FDI对我国税收政策敏感性分析

Sensitivity of FDI to the Tax Policy of China

通过对我国1985-2006年间外商直接投资、税收优惠额以及外资企业有效税率之间的协整检验,计算了外商直接投资对税收优惠额和有效税率的敏感度系数。通过方差分解,指出有效税率对吸引FDI的贡献度比税收优惠额对吸引FDI的贡献度更为显著。通过脉冲响应分析发现,税收政策的变动在早期对吸引外商直接投资的影响较为明显;从长期来看,其影响力会随着时间而逐渐衰减,最终趋于平稳。本文利用以上结果,分析了"两税合一"对我国吸引外商直接投资的动态作用机制。

By the cointegration test among FDI, tax preferential amount and effective tax rates of FIEs in1985-2006, this paper calculates the sensitivity coefficient of FDI to the tax preferential amount and the effective tax rates. And through the variance decomposition, the paper finds that the contribution of effective tax rate is more notability than that of tax preferential amount in attracting the FDI. By the impulse response function, it also finds the influence of tax policy adjustment to attracting FDI was distinct in the early stage, but the influence would be attenuated and be steady at last. Using the results above, this paper analyzes the dynamic action mechanism of the ＂integrated two taxes into one＂ to attracting FDI.