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중국기업들의 반시장적 관행의 내부화 :위법 행위, 무형 자산 그리고 조세피난처에 대한해외직접투자

Internalization of Anti-market Practices in Chinese Firms: Violations of Law & Regulation, Intangible Assets,and FDI to Tax Heaven Countries

한병섭|양우영
아태지역연구센터 (The Asia-Pacific Research Center)|2023.05|중소연구|제47권 제1호|pp. 103-145|DOI 10.21196/aprc.47.1.202305.003

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참고문헌

키워드

조세피난처Foreign Direct InvestmentInternalization해외직접투자Institutional Theory위반무형자산제도이론Intangible Assets내부화Tax HavensViolations반시장적 관행Anti-market Practices

초록

본 연구는 개도국 다국적기업의 조세피난처에 대한 투자 가능성에 대한 모국에서의 위법적 행위와 기업 역량 요인의 영향에 대해서 분석하고자 한다. 연구 대상은 중국 상해와 심천에 상장된 제조업 기업들이며, 연구대상 기간은 2002년부터 2018년까지 이다. 중국을 대상으로 한 이유는 개도국 중 조세피난처에 대한 투자가 가장 많기 때문이다. 본 연구의 종속변수는 상장기업의 조세피난처에 대한 투자 여부와 조세피난처에 대한 투자 누계이다. 주요 독립변수는 상장기업의 시장 제도 위반 행위 건수, R&D 비율, 글로벌 자회사 수, 중국 31개 성·시별 제도발전 수준 등을 포함한다. 분석 방법은 종속변수의 특성에 맞는 패널프로빗 분석과 패널 회귀분석을 사용하였다. 실증분석 결과, 제도 위반 행위 건수 및 R&D 투자 금액이 많을수록 기업들의 조세피난처 투자가 많아지는 것으로 나타났다. 그동안 국제경영 분야에서는 왜 기업들이 해외직접투자를 하는가에 관한 주제를 꾸준히 연구해 왔다. 그럼에도 불구하고 왜 기업들이 조세피난처에 대한 투자를 실행하는가에 대해서는 활발한 논의가 진행되지 않고 있다. 이에 본 연구는 국제경영 분야에서 중요성을 갖지만 제대로 연구되지 않았던 조세피난처에 대한 문제를 다룸으로써 연구 범위 확대에 기여하고자 한다.

Abstract

This study aims to analyze the impact of illegal activities in the home country and firm-specific factors to invest in tax havens by Multinational enterprises (MNEs) in developing countries. We analyzed the data of listed manufacturing firms in the A-Market of Shanghai and Shenzhen from China, and the research period is from 2002 to 2018. The reason for targeting China is that it is the biggest investing country in tax havens among developing countries. The dependent variables of this research are an investment in tax havens by firms, both in terms of investment decisions and cumulative investments. And the main independent variables are including the number of violations to the market institution by firms, the R&D ratio, the number of global subsidiaries, and the institutional development level of 31 provinces and cities in China. The analysis method used panel probit analysis and panel regression analysis that fit the characteristics of the dependent variable. As a result, we found that the number of violations and the higher the R&D ratio were higher, the more firms invest in tax havens. In the meantime, international management studies have steadily investigated the topic of why firms invest overseas country. Nevertheless, there were not many studies on why firms invest in tax havens. Accordingly, this study is expected to contribute to the expansion of the scope of research by addressing the issue of tax havens, which are important in the international management field but have not been properly studied.

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