Unilateral adoption of transfer pricing regulations (TPRs) may have a negative impact on real investment by multinational corporations (MNCs). This paper uses a quasi-experimental research design, exploiting unique panel data on domestic and multinational companies in 27 countries during 2006–2014, to find that MNC affiliates reduce their investment by over 11% following the introduction of TPRs. There is no significant reduction in total investment by the MNC group, suggesting that these investments are most likely shifted to affiliates in other countries.

中文翻译：

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付出代价：转让定价法规的实际效果

单方面采用转让定价法规（TPR）可能会对跨国公司（MNC）的实际投资产生负面影响。本文采用准实验研究设计，利用2006-2014年间27个国家/地区的国内和跨国公司的独特面板数据，发现在引入TPR之后，跨国公司子公司的投资减少了11％以上。跨国公司集团的总投资没有显着减少，这表明这些投资很可能转移到了其他国家的分支机构。