投资自由化和税率变化对外商投资的影响——基于中国细分行业数据的经验分析

The Effect of Investment Liberation and the Change of Tax Rate on FDI——An Empirical Analysis of the Data of China's Industry Segmentation

投资政策和税率变化是影响外商投资水平的重要因素,也是政府部门吸引外资的重要政策手段。利用中国2004～2016年细分行业的面板数据分析了税率变化和投资自由化政策对外商投资的影响。研究结果表明:税率水平越高的行业,外商投资越低,但是投资政策的放松对外商投资的影响有限。鼓励措施对提高外商投资水平具有正向影响,但这一影响并不总是显著,同样,限制或禁止措施的放开也不能显著提高外商投资水平。变更衡量指标以及使用双重差分方法进行估计显示,该结果依然稳健。这说明各个行业的资本流入更多基于利润动机,差异化税收政策有助于外资在各行业合理配置。

Investment policy and tax rate are two important factors in FDI inflow. They are also two major policy instruments in attracting foreign investment. This paper investigates the influence of investment policy and the change of tax rate on foreign investment in China based on the industry-level panel data from 2004~2016. The results suggest that the higher the tax rate is, the less the foreign investment is. But the loosening of investment policy only has a limited impact on foreign investment. Though investment incentives exert positive impact on investment, it's not always significant. Similarly, the banishment of policy restrictions can not increase FDI as well. The results remain unchanged even under different measure indexes and analyzing methods. This indicates that the motive for foreign investment inflows of all industries is chasing profit. Differentiated tax policy can help allocate foreign capital rationally in various industries.