税收激励促进了外商追加投资吗?--基于增值税改革试点的证据

Does Tax Incentives Promote Additional Foreign Investment:Evidence Based on Value-Added Tax Reform

本文基于中国工业企业数据库和商务部外商投资审批(备案)数据库,以增值税改革作为外生冲击,构建多时点双重差分模型,探讨税收激励政策对在华企业外商追加投资的影响机理。研究表明,增值税改革显著促进了在华企业外商投资追加。从影响机制看,增值税改革会通过降低企业生产经营成本、提升企业生产效率和推动企业市场扩张,进而促进外商追加投资。异质性分析结果表明,增值税改革对小规模企业、高融资能力企业、固定资产投资活跃度较低企业和低竞争行业的在华企业外商资本追加行为的促进作用更为突出。

Based on the China Industrial Enterprises Database and the Ministry of Commerces Foreign Investment Approval(Record)Database,this paper constructs a difference-in-differences(DID)with multiple time periods using the valueadded tax(VAT)reform as an exogenous shock to explore the mechanism of the impact of tax incentives on the additional foreign investment in China The paper finds that VAT reform significantly promotes additional foreign investment in China In terms of the impact mechanism,the VAT reform promotes additional foreign investment by lowering the production and operation costs of enterprises,improving the production efficiency of enterprises,and promoting the market expansion of enterprises Heterogeneity analysis shows that the VAT reform has a more prominent effect on the foreign capital addition behavior of small-sized enterprises,and enterprises with high financing capacity,with low fixed asset investment activity,and in lowcompetitive industries.