Cash on the table? Imperfect take-up of tax incentives and firm investment behavior
Cash on the table? Imperfect take-up of tax incentives and firm investment behavior
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桌上有现金吗？
DOI：
10.1016/j.jpubeco.2022.104632
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发表时间：
2022-03-10
影响因子：
9.8
通讯作者：
Xing, Jing
中科院分区：
文献类型：
--
作者：
Cui, Wei;Hicks, Jeffrey;Xing, Jing
本文通过对中国固定资产投资的加速折旧（AD）作为一个自然实验，研究了投资激励在欠发达国家是否有效。与美国和英国类似税收优惠政策的巨大积极影响相比，在最近的研究中发现，我们的文件，AD是无效的，在刺激中国企业的投资。此外，使用来自一个大省的机密企业纳税申报表，我们发现，公司未能要求超过80%的合格投资的AD收益。公司的接受程度受其应纳税地位和税收复杂性的影响很大。此外，地方税务机关的资源有助于提高对政策的认识。我们的研究有助于理解在何种条件下，投资的税收激励措施可以是有效的。(C)2022爱思唯尔有限公司版权所有。
We investigate whether investment incentives work in less developed countries by exploiting the introduction of accelerated depreciation (AD) for fixed asset investment in China as a natural experiment. In contrast to the large positive impact of similar tax incentives in the U.S. and U.K. found in recent studies, we document that AD was ineffective in stimulating Chinese firms' investment. Further, using confidential corporate tax returns from a large province, we find that firms fail to claim the AD benefit on over 80% of eligible investments. Firms' take-up is significantly influenced by their taxable positions and tax sophistication. Moreover, resources of local tax authorities help improve awareness of the policy. Our study contributes to the understanding of conditions under which tax incentives for investment can be effective. (C) 2022 Elsevier B.V. All rights reserved.