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近年来,我国在不断引进外资的同时,也出现了过渡性资本外逃现象。本文力图从经济理论与税收实践相结合的角度,探讨过渡性资本外逃的主要成因,进而寻求包括税收制度改革与税收政策运用在内的宏观对策。本文认为,微观主体(企业)为了实现投资最大化,会在不同投资方式之间进行决择,而过渡性资本外逃的重要动力是企业套取包括税收在内的政策优惠以获取利润最大化。在我国当前难以降低人民币升值预期且对资本管制放松趋势下,政府要有效地控制过渡性资本外逃,就必须调整与规范对外资的税收政策。
In recent years, while introducing foreign investment constantly, our country also appeared the phenomenon of transitional capital flight. This paper attempts to explore the main causes of the capital flight in transition from the perspective of the combination of economic theory and tax practice, and then seek the macro measures including tax system reform and tax policy application. This paper argues that, in order to maximize the investment, the micro-entity (enterprise) will choose between different modes of investment. The important motivation for the transitional capital flight is that the enterprises should take preferential policies including taxation in order to maximize profits. Under the current situation that it is difficult to reduce the anticipated appreciation of RMB and the relaxation of capital controls, the government must effectively adjust and standardize its tax policies on foreign capital if it is to effectively control the transitional capital flight.