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Prix de transfert optimaux et comportement stratégique des multinationales

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  • Thierry MADIES

    (Faculté des sciences économiques et sociales, Université de Fribourg)

Abstract

L'objet de cet article est de proposer un modèle permettant de déterminer le prix de transfert optimal entre deux filiales d'une multinationale qui choisissent de façon décentralisée les quantités (concurrence à la Cournot) ou les prix optimaux (concurrence à la Bertrand) sur les marchés oligopolistiques où elles opèrent. Nous montrons que le prix de transfert qui permet à la multinationale de maximiser ses bénéfices consolidés est fonction de trois effets : (1) un effet « transfert de bénéfice » qui dépend de la comparaison des taux d'impôt entre les deux pays où sont situés les filiales; (2) un « effet stratégique » qui provient de ce qu'un prix de transfert sous évalué (inférieur au coût marginal de production de la filiale exportatrice) peut permettre à la filiale étrangère d'être plus agressive sur son marché; (3) un « effet de rétroaction » qui constitue une force de rappel par rapport aux deuxième effet dans le sens où si les coûts marginaux de production de la filiales exportatrice sont croissants, une augmentation des quantités vendues par la filiale étrangère réduit la production de la filiale exportatrice sur son propre marché (et par là même ses profits). Nous montrons en outre que si les coûts de production ne sont plus identiques, le prix de transfert optimal sera d'autant plus faible dans une concurrence à la Cournot que le coût marginal de production de la filiale exportatrice est lui-même faible. Nous étudions enfin les conditions (fiscales) sous lesquelles la multinationale peut exclure les entreprises concurrentes du marché du bien final quand elle les approvisionne en input intermédiaire.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2003043.

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Length: 20
Date of creation: 01 Dec 2004
Date of revision:
Handle: RePEc:ctl:louvre:2003043

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Keywords: Multinationale; prix de transfert; fiscalité internationale; transfert de bénéfice;

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  1. Jack Hirshleifer, 1956. "On the Economics of Transfer Pricing," The Journal of Business, University of Chicago Press, vol. 29, pages 172.
  2. Kant, Chander, 1990. "Multinational firms and government revenues," Journal of Public Economics, Elsevier, vol. 42(2), pages 135-147, July.
  3. Bulow, Jeremy I & Geanakoplos, John D & Klemperer, Paul D, 1985. "Multimarket Oligopoly: Strategic Substitutes and Complements," Journal of Political Economy, University of Chicago Press, vol. 93(3), pages 488-511, June.
  4. James R. Hines, Jr., 1996. "Tax Policy and the Activities of Multinational Corporations," NBER Working Papers 5589, National Bureau of Economic Research, Inc.
  5. Jonathan Eaton & Gene M. Grossman, 1986. "Optimal Trade and Industrial Policy Under Oligopoly," NBER Working Papers 1236, National Bureau of Economic Research, Inc.
  6. Brander, James A. & Spencer, Barbara J., 1985. "Export subsidies and international market share rivalry," Journal of International Economics, Elsevier, vol. 18(1-2), pages 83-100, February.
  7. Guttorm Schjelderup & Lars Sorgard, 1997. "Transfer Pricing as a Strategic Device for Decentralized Multinationals," International Tax and Public Finance, Springer, vol. 4(3), pages 277-290, July.
  8. L. W. Copithorne, 1971. "International Corporate Transfer Prices and Government Policy," Canadian Journal of Economics, Canadian Economics Association, vol. 4(3), pages 324-41, August.
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