Country risk, country size, and tax competition for foreign direct investment
Country risk, country size, and tax competition for foreign direct investment
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DOI：
10.1016/j.iref.2011.08.002
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发表时间：
2012
影响因子：
4.5
通讯作者：
Yasuo Sanjo
中科院分区：
文献类型：
--
作者：
Yasuo Sanjo
本文利用一个不同市场规模的两国模型，分析了存在国家风险的外商直接投资税收竞争问题。我们发现，国家规模作为区位优势和国家风险作为区位劣势之间的权衡影响了外国公司的区位选择。考虑到外国企业在决定投资地点时在两个潜在东道国面临国家风险的概率相同的情况，我们的分析表明，如果高风险国家的市场规模相对于低风险国家足够大，即使东道国政府征收一次性税收，外国企业也会从选择高风险大国中受益。考虑到外国企业在每个东道国面临不同的国家风险概率的情况下，我们的研究结果表明，对外国企业来说，重要的问题是东道国是高成本还是低成本，而不是东道国是否是高风险。
This paper analyzes tax competition for foreign direct investment with country risk using a two-country model with different market sizes. We show that the trade-off between country size as a locational advantage and country risk as a locational disadvantage affects the location choice of a foreign firm. Given the circumstance in which the foreign firm faces the same probabilities of country risk in both potential host countries when deciding investment location, our analysis shows that if the market size of the high-risk country is sufficiently large relative to the low-risk country, the foreign firm benefits from choosing the high-risk larger country even if the host country's government imposes a lump-sum tax. Given the situation in which the foreign firm faces different probabilities of country risk in each host country, our results show that the important matter for the foreign firm is whether the host country is high-cost or low-cost, rather than whether the host country is high-risk.