双边税收协定能否为中国OFDI企业的生存提供保障——基于条款异质性的深层次透视  

Can the Bilateral Tax Treaties Guarantee the Survivability of China's OFDI Firms--Based on the Heterogeneity of BTTs'Clauses

作　　者：余珮[1] 陈漪澜 YU Pei;CHEN Yilan(School of Economics,Wuhan University of Technology,Wuhan,Hubei,430070)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《国际商务（对外经济贸易大学学报）》2023年第3期80-100,共21页INTERNATIONAL BUSINESS

基　　金：国家社会科学基金重大项目“构建人类命运共同体进程中国际经济规则重建的理论逻辑及中国战略选择”(19ZAD054);国家社会科学基金一般项目“全球价值双环流下中国先进制造企业国际竞争力脆弱性的防范策略研究”(19BJY107)。

摘　　要：本文基于制度基础观,分析了双边税收协定(BTTs)对OFDI企业生存能力的影响机理,并以2008—2019年中国A股OFDI企业为样本,设定企业生存能力综合量化指标,对其进行了实证检验。研究结果表明:中国企业对BTTs已生效的东道国投资能显著提升其生存能力。其中,BTTs对OFDI企业生存能力的正向影响在非国有企业和跨国并购中表现得更为明显。营造良好的投资环境和缓解关系规制风险是BTTs提升OFDI企业生存能力的重要路径。进一步地,本文依据协定条款细则,构建了完整立体的BTTs异质性指标体系,实证结果揭示特殊型常设机构约定、消极投资所得预提税和利益限制条款是提升OFDI企业生存能力的关键性条款。In the light of institutional based view,this paper deeply analyzed the mechanism of BTTs'influence on the survivability of OFDI firms,and took China's A-share OFDI firms from 2008 to 2019 as a sample,set comprehensive quantitative indicators of firm's survivability,and empirically tested the mechanism.The results show that OFDI conducted by China's firms in the host country where BTTs have taken effect can significantly improve firm's survivability.Specifically,the positive impact of BTTs on OFDI firm's survivability is more obvious for non-state-owned enterprises and merges and acquisitions."Creating a good investment environment"and"mitigating the risk of relationship regulation"are the important paths for BTTs to enhance OFDI firm's survivability.Furthermore,according to the terms and conditions of the agreement,this paper constructed a complete three-dimensional heterogeneity index system of BTTs.The empirical results show that special type of permanent establishment agreement,withholding tax on negative investment income and interest restriction clauses are the key clauses to enhance the OFDI firms'survivability.

关 键 词：双边税收协定 对外直接投资 企业生存能力 条款异质性 

分 类 号：F125[经济管理—世界经济]