双边税收协定与中国企业对外绿地投资--基于协定条款异质性的因果证据  

Bilateral Tax Treaties and Chinese EnterprisesOutward Greenfield Investment:Causal Evidence from Heterogeneity of Agreement Terms

作　　者：姚东旻 于曙光 徐傲晗 娄馨月 Yao Dongmin;Yu Shuguang;Xu Aohan;Lou Xinyue(Center for China Fiscal Development,Central University of Finance and Economics)

机构地区：[1]中央财经大学中国财政发展协同创新中心

出　　处：《经济科学》2024年第4期23-43,共21页Economic Science

基　　金：新疆财经大学天池特聘教授项目、国家社会科学基金重点项目“政府预决算视角下提升我国国家创新体系整体效能的财政体制与政策研究”(项目编号:20AJY020);国家社会科学基金重点项目“优化政府间事权和财权划分研究”(项目编号:20AZD041)的资助。

摘　　要：双边税收协定理论上能够减少跨国投资的不确定性,降低跨国公司的税收负担。然而协定对于绿地投资有无促进作用,协定中哪些条款能够发挥实质性作用,目前缺乏系统的因果证据。本文基于2003—2021年122个国家(地区)面板数据,检验了双边税收协定对中国企业对外绿地投资的影响,并讨论不同条款的效应差异。研究发现,双边税收协定显著提高了中国对缔约国家或地区的绿地投资,协定对高制度质量国家和经济社会发展水平较高的国家促进效应更加明显。进一步分析发现,协定中的税率优惠条款和税收饶让条款是促进绿地投资的关键因素,包含两个条款的协定比单一条款发挥的促进作用更强。Bilateral tax treaties can reduce uncertainty and lower the tax burden in crossborder investments However,systematic causal evidence on whether such treaties promote crossborder greenfield investment and which specific provisions are most effective is lacking This paper studies the impact of bilateral tax treaties on Chinese enterprisesoutward greenfield investment using panel data from 122 countries(regions)between 2003 and 2021 The study finds that bilateral tax treaties significantly increase China's greenfield investment in the contracting countries or regions This effect is stronger in countries with high institutional quality and advanced economic and social development Key provisions,such as tax preferences and tax sparing,are critical in promoting greenfield investment Treaties containing both provisions exhibit a stronger effect than those with only one。

关 键 词：双边税收协定 绿地投资 税率优惠 税收饶让 

分 类 号：F745[经济管理—国际贸易] F125[经济管理—产业经济]