization based on industrial sectors. Against the idea of OFCs as exotic small islands that cannot be regulated, we show that many sink and conduit-OFCs are highly developed countries.
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中文摘要：
跨国公司使用高度复杂的母公司和子公司结构来组织其运营和所有权。离岸金融中心（OFC）通过低税收和宽松监管促进这些结构，但正日益受到审查，例如为了实现避税。因此，OFC管辖权的确定已成为一个政治化和有争议的问题。我们介绍了一种新的数据驱动方法，用于基于全球公司所有权网络识别OFC，其中超过9800万家公司（节点）通过7100万个所有权关系进行连接。这种细粒度的公司级网络数据唯一地允许识别汇OFC和导管OFC。汇型离岸金融中心吸引并保留外国资本，而管道型离岸金融中心是国际投资路线中具有吸引力的中间目的地，能够实现资本的无税转移。我们确定了24个汇OFC。此外，荷兰、英国、爱尔兰、新加坡和瑞士等五国将大部分企业离岸投资渠道化为离岸金融中心。每个管道管辖区在一个地理区域内都是专业化的，并且在工业部门的基础上有着显著的专业化。我们反对将离岸金融中心视为无法监管的异国小岛的想法，但我们表明，许多汇管离岸金融中心都是高度发达的国家。
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分类信息：

一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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