중국 기업의 조세피난처에 대한 직접투자 : 정부 소유권, 정치적 네트워크, 그리고 외국인 투자자 지분의 효과
Political Status and Emerging Market Firms’ Direct Investment to Tax Haven: The Effects of State Ownership, Political Ties, and Foreign Investor Shares
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본 연구는 개발도상국 기업의 조세피난처에 대한 직접투자 선택의 내부 결정요인에 대해 분석했다. 연구에서 측정한 주요 변수는 정부의 소유권, 정치적 네트워크, 외국인 투자자의 지분 수준 등 3가지이다. 기업 내부 특성들이 조세피난처에 대한 투자 선택에 미치는 영향은 로지스틱 회귀분석 방법을 사용하여 측정하였다. 연구결과 정부의 소유권 수준은 조세피난처 투자에 부정적 영향을 미치는 것으로 나타났다. 하지만 정치적 네트워크 수준과 외국인 투자지분 수준은 조세피난처 투자에 긍정적 영향을 미치는 것으로 나타났다. 연구기간은 2007년부터 2017년까지 이며, 총 연구 표본은 2,229개 기업의 11년간 관측치인 11,892개로 데이터는 GTA-CSMAR에서 수집하였다.
Abstract
This study aimed to understand the role of the firm’s internal determinants on the choice of direct investment for tax havens in developing countries. The research focuses on three main variables: government ownership, political network, and foreign investors' equity level as the firm’s internal determinants. We used Logistic Regression to measure the effect of corporate internal characteristics on investment choices in tax havens. As a result of the study, we found that the level of government ownership had a negative effect on direct investment in tax havens. However, political networks and foreign investment share positively affected direct investment in tax havens. The analysis period is from 2007 to 2017. We collected 11,892 pieces of firm-level data from GTA-CSMAR(The China Stock Market and Accounting Research).
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