光華講壇——社會名流與企業家論壇第6537期

主題：Risk Shifting and Profit Shifting of Chinese Multinational Enterprises

主講人：遼寧大學金融與貿易學院副院長 馬湘君教授

主持人：西南財經大學國際商學院副院長 蔣為教授

講座時間：5月31日 14:00-15:30

舉辦地點：誠正樓230

主辦單位：國際商學院 一流學科培優集成創新平臺“新發展格局與高水平對外開放研究團隊” 科研處 

個人簡介：

馬湘君，遼寧大學教授、博士生導師，金融與貿易學院副院長兼中國經濟研究院副院長，弗吉尼亞大學（University of Virginia）經濟學博士。曾任對外經濟貿易大學副教授、德勤稅務美國（Deloitte Tax LLP）轉移定價經濟學家/經理（硅谷辦公室）、北京大學國家發展研究院訪問學者、商務部世界貿易組織司借調干部。研究方向為國際貿易、國際稅收與跨國公司、應用微觀經濟學等，所著論文曾發表于Journal of International Economics等一流國際期刊，并曾主持國家自然科學基金、北京市社會科學基金等青年項目。主講課程包括國際貿易、微觀經濟學、經濟學原理等，曾獲北京市青年教師基本功大賽二等獎、最佳教案獎，對外經濟貿易大學優秀教學獎、青年教師基本功大賽一等獎、微課大賽三等獎、歷年教學評比前 10%等榮譽。

內容摘要：

The existing literature in the profit shifting activities of multinational enterprises (MNEs) is mostly concentrated on developed countries, while the situation in developing countries may be different because their statutory corporate tax rates are relatively low and they often employ various preferential tax policies to attract foreign direct investment or develop domestic industries. This paper studies one implicit profit shifting strategy of Chinese MNEs, risk shifting, considering the Chinese preferential tax regime and using micro data of manufacturing firms. MNEs can shift profits to countries with low tax rates by shifting the operating risk involved in internal transactions. We find that when the corporate tax rate differential between China and the foreign country rises by 10%, the risk remaining in the Chinese parents decreases by 10% from the mean value, and the profit remaining decreases by 8.4%. The risk shifting effects are more significant among MNEs whose internal transactions involve more R&D risk, market risk, inventory risk, or credit risk, and among large MNEs; while less significant among MNEs with more domestic tax-saving instruments. We also estimate that the annual loss of corporate tax revenue in China is around $11.2 billion, which is 2.8% of the corporate tax base, lower than the estimates based on data of developed countries.