租稅負擔對外人直接投資流入的影響–跨國實證分析

The Effects of Tax Burden on the Foreign Direct Investment Inflow-Evidence from a Cross-Country Comparison

陳麗如(Li-Ju Chen)

指導教授 ： 許義忠

國立臺中科技大學/商學院/財政稅務系租稅管理與理財規劃碩士班/碩士(2016年)

摘要

本文採用2002年至2012年34國的追蹤資料（Panel Data）檢測外人直接投資與租稅負擔的關係，其他相關的控制變數包括開放程度、政府治理、教育支出、健康支出、勞動力參與率及人口密度等。本文使用系統性一般動差的計量模型方法（Panel GMM），研究的重心在於解釋租稅負擔是否會影響外人直接投資的資本流入？在不同的影響因素之下，租稅負擔與外人直接投資的關係是否會發生改變？租稅乃為政府的主要財源，惟國家的稅收高低並不足以代表政府有相對的財力可做事，仍必須就國民的租稅負擔率（即政府的賦稅收入占GDP的比重）來衡量，當一國租稅負擔率愈高，表示國民所繳的稅愈多，政府的財力愈豐厚，如果是在一個廉能政府有條不紊的領導下，確實可為國家做更多利民的建設；反之當租稅負擔率愈低，國家稅收可能不足以因應財政支出，那麼舉凡和社會福利有關的公共醫療支出、培養人力資源的教育支出等，都將會因財政困窘，最終影響國家的經濟成長。
本文經實證結果顯示，國家的租稅環境良好對外人直接投資是有顯著的影響，且國民的租稅負擔減輕可吸引外人直接投資的資本流入。另外，在實證迴歸模型之下，得出開放程度、政府治理及勞動力參與率對於外人直接投資具有顯著的正向關係，同時我們也發現，健康支出對於外人直接投資的影響為顯著的負向關係。

關鍵字

外人直接投資 ； 租稅負擔 ； 政府治理

並列摘要

This study examine the relationship between foreign direct investment and tax burden by using panel data in 34 countries from 2002 to 2012. Controlling for other variables include the degree of openness, government governance, education expenditure, health expenditure, labor force participation rate and population density. This study also used Panel GMM, with the research focus of examining whether tax burden will affect the capital inflow of foreign direct investment. Under the influence of different factors, will the relationship between tax burden and foreign direct investment change? Tax is the main source of revenue for the government, yet the level of national taxes does not mean a government has sufficient financial resources. It is necessary to measure from people’s tax burden rate. When the tax burden of a country is higher, people pay more taxes and the government has more financial resources. If it is methodically led by a clean and efficient government, it can indeed conduct more beneficial constructions for the people; on the contrary, when the tax burden is low, the state tax revenue may not be able to cover expenditures. As a result, the government will not have enough budgets to cover social welfare expenditures such as public health expenditure and education expenditure for human resource development. The country's economic growth will be hindered eventually.
Through empirical results, this paper proved that a favorable tax environment has significant impact on foreign direct investment and reducing tax burden may attract foreign direct investment. In addition, under the empirical regression model, it showed that openness, government governance and labor force participation rate have positive impact on foreign direct investment. We also found that health expenditure has a negative impact on foreign direct investment.

並列關鍵字

Foreign Direct Investment ； Tax Burden ； Government Governance

參考文獻

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