Effectiveness of Fiscal Incentives for R&D: Quasi-experimental Evidence
Effectiveness of Fiscal Incentives for R&D: Quasi-experimental Evidence
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DOI：
10.1257/pol.20170403
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发表时间：
2019-01
期刊：
影响因子：
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通讯作者：
Irem Guceri;L. Liu
中科院分区：
文献类型：
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作者：
Irem Guceri;L. Liu
我们利用了2008年英国的一项政策改革，该改革增加了中型企业相对于大型企业的研发税收激励，以克服此类税收抵免风险的内生性。结合其他数据集，我们估计了英国公司税申报的差异设计。我们发现税收抵免对研发有积极而显著的影响，这意味着用户成本弹性估计在−1.6左右。这一规模意味着，每放弃1美元的税收收入，就会有大约1美元的额外私人研发支出。（凝胶h25， h32, k34, l25, o32）
We exploit a 2008 UK policy reform that increased the tax incentives for R&D in medium-sized enterprises relative to large ones, to overcome the endogeneity of exposure to such tax credits. We estimate a difference-in-difference design on the universe of corporation tax filings in the United Kingdom, combined with other datasets. We find a positive and significant impact of tax credits for R&D, implying a user-cost elasticity estimate of around −1.6. This magnitude implies around $1 in additional private R&D spending per dollar foregone in tax revenue. (JEL H25, H32, K34, L25, O32)