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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
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TitleTax Competition, Regional Environment and Inter-regional Capital Flow:An Empirical Research Based on the Perspective of In  
作者王凤荣 苗妙  
AuthorWang Fengrong and Miao Miao  
作者单位山东大学经济研究院 
OrganizationSHANDONG UNIVERSITY 
作者Emailwangfengrong@sdu.edu.cn;tiankong2136@126.com 
中文关键词税收竞争 区域环境 资本跨区流动 企业异地并购 
Key WordsTax Competition; Regional Environment; Inter-regional Capital Flow; Inter-province M&A 
内容提要在我国转型经济背景下,资本跨区流动作为市场化资源配置方式,表征着市场化进展程度,同时受制于政府干预导致的行政壁垒和市场分割。本文旨在从税收竞争角度考察资本跨区流动的影响因素及其作用机制。长期以来,税收竞争的资本流动效应是公共经济学与投资理论研究的热点问题,既有实证研究主要集中在资本形成与FDI等方面,前者忽略了资本流动的方向性,后者囿于投资方式的同质性。企业异地并购是资本跨区(跨国)流动的微观过程,也是企业基于区位选择的成长路径。本文从企业异地并购这一独特的微观视角切入,运用因子分析法度量30个省份税收负担和环境得分,以2009—2011年间发生的国内上市公司收购非上市公司事件为样本,基于Logistic计量模型考察税收(环境)的引资效应和企业成长效应。研究发现,地区间税收竞争显著影响了企业异地并购行为,引致了资本跨区流动;企业异地并购未获得节税收益,环境效应已成为企业异地并购的成长动因。这些发现对于匡正地方政府竞争行为和企业成长区位选择具有启示意义。 
AbstractAs a way of market allocation of resources, capital flow characterizes the degree of market progress, and is also subject to administrative barriers as well as market segmentation caused by government intervention in the background of Chinese transition economies. This paper aims to investigate the influencing factors and mechanism of inter-regional capital flow from the perspective of tax competition. For a long time, the effect of tax competition on capital flow is a hot issue in public economics and investment theory research. Existing empirical research are mainly concentrated in areas such as capital formation and FDI. The former ignores the directionality of capital flows and the latter is confined to the homogeneity of investment forms. Inter-province M&A is a micro process of inter-regional (cross-border) capital flows, and is a growth path of firms based on location choices as well. Based on the unique micro perspective of inter-province M&A, this paper measures tax burdens and environment scores of 30 provinces using factor analysis, then investigates investment effect and firm growth effect of tax(environment) based on Logistic model using listed domestic companies merging unlisted companies between 2009 and 2011 as samples. It’s been found that inter-regional tax competition affects firm’s inter-province M&A behaviors significantly and then leads to inter-regional capital flows; Firms may not get tax saving benefits by merging firms which locate in a lower tax burden region, while regional environment has gradually become one of the motives for inter-province M&A. These findings are of enlightening revelations to enterprise growth region choices and can help local government correct competitive behavior. 
文章编号WP634 
登载时间2014-07-03 
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