资源税改革推动了企业对外直接投资吗?

Research on the Effect of Resource Tax Reform on Companies'OFDI

资源税由从量计征转为从价计征的改革是绿色税制建设的重要内容。然而,现有研究对资源税改革政策效果的量化评估还不尽完善。文章将2010年自新疆试点并逐步推广的原油和天然气由从量转为从价的改革视作一项准自然实验,就资源税改革对企业对外直接投资(OFDI)的影响展开研究。理论方面,从生产成本和技术创新的角度出发,创新性地提出了资源税改革影响企业OFDI的作用机制。实证方面,以2005~2015年中国采矿业上市公司的面板数据为样本,基于手工整理的企业OFDI数据集,选择多期双重差分模型进行了实证检验。结果表明:资源税改革对企业OFDI具有正向激励作用,来自虚拟实验组、虚拟政策时点、PSM-DID方法、替换关键衡量指标以及普通双重差分模型的稳健性检验结果证实了研究结论的可靠性;异质性分析发现,资源税改革对企业OFDI的影响会因企业所有权性质和对外直接投资的不同类型而有所差异;机制检验显示,资源税改革的OFDI激励作用通过提高生产成本和促进技术创新活动两条路径得以实现。文章不仅为资源税改革的政策效应研究增加了新的证据,而且为深化税制改革方案促进资源型企业转型升级提供有益的借鉴。

The resource tax reform from volume-based taxation to ad valorem taxation is an important content of the present institutional construction of green taxation.However,existing research on the quantitative evaluation of the policy effect brought by the reform have not attained perfection.Taking the ad valorem resource tax reform on crude oil and natural gas from 2010 as a quasi-natural experiment,this paper discusses the effect of resource tax reform on companies'Outward Foreign Direct Investment(OFDI).In theory,from the perspective of production costs and technological innovation,this paper creatively proposes the transmission mechanism of resource tax reform on companies'OFDI in the short and long term respectively.In empirical aspect,this paper takes the listed mining companies for the period of 2005 to 2015 in China as research sample,and builds a difference-in-difference model based on the manually organized data set of companies'OFDI.The results demonstrate that resource tax reform has a positive incentive effect on the Chinese enterprises'OFDI decisions.The estimation results from virtual treatment group,virtual policy timing,PSM-DID approach and replacement of measurement index of OFDI prove the robustness of the research conclusions.Further heterogeneity tests show that the policy effect of resource tax reform varies with different attributes of enterprises or different types of OFDI.The mechanism tests indicate that this incentive function is realized by increasing the production costs of enterprises in the short-run,and promoting enterprise technological innovation in the long-run.The research of this paper is not only of greatly significance for deeply comprehending the policy effects of resource tax reform,but also provides a useful reference for the government to further deepen the reform of tax system,guide Chinese enterprises to"Goning Global"and micro companies to optimize their overseas investment decisions.