Tax Rate and Spatial Distribution of FDI—Quasi-natural Experiment Based on the reform of Corporate Income Tax Unification in China

Abstract

Abstract: Since Tax determines capital cost, does the change of tax rate affect the spatial distribution of FDI? Based on the quasi natural experiment of Corporate Income Integration reform of in 2008, this paper empirically studies the dynamic spatial distribution of FDI caused by the change of tax rate. The results show that the change of FDI in different regions is significantly affected by the change of tax rate. The rising tax rate will drive away FDI outflow, while the falling tax rate will attract FDI inflow. Besides, the spatial distribution of FDI is significantly influenced by the infrastructure and business environment. The policy implications of the research results are to use tax policies channel the spatial distribution of capital, improve infrastructure construction and business environment.

Key words: tax rate, FDI distribution, corporate income integration reform, quasi natural experiment

CLC Number:

F810.7

WANG Bao-shun, MEI Si-yu. Tax Rate and Spatial Distribution of FDI—Quasi-natural Experiment Based on the reform of Corporate Income Tax Unification in China[J]. Journal of Guizhou University of Finance and Economics, 2021(01): 1-9.

References

[1] Barro,R. J.,Mankiw,N.G.,&Sala-I-Martin,X..Capital Mobility in Neoclassical Models of Growth. American Economic Review,1995,85(1):103~115.
[2] 孙俊.中国FDI地点选择的因素分析[J].经济学(季刊),2002(2):687~698.
[3] 王永钦,杜巨澜,王凯.中国对外直接投资区位选择的决定因素:制度、税负和资源禀赋[J].经济研究,2014,49(12):126~142.
[4] Barlow,E. R.,Wender,I. T..Foreign Investment and Taxation[J]. Harvard Law Review,1956,69(5):972~984.
[5] Aharoni,Y..The Foreign Investment Decision Process[J]. International Executive,1966, 8(4):13~14.
[6] 鲁明泓.外国直接投资区域分布与中国投资环境评估[J].经济研究,1997(12):38~45.
[7] 黄肖琦,柴敏.新经济地理学视角下的FDI区位选择-基于中国省际面板数据的实证分析[J].管理世界,2006(10):7~13;26;171.
[8] 田素华,杨烨超.FDI进入中国区位变动的决定因素:基于D-G模型的经验研究[J].世界经济,2012(11):59~87.
[9] Sun,Q.,Tong,W.,&Yu,Q. Determinants of Foreign Direct Investment Across China[J]. Journal of International Money and Finance,2002,21(1):79~113.
[10] Blomstr m,M.,Kokko,A.,&Mucchielli,J. L..The Economics of Foreign Direct Investment Incentives[J]. Heidelberg and New York,2003:37~56.
[11] 刘荣添,林峰.我国东、中、西部外商直接投资(FDI)区位差异因素的Panel Data分析[J].数量经济技术经济研究,2005(7):25~34.
[12] 孙浦阳,韩帅,靳舒晶.产业集聚对外商直接投资的影响分析-基于服务业与制造业的比较研究[J].数量经济技术经济研究,2012,29(9):40~57.
[13] Wheeler,D.,Mody,A..International Investment Location Decisions:The Case of U.S. Firms[J]. Journal of International Economics,1992,33(1~2):57~76.
[14] 魏后凯,贺灿飞,王新.外商在华直接投资动机与区位因素分析-对秦皇岛市外商直接投资的实证研究[J].经济研究,2001(2):67~76;94.
[15] Buettner,T.,Ruf,M..Tax Incentives and the location of FDI:Evidence from a Panel of German multinationals[J]. International Tax Public Finance,2007,14(2):151~164.
[16] Hartman,D.G..Tax Policy and Foreign Direct Investment in the United States[J]. National Tax Journal,1984(4):475~487.
[17] Swenson,D.L..The Impact of U.S. Tax Reform on Foreign Direct Investment in the United States[J]. Journal of Public Economics,1994,54(2):243~266.
[18] Devereux,M.P.,Griffith,R..Taxes and the Location of Production:Evidence from a Panel of US Multinationals[J]. Journal of Public Economics,1998,68(3):335.
[19] 马拴友.税收优惠与投资的实证分析-兼论促进我国投资的税收政策选择[J].税务研究,2001(10):39~44.
[20] 樊丽明.中国外商投资企业税收政策的评价与完善[J].经济学(季刊),2001(10):39~44.
[21] 夏杰长,李朱.税收激励与FDI:理论分析与中国经验的检验[J].涉外税务,2004(9):50~54.
[22] 苑新丽,王春雷,朱晓波.新《企业所得税法》对外商直接投资规模的影响[J].税务研究,2008(2):31~35.
[23] 林颖.税负差异对地区资本流入的影响[J].税务研究,2010(6):24~27.
[24] 杨振兵,张诚.两税合并后外资对本土市场的依赖下降了吗?-来自中国工业部门的证据[J].世界经济研究,2015(8):68~78;128.
[25] 田素华,王璇.FDI双向流动和净流动影响因素研究-基于全球58个经济体的实证分析[J].世界经济研究,2017(7):40~53;135~136.
[26] 李永友.所得课税对FDI影响的时间动态效应与弹性估计-基于跨省经验数据的实证分析[J].管理世界,2007(2):17~26.
[27] 张先锋,卢丹,张燕.税收优惠、社会性支出与外商直接投资-基于省际面板数据联立方程模型的研究[J].经济经纬,2013(5):53~58.
[28] 付文林,耿强.税收竞争、经济集聚与地区投资行为[J].经济学(季刊),2011,10(4):1329~1348.
[29] 王凤荣,苗妙.税收竞争、区域环境与资本跨区流动-基于企业异地并购视角的实证研究[J].经济研究,2015,50(2):16~30.
[30] 胡志勇,周俊琪,傅俏.地市级政府税收竞争与资本流动-基于福建省九个地市经济数据的研究[J].税务研究,2013(12):77~80.
[31] 许敬轩,王小龙,何振.多维绩效考核、中国式政府竞争与地方税收征管[J].经济研究,2019,54(4):33~48.
[32] 安体富,王海勇.论内外两套企业所得税制的合并[J].税务研究,2005(3):45~52.
[33] 沈小燕,王跃堂,杨志进.企业所得税改革对外商直接投资区位选择的影响-来自地级城市的经验数据[J].当代财经,2011(12):81~93.
[34] 杨振兵,张诚.两税合并后外资对本土市场的依赖下降了吗?-来自中国工业部门的证据[J].世界经济研究,2015(8):68~78.