避免双重征税协定与企业对外直接投资——基于“一带一路”沿线国家面板数据的分析

Avoidance of Double Taxation Agreement and Outward Foreign Direct Investment of Enterprises——Based on the Panel Data of the Countries along the Belt and Road

文章选取2004~2014年中国A股非金融类上市企业数据,研究避免双重征税协定对企业对外直接投资的影响。研究发现:1.避免双重征税协定可以减轻企业跨国经营的税收负担,促进企业到协定签约国进行投资;2.避免双重征税协定与东道国税负水平在促进企业对外直接投资过程中存在替代关系。进一步研究发现,当企业融资约束程度越大、对外直接投资企业行业为制造业时,避免双重征税协定与东道国税负水平在促进企业对外直接投资过程的替代关系更为显著。

Using the data of non-financial A-share listed companies from 2004 to 2014, this paper investigates the impact of avoidance of double taxation agreement on outward foreign direct investment of the enterprises. Our empirical evidence shows that： 1. DTAA can reduce the tax burden of outward foreign direct investment and promote the enterprises to invest in the signatory countries; 2. there is the alternative relationship between DTAA and tax burden of host country in the promotion of outward foreign direct investment of the enterprises. Further study finds that the greater the degree of corporate financing constraints is, the alternative relationship between DTAA and tax burden of host country is more significant when outward foreign direct investment enterprises are of manufacturing industry.