东道国税收环境与中国企业对外直接投资区位选择

Tax Environment of Host Country and OFDI Location Choice of Chinese Enterprises

近年来税收影响中国对外直接投资区位选择的重要性日益显示。本文将东道国税收环境概括为总体税负、税制合理性、税收管理效率与税收透明度四个维度。本文收集了2012-2017年沪深A股采矿业、批发和零售业、制造业170家上市公司在77个境外国家和地区进行对外直接投资的相关数据,利用混合回归方法从微观企业行为出发研究中国对外直接投资区位选择与东道国税收环境的相关性。研究发现,中国企业倾向于在总体税负低、税收效率高且签订税收协定的东道国进行对外直接投资,但对东道国税收透明度的敏感程度不高;不同的行业对东道国税收环境敏感度也不同,批发和零售行业对东道国税收管理效率、税收透明度更为敏感,而制造业则对东道国税制复杂程度更为敏感。

Recently the OFDI location choice of Chinese enterprises has aroused concerns.This paper defines the host country’s tax environment and divides it into four dimensions:overall tax burden,rationality of tax system,efficiency of tax administration and tax transparency.This paper collects data of 170 listed companies in mining,wholesale & retail and manufacturing industries,which have invested in 77 overseas countries and regions from 2012 to 2017.By using the Pooled OLS method,this paper studies the correlation between location choice of Chinese OFDI and the host country’s tax environment from the perspective of enterprise behavior.This paper finds out that Chinese enterprises tend to invest in host countries with low overall tax burden and efficient tax system with signed tax agreement,but are not sensitive to the tax transparency.Different industries have different sensitivity to the four dimensions of tax environment.