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文章以2004～2014年中国A股上市企业为样本,研究母国税收政策不确定性对企业对外直接投资的影响。研究结果表明,当母国税收政策不确定性上升时,企业对外直接投资的可能性会下降。进一步研究发现:银企关联和政府补贴可以缓解母国税收政策不确定性对企业对外直接投资的抑制作用;企业规模越小、成立时间越短、债务水平和税负水平越高,企业对外直接投资受母国税收政策不确定性的抑制作用越大;对外直接投资企业的总部所在省份GDP较高时,其对外直接投资受母国税收政策不确定性的影响较大。文章拓展了税收政策不确定性和企业对外直接投资领域的相关研究,为更有效地发挥母国税收政策对企业"走出去"的促进作用以及增强企业在"走出去"过程中应对外部风险的能力提供了有价值的政策启示。
Abstract：Using a sample of Chinese A share listed companies from 2004 to 2014,this paper studies the impact of tax policy uncertainty of home country on outward foreign direct investment( OFDI). This study finds that the probability of corporate OFDI decreases when tax policy uncertainty of home country increases. Further analysis reveal that bank connection and government subsidies can alleviate the inhibitory effect of tax policy uncertainty on OFDI. In addition,the negative impact of tax policy uncertainty on OFDI is more pronounced when the firm sizes are smaller,firms have shorter establishing time,with higher debt and tax burdens.When firms locate in provinces with higher GDP,the influence of tax policy uncertainty on OFDI is stronger. This paper extends the research on tax policy uncertainty and corporate OFDI. It also provides insightful policy implications for the effective role of home country's tax policy in promoting enterprises to " Going Out" and enhancing the ability of enterprises to deal with external risks in the outward investment.
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(1)中国现行的税种共17种，分别是增值税、消费税、企业所得税、个人所得税、资源税、城市维护建设税、房产税、印花税、城镇土地使用税、土地增值税、车船使用税、船舶吨税、车辆购置税、关税、耕地占用税、契税和烟叶税。只有个人所得税、企业所得税和车船税这3个税种通过全国人大立法，其他绝大多数税收事项都是依靠行政法规、规章及规范性文件来规定。
基本信息:
DOI：10.13516/j.cnki.wes.2019.11.005
中图分类号:F832.51;F812.42;F125
引用信息:
[1]陈胤默,孙乾坤,文雯,等.母国税收政策不确定性与企业对外直接投资[J].世界经济研究,2019,No.309(11):65-79+135.DOI:10.13516/j.cnki.wes.2019.11.005.
基金信息:
北京旅游发展研究基地和首都对外文化贸易与文化交流协同创新中心(2011协同创新中心)重点项目“中国对‘一带一路’国家旅游投资区位选择的影响因素研究”(项目编号:555003/006);; 北京外国语大学一流学科建设科研项目“高管海外背景对企业对外直接投资的影响及作用机理研究”(项目编号:YY19ZZB006);; 中央高校基本科研业务费专项资金项目“高管海外背景特征的经济后果研究”(项目编号:2018QD012)
2019-04-07
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2019-08-20
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2019-11-25