中国的外国直接投资优惠和环保税

1ForeigndirectinvestmentconcessionsandenvironmentalleviesinChina中国的外国直接投资优惠和环保税Abstract摘要WeinvestigatehowforeigninvolvementintheownershipofprivatelyheldentrepreneurialfirmsaffectspollutionfeesleviedbynationalandprovincialgovernmentsinChina(environmentallevies).Becauseprovincialgovernmentshaveconsiderablecontroloverenvironmentalpolicies,differencesinenvironmentalleviesprovideagoodproxyformeasuringprovincialconcessionsmadeforthepurposeofattractinginvestment,andparticularlyforeigndirectinvestment(FDI).Furthermore,becauseweconsiderprivatelyheldentrepreneurialfirmsratherthanpublicallylistedfirms,foreigninvolvementinownershipprovidesagoodproxyforFDI.Wefindthatfirmswithforeignownershipdoindeedpaylowerenvironmentallevies,whichindicatesthatconcessionsaremadetoattractFDItoChina.However,theseconcessionsareconditionalonthelevelofdevelopmentoftheprovinceofferingthem,withbetterdevelopedprovincesprovidingfewerconcessionsforFDI.Wealsofindthatgreaterconcessionsaremadetoforeignjointventurefirmshavingaforeignownershipstakeoflessthanorequalto50%.2我们调查的外国参与的私人持有的创业型企业的所有权如何影响国家和省级政府在中国征收污染费（环保征费）。因为省级政府有相当大的控制权的环保政策，所以环保征费的差异为以吸引投资的目的而作出的省级让步提供了很好的判断指标，特别是对外国直接投资（FDI）。此外，因为我们考虑的是私人控股创业型企业，而不是公开上市公司，所以外资参与权为外国直接投资提供了良好指标。我们发现，外资持股的公司确实支付较低的环保征费，这些表明省级的优惠是为了吸引外国直接投资到中国。然而，这些优惠是在全省发展的基础上为他们提供的，而具有较好的发达省份为FDI提供的也更少。我们还发现，为了外资持股股权小于或等于50％，会给中外合资企业更大的优惠。Keywords:关键词FDI外国直接投资Subnationalconcessions省级优惠Pollutionfees污染费Provincialdevelopment3全省发展Privateequity私募股权Entrepreneurialfirms创业型企业Introduction1.导论Privateenterprisehasbeentheengineofeconomicgrowtharoundtheworldinbothdevelopedandemergingeconomies(Ball&Shivakumar,2005).Withintheprivatesector,theroleplayedbyprivatelyheldentrepreneurialfirmsisespeciallycrucial.Forexample,inChinasuchentrepreneurialfirmsaccountforover60%ofGDPand80%ofemployment(Chen,Ding,&Wu,2013).Entrepreneurialfirmsarerelativelysmall,young,andgrowingfirmsthattakeriskstoexplorebusinessopportunities(Markman&Baron,2002;Shane,2000).Assuch,thesefirmsoftenfacecapitalconstraints,especiallyinemergingmarketssuchasChina,becausetheyhavelimitedaccesstolocalcapitalmarkets.Toalleviatecapitalconstraints,somedomesticfirmsattractforeigncapitaltofoundjointventuresorwhollyforeign-ownedenterprises,soforeigndirectinvestment(FDI)canbeanimportantsourceof4entrepreneurialfinancing.民营企业一直是世界各地发达和新兴经济体经济增长的引擎。在私营部门，私人持股的创业型企业所扮演的角色尤为重要。例如，在中国这样的创业型企业占国内生产总值的60％以上和80％的就业（陈，丁，和吴，2013年）。创业型企业都比较小,年轻，在承担风险，拓展商机方面稚嫩。（马克曼和男爵，2002;巴蒂尔，2000）。因此，这些企业往往面临资金紧张，特别是在新兴市场，如中国，因为他们难以获得当地资本市场。为了缓解资金紧张，一些国内企业引进外资合资或外商独资企业，因此外国直接投资（FDI）可以是企业融资的一个重要来源。WeinvestigatehowforeigncapitalinvolvementinChineseprivatelyheldentrepreneurialfirmsaffectsprovincialconcessionsintheformofreducedenvironmentallevies.FDIcanbeanimportantsourceofcapitalforpromotingeconomicdevelopmentandentrepreneurialactivities.Notonlydoesitprovideasignificanteconomicimpactoncountriesandfirmsthatreceiveinvestment,butalsoaffectstheinvestorsofFDIcompanies.Fromtheperspectiveofforeignfirms,thedecisiontoinvestisdeterminedbytherisk-adjustedreturnontheirinvestment,whichinturnisdeterminedbybothfirmandhost-countryorregionalcharacteristicsatthetimeoftheinvestmentdecision.Inparticular,both5countryandlocation-specificcharacteristicsmaydirectlyorindirectlyinfluencethedecisiontoinvest.Forinstance,multinationalcorporations(MNCs)aremainlyattractedbystrongfundamentalssuchasmarketsize,availabilityofskilledlabor,andavailabilityofinfrastructure(Blomström&Kokko,2003;Blonigen,2005).我们调查在减少对环境的征费的形式方面，外资参与中国私人持股的创业型企业是怎样影响的省级优惠。外国直接投资是促进经济发展和创业活动的重要资本来源。它不仅对有关国家和获得投资公司有显著的经济影响，而且也影响外国直接投资公司的投资者。从国外厂商的角度来看，投资的决定是取决他们的投资风险调整后的回报，而这又是通过公司和东道国或地区的特点在投资决策时商定的。尤其是，这两个国家和特定位置的特征可能直接或间接影响作出投资决定。例如，跨国公司（跨国公司）由强劲的基本面，如市场规模，技术劳动力和基础设施的可用性影响。Usingadetailedanalysisofdatafrom164countries,Buchanan,Le,andRishi(2012)findthatacountry'sinstitutionalenvironmentcanstronglyaffectFDI.However,apartfromcountry-levelcharacteristics,whicharegenerallysystematicinnatureandareusuallybeyondthecontrolof6individualfirms,incentivesandconcessionsprovidedbyhostcountrygovernmentsalsoplayanimportantroleinaffectingaforeignfirm'sdecisiontoinvestinacountryorinaspecificlocation(Blomström&Kokko,2003).TheUnitedNationsConferenceonTradeandDevelopment(1996)(UNCTADhereafter)reportsvariousincentivesandconcessionsthathostcountriesmightoffertoattractFDI.Theseconcessionscomeinmanyformssuchastaxincentives,subsidies,grants,andpreferentialloans.OneofthemostwidelystudiedaspectsofhostcountryconcessionsgiventoMNCsistaxincentives.Ratherthanimposingencompassinglowstatutorytaxrates,itisoftenmoreeffectiveforhostcountrygovernmentstoofferselectivetaxincentives,whichhaveasmallernegativeimpactonfiscalrevenue.Selectivetaxincentivesmayalsoserve.asasignalofthehostcountry'scommitmenttoattractingFDI,andareofteneasiertoimplementthanageneralreformofthetaxsystem(Bond&Samuelson,1986).Evenregionaldifferencesintaxincentivescanplayanimportantroleinaffectingaforeignfirm'sdecisiontoinvestinaparticularlocation.Forinstance,Coughlin,Terza,andArromdee(1991)contendthathigherstatetaxesdeterFDIintheU.S.Similarly,Hines(1996)reportsthatstateta