税收优惠与企业对外直接投资:基于上市公司微观样本的实证研究

Tax Preference and Foreign Direct Investment of Enterprises:Empirical Research Based on Micro Samples of Listed Companies

为减轻企业负担,中国不断推出税收优惠政策措施,有效激发了企业市场活力,文章以此为背景检验税收优惠对企业对外直接投资产生的影响。文章匹配国泰安上市公司数据库和海外直接投资数据库构建研究样本,在测度企业税收优惠额和对外直接投资规模的基础上开展实证研究。研究发现,税收优惠能有效推动企业对外直接投资,但这种影响具有企业所有制性质和区位战略上的异质性;税收优惠通过资金和效率两个层面的传导机制推动企业对外直接投资;税收优惠对企业对外直接投资的正向影响强度因创新程度和对外直接投资规模本身不同而存在差别。文章在微观上验证了税收优惠是中国对外直接投资快速增长的重要优势来源,为持续的税收减免优惠政策提供了理论依据。

In order to reduce the burden on enterprises, China has continuously introduced preferential tax policies and measures,which has effectively stimulated the vitality of enterprise market. This paper takes this as the background to test the impact of tax preferences on enterprises′ foreign direct investment. This paper matches the research samples of CSMAR "listed company database" and "overseas direct investment database", and carries out empirical research on the basis of measuring the amount of enterprise tax incentives and the scale of foreign direct investment. It is found that in general, tax incentives can effectively promote enterprises′ foreign direct investment, but this impact has heterogeneity in the nature of enterprise ownership and location strategy. The mechanism test shows that tax preference promotes enterprises′ outward direct investment through the transmission mechanism of capital and efficiency;further research finds that the intensity of the positive impact of tax incentives on enterprises′ outward direct investment varies with the degree of innovation and the scale of outward direct investment itself. The research of this paper verifies that tax preference is an important source of advantage for the rapid growth of China′s foreign direct investment,and provides a theoretical basis for the continuous preferential policy of tax relief.