企业所得税对外商投资的影响——基于“两税合一”改革

Effects of Corporate Income Tax on Foreign Capital Investment--A Study of Income Taxes Consolidation

所得税影响企业收益,从而影响企业投资决策。本文以2008年企业所得税“两税合一”改革为冲击,考察了企业所得税对外商投资的影响。研究证实,所得税率上升显著提高了外商减少投资的概率,且对成本导向与竞争力较低外资、“假外资”、高竞争行业外资以及来自港澳台和未签订双边税收协定国家外资的作用更大,通过扭曲贸易价格转移利润是外资企业应对税负增加的重要手段。本文还发现,中西部税收优惠政策的延续引起了外资企业的梯度转移。

We exploit the 20o8 China's Income Taxes Consolidation as a case study to examine the impact of income tax on foreign capital investment.We find that raising income tax significantly increases the probability of foreign divestment,which is more pronounced for enterprises that are cost-oriented,lesscompetitive,with false foreign investment,in highly competitive industries,and those from Hong Kong,Macao,Taiwan or countries without bilateral tax agreements.Profit Transfer by distorting trade price is found to be an effective means to cope with tax burden increase,and continuing tax incentives in Midwest China attracts inflow of foreign investment located in the East.