【作者】 高跃；

【导师】 孙永君；

【作者基本信息】 东北财经大学 ， 税务硕士（专业学位）， 2020， 硕士

【摘要】 资本的全球流动是世界经济的发展趋势,尤其是我国作为世界第二大经济体,改革开放四十年来,经济愈加开放和包容,随着经济的飞速发展,资本的流入和流出也愈加频繁,我国对全球164个国家和地区进行了投资,不仅促进了我国经济的蓬勃发展,也带动了其他国家的经济增长,但随之而来的国际避税问题也给国家财政造成了不小的损失。尤其是企业利用国际离岸证券投资转移资产和利润,由于税务机关对金融账户涉税信息掌握不全,给纳税人提供了避税的空间,导致了金额巨大的税收流失,各个国家为应对这种情况,与其他许多国家签署了税收情报交换协定,但这种双边的情报交换耗时较长,且只能作用于缔约国双方,一国政府需要与每个国家单独谈判协商签署双边税收情报交换协定,才能保证反避税措施的效果。而OECD在2014年发布的《金融账户涉税信息自动交换标准》则给参与的国家和地区提供了一个自动化的信息交换平台,其最主要的《统一报告准则》(Common Reporting Standard,简称CRS)是否有效,以及对企业国际避税会产生怎样的影响,就成为了值得探讨的问题。本文简要介绍了我国目前企业避税现状、CRS在我国的实施情况以及CRS对企业离岸证券投资的影响,针对当前国际税收情报交换的理论和实践成果,搜集和简述了国内外与企业跨境避税和税收情报交换有关的文献,通过分析和整理找到本文切入点,并为本文的研究和后续写作提供了基础。本文首先对CRS和企业离岸证券投资的概念进行了界定,详细介绍了 CRS的内容和特征,为后文的研究框定了范围,并根据“Becker”效应和第三国效应理论提出了本文的三个研究假设,为下文的实证研究做了铺垫。为估计CRS对企业离岸证券投资的影响,本文建立了基本的DID模型,并借鉴以往文献对模型进行扩展,将经济发展水平、市场规模、GDP波动率、预提所得税率等10个可能影响结果的变量加入到模型中,构造了完整的DID模型,详细分析了被解释变量、核心解释变量和控制变量的量化指标和选择原因;通过对数据进行严格筛选整理,考虑到CRS实行的时间以及官方已公布数据的限制,最终选定了 2014年-2018年的5年离岸证券投资数据作为研究样本,做了初步分析和描述性统计。在实证结果部分,本文用企业离岸证券投资规模的变化来衡量CRS对企业国际避税的影响,首先对基础的DID模型结果进行分析,得出在与中国同时签订CRS后,其他国家(地区)与中国之间的企业离岸证券投资规模下降的结论;同时研究了其他因素对企业离岸证券投资规模的影响,说明CRS对企业离岸证券投资的作用受多种因素共同影响,得出避税地的认定、市场规模、经济发展水平以及语言环境会激励离岸证券投资,GDP波动率和预提所得税率会降低离岸证券投资规模,同时GDP的增长率与双边税收协定对离岸证券投资的影响不大等结论;然后本文采用时间趋势检验、随机抽样检验、倾向得分匹配以及将控制变量滞后一期的回归分析四种方法,进行了稳健性检验,保证了结论的可靠性。最后本文的研究结论进行总结,并提出了将影响因素纳入信息申报范围和完善我国税收征管机制的建议,同时对后续研究做了展望。更多还原

【Abstract】 The global flow of capital is the development trend of the world economy,especially as China is the world ’s second largest economy.Forty years after reform and opening up,the economy has become more open and inclusive.With the rapid development of the economy,capital inflows and outflows have become more frequent.China’s investment in 164 countries and regions around the world has not only promoted the vigorous development of China’s economy,but also promoted the economic growth of other countries,but the international tax avoidance problem has also caused considerable losses to national finances.In particular,companies use international offshore securities investment to transfer assets and profits.Due to incomplete knowledge of tax-related information in financial accounts,it provides taxpayers with a space to avoid taxation,resulting in huge tax losses.In response to this situation,various countries have responded with this situation.Many other countries have signed tax information exchange agreements,but this kind of bilateral information exchange takes a long time and can only act on both parties.A government needs to negotiate and sign bilateral tax information exchange agreements with each country separately to ensure that Effect of anti-avoidance measures.The OECD’s Standard for Automatic Exchange of Tax-related Information in Financial Accounts,which was issued in 2014,provides participating countries and regions with an automated information exchange platform.Whether its main CRS is valid and whether The impact of corporate tax avoidance has become a question worthy of discussion.This article briefly introduces the current status of corporate tax avoidance in China,the implementation of CRS in China,and the impact of CRS on corporate offshore securities investment.Based on the current theoretical and practical results of international tax information exchange,it collects and summarizes domestic and foreign and corporate cross-border Documents related to tax avoidance and tax information exchange have been analyzed and sorted to find the entry point of this article,and provide a basis for the research and subsequent writing of this article.This article first defines the concepts of CRS and corporate offshore securities investment,introduces the content and characteristics of CRS in detail,sets the scope for the following research,and proposes three aspects of this article based on the "Becker"effect and the third country effect theory.This research hypothesis paves the way for the empirical research below.In order to estimate the impact of CRS on corporate offshore securities investment,this article establishes a basic DID model,and uses the previous literature to extend the model to expand the economic development level,market size,GDP volatility,and withholding tax rates,etc.The resulting variables were added to the model,and a complete DID model was constructed.The quantified indicators and reasons for selection of the explained variables,core explanatory variables,and control variables were analyzed in detail.Through strict screening of the data,consideration was given to the time of CRS implementation and The official published data restrictions have finally selected the 5-year offshore securities investment data from 2014 to 2018 as the research sample,and made preliminary analysis and descriptive statistics.In the empirical results section,this paper uses the change of the scale of offshore securities investment to measure the impact of CRS on the international tax avoidance of enterprises.First,it analyzes the results of the basic DID model,and draw the conclusion that after signing the CRS at the same time with China,the scale of offshore securities investment by companies between other countries(regions)and China has decreased;other factors have also been studied The impact on the scale of corporate offshore securities investment indicates that the role of CRS on corporate offshore securities investment is affected by a variety of factors.It is concluded that the identification of tax havens,market size,economic development level,and language environment will stimulate offshore securities investment.GDP volatility and withholding tax rates will reduce the size of offshore securities investment,and the growth rate of GDP and bilateral tax treaties have little effect on offshore securities investment;Then this paper uses four methods:time trend test,random sampling test,propensity score matching,and regression analysis that lags the control variable by one period.The robustness test is performed to ensure the reliability of the conclusion.Finally,the research conclusions of this paper are summarized,and suggestions for encouraging countries in tax havens to join the CRS and improving China’s tax collection and management mechanism are put forward.At the same time,future research is expected.更多还原