全球价值链与FDI税收敏感度:理论分析与实证检验

Global Value Chain and FDI Tax Sensitivity:Theoretical Analysis and Empirical Test

很多国家都希望通过税收政策吸引更多的外国直接投资(FDI),但是FDI对于税率变化的敏感程度受到多种因素的影响。笔者研究了在全球价值链的背景下,FDI投资行业在价值链的分工地位和参与程度如何影响FDI对于税率变化的反应。笔者使用全球投入产出表以及工业企业数据库,以我国2008年企业所得税改革这一自然实验考察了增加值不同的行业FDI的税收敏感度。研究发现,行业增加值已经成为影响FDI税率敏感度的一个重要因素,高增值企业对于东道国所得税税率提高的反应更为明显,相比资本密集型和劳动密集型行业,投资于技术密集型行业的FDI受税收影响的程度更大。同时,无论是按照生产者还是按照消费者对增值活动进行分解,结果也都显示,在我国,参与全球价值链程度越高的企业,FDI税收敏感度越低。作者的研究对于在全球价值链背景下理解FDI的税收敏感度,以及如何更好地根据引进战略采取相应的税收工具都具有重要的政策启示。

Many countries hope to attract more foreign direct investment(FDI)through taxation policies,but the tax sensitivity of FDI is affected by many factors.This paper examines how the FDI investment industry’s division and participation in the value chain under the background of the formation of Global Value Chain(GVC)affects FDI taxation sensitivity.This paper uses WIOD and Industrial Enterprise Database.By using the natural experiment of China’s 2008 corporate income tax reform,we examined its impact to FDI with different value-added industries.The study found that industry value added has become an important factor affecting the sensitivity of FDI tax rates.High-value-added companies respond more positively to host country income tax rates;compared to capital-intensive and labor-intensive industries.FDI investing in technologyintensive industries are affected more by taxation.At the same time,whether it is in accordance with the producer or according to consumers’value-added activities,the results also show that in China,the higher the degree of participation in GVC,the lower tax sensitivity of FDI.Our research has important policy implications for understanding the tax sensitivity of FDI in the context of GVC and how to better adopt corresponding taxation tools.