外商投资企业通过资本弱化来避税?——来自中国1998—2008年面板数据分析被引量：3

Do FDI Enterprises Avoid Income Tax through Thin Capitalization? Analysis of Panel Data from 1998 to 2008 in China

下载PDF

导出

摘要在放松MM定理假设条件基础上构建一个简单FDI资本弱化模型,理论推演表明:企业债务利息在企业所得税征收前列支条件下,中国FDI企业通过举债以规避企业所得税缴纳,使其资本结构逐渐弱化。对1998—2008年港澳台、外商投资的限额以上餐饮服务业、批发零售业面板数据的实证分析证实了理论模型得出的结论。 This paper constructs a simple theoretical model on thin capitalization of Chinese FDI. Logi- cal deduction indicates Chinese FDI enterprises avoid corporate income tax by holding in the form of debt to its related company or affiliates under the condition that the interest of cooperate debt can be deducted before enterprise income tax, making financial structure of FDI enterprises thin capitalization. The paper adopts the 1998-2008 panel data of Hong Kong, Macao and Taiwan and foreign direct investment enterprises which are food service industry, wholesale and retail industry to support the conclusion of the theoretical model.

作者汪利锬刘小川

机构地区 Andrew Young School of Policy Studies 上海财经大学公共经济与管理学院

出处《财贸研究》 CSSCI 北大核心 2012年第4期98-105,共8页 Finance and Trade Research

关键词 FDI 资本弱化企业所得税 FDI thin capitalization corporate income tax

分类号 F812.42 [经济管理—财政学]

引文网络
相关文献

参考文献15

1ARRIGHI G. 2009. Adam Smith in Beijing:lineages of the twenty- first century [ M ]. [ S. 1 ] :Verso :356.
2BAXTER N D. 1967. Leverage, risk of ruin and the cost of capital [J]. The Journal of Finance, 22(3) :395 -403.
3CHOWDHRY B, NANDA Z V. 1994. Purchase prcmia as a reason for dividends: a dynamic model of corporate payout policies [J]. The Review of Financial Studies, 7(2) :321 -350.
4CHOWDHRY B, COVAL J D. 1998. Internal financing of multinational subsidiaries: debt vs. equity [ J]. Journal of Corporate Finance, 4 (March) :87 - 106.
5DESAI M A, FDLEY C F, HINES J R, Jr. 2004. A multinational perspective ow capital structure choice and internal capital markets [ J ]. The Journal of Finance, 59(6) :2451 -2487.
6HARRIS M, RAVIV A. 1991. The theory of capital structure [J]. The Journal of Finance, 46( 1 ) :297.
7HART O. 1993. Theories of optimal capital structure:a managerial discretion perspective [ M]//BLAIR M M. The deal decade: what takeovers and leveraged buyouts mcaw for corporate governance. Washington: The Brookings Institute:19 -53.
8MODIGLIANI F, MILLER M H, 1958. The cost of capital, corporation finance and the theory of investment [ J ]. The American EconomicReview, 48(3) :261 -297.
9MODIGLIANI F, MILLER M H. 1963. Corporate income taxes and the cost of capital: a correction [J]. The American Economic Review, 53(3) :433 -443.
10MYERS S C. 2001. Capital structure [J]. The Journal of Economic Perspectives, 15(2) : 81 -102.