美国减税政策对外国直接投资的影响及其对我国的启示

The Impact of U.S. Tax Reduction on Foreign Direct Investment and the Enlightenment to China

近年来,以美国为代表的主要经济体纷纷调整税收政策,对我国形成税收竞争压力。美国税收政策调整不论是在税制改革内容,还是在全球影响方面,都具有代表性和重要性。研究发现,美国1980年以来的减税政策对除收益再投资外的股权投资形式的外国直接投资(FDI)有促进作用,但存在滞后现象。对收益再投资和关联债务形式的FDI影响迅速,但方向各异,减税能够刺激收益再投资的增加,但是关联债务形式的FDI流入会减少。同时减税对于制造业FDI的积极影响最为明显。基于美国减税效应分析,可对我国税制优化等提供借鉴:一是稳步推进结构性减税;二是优化国内投资和经营环境;三是主动应对国际税制挑战。

In recent years,major economies represented by the United States have adjusted their tax policies,creating tax competition pressure on China.United States’tax policy adjustments are representative and important in terms of tax reform content and global impact.The study found that the tax reduction policy of the United States since 1980 has promoted foreign direct investment(FDI)in the form of equity investment other than the reinvestment of earnings,but there is a lagging phenomenon.FDI in the form of income reinvestment and related debt has a rapid impact,but in different directions,tax reduction can stimulate an increase in income reinvestment,but FDI inflows in the form of linked debt will decrease.At the same time,tax cuts have the most obvious positive impact on manufacturing FDI.Based on the analysis of the effects of tax reduction in the United States,it can provide reference for the optimization of my country’s tax system,first is to steadily promote structural tax reduction;and second is to optimize domestic investment and operating environments;the third is to proactively respond to the challenges of the international tax system.