实际控制人境外居留权与避税天堂直接投资  

Actual Controller's Foreign Residency and Direct Investment in Tax Havens

作　　者：魏志华[1] 王孝华 蔡伟毅[1] Wei Zhihua;Wang Xiaohua;Cai Weiyi

机构地区：[1]厦门大学经济学院,厦门361005

出　　处：《复印报刊资料（世界经济导刊）》2022年第7期44-61,共18页JOURNAL OF WORLD ECONOMICS

基　　金：国家自然科学基金面上项目“中国上市公司避税天堂投资:动机、经济后果与治理机制”(71972163);国家自然科学基金面上项目“控股股东股权质押动机、经济后果与治理机制研究”(71672157);国家社会科学基金后期资助项目“中国OFDI逆向技术溢出与技术进步及其异质性研究”(21FJLB022)。

摘　　要：全球化背景下,人力资本全球流动与对外直接投资之间的互补性日益突出。本文以2004-2018年中国民营上市公司为研究对象,运用移民网络理论,从避税天堂直接投资视角实证检验了实际控制人境外居留权对企业对外直接投资行为的影响,并考察了企业国际化经营和机会主义行为两种情境在其中发挥的调节作用。研究表明,实际控制人境外居留权对企业避税天堂直接投资具有显著的促进作用,这支持了企业对外直接投资的移民网络理论;上述促进作用在控股股东掏空程度较高的企业中更为明显,但不受企业国际化经营强度的影响。进一步研究发现,实际控制人境外居留权对企业避税天堂直接投资的影响具有长期性,而避税天堂直接投资对企业的利润率和成长机会具有负面影响;相对完善的公司内部治理机制、良好的法律环境以及适当的文化距离能够抑制实际控制人境外居留权对企业避税天堂直接投资的促进作用。本文基于避税天堂直接投资视角验证了移民网络对于企业对外直接投资活动的重要作用,为更深刻理解民营企业海外投资行为提供了经验证据,也为进一步护航和规范民营企业“走出去”提供了有益的政策启示。In the background of the surging trend of"de-globalization",Chinese government actively participates in global economic governance and firmly supports the establishment of the global multilateral trading system,creating favorable conditions for Chinese enterprises to enter the international market.In 2020,China's foreign direct invest-ment flow reached 153.71 billion US dollars,ranking first in the world;by the end of 2020,China's foreign investment stock reached 2.58 trillion US dollars,second only to the United States and the Netherlands.With the global flow of physical capital,the cross-border flow of human capital has become increasingly frequent and has gradually formed an international emigration network of overseas Chinese people,which has become a unique resource for Chinese enter-prises in the global market.For China's private listed companies,the fact that the actual controller obtains the support of the network resources of international emigration network of overseas Chinese people through foreign residency can partially make up for the competitive disadvantage in the international market.However,considering the agency con-flict between the controlling shareholder and the minority shareholders,the actual controller's foreign residency may further aggravate this conflict and have a negative impact on the enterprise.Based on the theory of international emigration network and foreign direct investment,this paper conducts a theo-retical and empirical analysis on the relationship between the actual controller's foreign residency and direct invest-ment in tax havens using micro data of China's private listed companies from 2004 to 2018,and discusses the moderating roles of business internationalization and opportunistic behavior.The study finds that the actual controller's foreign residency has a significant promoting effect on direct investment in tax havens;and this promotion may hide the oppor-tunistic behavior of controlling shareholders to tunneling.Further research finds that the influence of the actu

关 键 词：对外直接投资 实际控制人 境外居留权 避税天堂 移民网络理论 

分 类 号：F832.51[经济管理—金融学] F276.5F275.4F812.42