中国企业的海外关联交易与利润转移

Overseas Related Party Transactions and Profit Shifting of China's Enterprises

本文基于我国非金融上市公司实际发生的海外关联交易数据,运用双重差分(DID)的方法,探究海外关联交易与公司利润转移之间的典型事实及其背后的作用机制。基准结论表明,首先,相对于没有发生关联交易的企业,发生海外关联交易的企业营业利润率显著下降约0.8%;相对于与非避税天堂地区发生关联交易的企业,与避税天堂地区发生海外关联交易的企业营业利润率显著下降1.8%;事件分析法表明实证模型满足平行趋势假设。其次,企业的融资需求越大,利润转移程度越高;国内的税收征管强度越大,企业的利润转移程度越低;稳健性检验结果均和预期一致,结论稳健。进一步的机制检验发现,企业通过虚增关联交易数量、创造不符合实际的价值贡献、资本弱化、调整研发费用支出结构、滥用税收协定的方式进行利润转移。本研究有利于进一步了解我国税基侵蚀的渠道,为我国参与国际税收治理体系的重建提供基础事实和征管方向,具有较为重要的文献价值。

Based on the data of China's non-financial listed companies'overseas related party transactions,we use the Difference-in-Difference(DID)method to identify the typical facts and the underlying mechanism between Chinese Enterprises'overseas related party transactions and their profit shifting.The benchmark conclusion shows that,compared with the enterprises without related party transactions,the enterprises with overseas related transactions see the operating profit margin significantly decrease by about 0.8%;compared with the enterprises with related party transactions in Non-Tax Haven areas,the enterprises with overseas related transactions in Tax Haven areas see the operating profit margin significantly decrease by 1.8%;the event analysis method shows that the empirical model fits the parallel trend hypothesis.Moreover,the greater the financial needs of enterprises are,the higher the degree of profit shifting is;the stricter the domestic tax collection and management is,the lower the degree of profit shifting is.Robust test results are consistent with expectations and the conclusions are robust as well.Further mechanism tests show that enterprises shift profit by increasing transaction quantity,creating unrealistic value contribution,thin capitalization,adjusting R&D expenditure structure and treaty shopping.Our paper,which has important literature value,helps readers to further understand China's tax base erosion channels,and provides basic facts and direction on tax collection and management for China to participate in the reconstruction of international tax governance system.