西南财经大学
学位论文原创性及知识产权声明
本人郑重声明，所提交的论文是本人在导师指导下独立研究工作的成果。
除正文中引用的内容外，本文不包含任何其他个人或团体发表或撰写的作品。
对本文研究做出重要贡献的个人和集体已在文中明确标明，由此引起的法律
后果完全由本人承担。
本人同意本人在校攻读学位论文的知识产权单位属于西南财经大学。
本人完全理解西南财经大学关于本人被查阅借阅论文的保存和使用的规定，
授权西南财经大学以复印、缩小、数字化或其他复制方式对论文进行编辑。
本学位论文属于
1、□保密，在年解密后适用本授权书。
2、√不保密特
此声明。
学位申请人:
2021年12月6日

摘要
摘要
投资是经济发展的重要组成部分，尤其是促进经济增长。通过投资，提
供各种生产设施，从而提供最佳的生产产量和附加值，从而提高经济增长。
本研究以南部非洲发展共同体 (SADC)和东非共同体 (EAC)国家为例，旨
在研究税收和其他宏观经济因素对撒哈拉以南非洲私人投资证据的影响。该
研究使用动态面板数据分析。该研究使用一阶差分 GMM估计了发展中国家
的动态新古典投资模型。研究发现，增值税（VAT）和企业所得税（CIT）对
私人投资有显着的负面影响。结果还表明，对私营部门的信贷在统计上是显
着的，尽管其影响是出乎意料的负面影响，并且随经济理论而异。实际利率
是解释 EAC和 SADC国家私人投资水平的重要因素。个人所得税和其他宏
观经济因素，如名义汇率、通货膨胀率和实际国内生产总值（ GDP）增长率
并不显着。该研究得出的结论是，两个集团的政府都需要通过使这些国家存
在的大型非正规部门正规化来扩大其税基。扩大税基将有助于减轻企业和个
人的税收负担，从而使经济体对潜在投资者更具吸引力。
关键词：税收、私人投资、通货膨胀、撒哈拉以南非洲
1

ABSTRACT
ABSTRACT
Investment is an important part of economic development especially on economic
growth. Through investment, various production facilities will be provided, thus
will give optimal production output and value-added, as a result, can improve the
economic growth. This study sought to examine the impact of taxation and other
macroeconomic factors on private investment evidence from sub – Saharan
Africa, taking the case of Southern African Development Community (SADC)
and East African Community (EAC) countries. The study used dynamic panel
data analysis. The study estimated a dynamic neoclassical investment model for
developing countries using first order difference GMM. The study found that
value-added Tax (VAT) and corporate income tax (CIT) have a significant and
negative effect on private investment. The result also shows that credit to the
private sector was found to be statistically significant, though its effect is
unexpected negative and varying with economic theories. The real interest rate is
an important factor that explains the level of private investment in the EAC and
SADC countries. Personal income tax and other macroeconomic factors such as
nominal exchange rate, inflation rate, and real Gross Domestic Product (GDP)
growth rate were not found to be significant. The study concluded that
governments from both blocs need to widen their tax bases by formalizing the
large informal sector that exists in these countries. Widening the tax base will
help in reducing the business and individual tax burdens, thus, making the
economies more attractive to potential investors.
Keywords: Taxation, Private investment, inflation, Sub-Saharan Africa (SSA)
1
。。。以下略