避免双重征税协定对“走出去”企业跨国并购的影响  

Impacts of Double Taxation Avoidance Agreement on Transnational Mergers and Acquisitions of “Going Global” Chinese Enterprises

作　　者：李涛[1] 丛红艳 

机构地区：[1]重庆理工大学会计学院

出　　处：《中国注册会计师》2019年第11期40-46,3,共8页The Chinese Certified Public Accountant

基　　金：重庆市教委人文社科重点项目“三维审计支持重庆乡村振兴战略研究”（编号：18SKL06）的阶段性成果;重庆市研究生科研创新项目“政府审计助力反腐新政：机制、影响与路径”（编号：CYS19324）的阶段性成果

摘　　要：本文选取Zephyr数据库收录的2007-2017年间的中国企业跨国并购数据,运用断点回归方法,研究避免双重征税协定对企业跨国并购决策的影响。研究发现:中国企业更愿意选择执行避免双重征税协定的国家以及资本管制程度弱的国家进行跨国并购;避免双重征税协定能够缓解资本管制对企业跨国并购决策的抑制作用;相对于发展中国家企业,发达国家在跨国并购过程中对避免双重征税协定和资本管制更加敏感;避免双重征税协定与东道国资本管制对横向跨国并购影响更为显著。该研究结果不仅深化了对避免双重征税协定的认识,同时为中国企业"走出去"的区位选择提供了经验证据。Based on the transnational merger and acquisition data of Chinese enterprises from 2007 to 2017 collected in Zephyr’s database, this article uses Regression Discontinuity Method to study the impacts of double taxation avoidance agreements on the decision-makings on M&A. It finds that Chinese enterprises prefer M&A activities in countries adopting such agreements or having few capital restrictions;such agreements can mitigate the restraints of capital restrictions on M&A;compared to enterprises in developing countries, those in developed countries are more sensitive to such agreements and capital restrictions;and such agreements and capital restrictions of the countries where M&A activities occur can generate more significant impacts on horizontal mergers and acquisitions. The article not only promotes the understanding of such agreements, but can also serve as the empirical evidence and reference for the Chinese enterprises to choose where to conduct M&A activities.

关 键 词：避免双重征税协定 资本管制 跨国并购决策 

分 类 号：F27[经济管理—企业管理]