境外所得税减免的对外投资促进效应——基于2008年企业所得税改革的实证检验  

Promotion Effect of Overseas Income Tax Reduction on Outbound Investment:Empirical Test Based on the Reform of Corporate Income Tax in 2008

作　　者：谢贞发[1] 杨健鹏 梅思雨 XIE Zhen-fa;YANG Jian-peng;MEI Si-yu(School of Economics,Xiamen University,Xiamen 361005,China)

机构地区：[1]厦门大学经济学院,福建厦门361005

出　　处：《财经问题研究》2023年第6期87-101,共15页Research On Financial and Economic Issues

基　　金：国家社会科学基金重大项目“基本公共服务均等化建设中的地方财政体制改革研究”(18ZDA096)。

摘　　要：税收管辖权制度是影响跨国公司对外投资决策的关键性因素。在中国实施“一带一路”倡议和企业“走出去”战略的背景下,是否有必要将税收管辖权制度从抵免制转变为免税制成为学术界和管理层关注的焦点。本文利用2003—2013年BvD全球上市公司数据,运用双重差分模型实证检验了2008年企业所得税改革导致的境外所得税减免对中国境外子公司对外投资和股利分配的影响。研究结果表明,境外所得税减免显著提升了中国境外子公司在东道国的投资增长率,但对其股利分配率并无显著影响。拓展性分析表明,境外所得税减免提升了中国境外子公司在东道国的税收遵从度。异质性分析发现,境外所得税减免优化了中国对外投资的行业结构及区位选择,对提高制度环境好的国家和发展中国家投资增长率的影响更明显。在扩大高水平对外开放的时代背景下,本文的研究对加快国内制度规则与国际接轨、完善高水平对外开放政策保障机制具有重要启示。There are two main types of jurisdictions in taxation,namely,the personal jurisdiction and the territorial jurisdiction,respectively.Most countries adopt both jurisdictions,which applies the personal jurisdiction to domestic residents and the territorial jurisdiction to foreign residents.It leads to double taxation,which violates the fairness and neutrality of taxation.In practice,tax credit and tax exemption are used to eliminate double taxation,with the former following the capital export neutrality and the latter following the capital import neutrality.Since there are differences in tax rates and tax base between countries,the capital export neutrality and capital import neutrality cannot be realized simultaneously.Compared with tax credit,the tax exemption can eliminate the double taxation completely,reduce the cost of tax compliance,and promote domestic enterprises to participate in global competition.But it can reduce the fiscal revenue of government,so whether to turn to tax exemption fully is the topic of concern of the government.Using the reform of Corporate Income Tax Law in 2008,we empirically explore the potential effect of changing the tax credit method into the tax exemption method.Chinese multinational corporations that invested in host countries whose income tax rate was less than 25%were most affected by the reform,and their parent company􀆳s income tax rate decreased by 8%after the reform.On the one hand,overseas income tax exemption means that the capital costs of transnational corporations have decreased and financing constraints have been eased,which may promote overseas subsidiaries to increase their investment in host countries.On the other hand,the income tax rate when multinational companies repatriate overseas dividends is reduced,which may lead to an increase of dividend distribution of overseas subsidiaries to their parent companies.Therefore,Using the BvD data of global listed companies from 2003 to 2013 and difference⁃in⁃differences estimation,we explore the impact of overseas

关 键 词：境外所得税 对外投资 抵免制 免税制 

分 类 号：F810.42[经济管理—财政学] F125.1