Investor Tax Credits and Entrepreneurship: Evidence from U.S. States
Investor Tax Credits and Entrepreneurship: Evidence from U.S. States
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投资者税收抵免和创业精神：来自美国各州的证据
DOI：
10.2139/ssrn.3596342
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
Ting Xu
中科院分区：
文献类型：
--
作者：
M. Denes;Sabrina T. Howell;F. Mezzanotti;Xinxin Wang;Ting Xu
全球都在使用天使投资人税收抵免来刺激高增长的创业。利用美国31个州交错实施的这些税收抵免，我们发现虽然它们增加了天使投资，但它们对创业活动没有显著影响。税收抵免诱使缺乏经验的本地投资者进入，并经常被内部人士利用。一项针对1411名天使投资者的调查显示，“全垒打”式的投资方式，加上协调和信息摩擦，解释了经验丰富的投资者接受度较低的原因。这一结果与直接补贴企业具有巨大积极效应的证据形成了对比，引发了人们对利用投资者补贴促进创业的担忧。
Angel investor tax credits are used globally to spur high-growth entrepreneurship. Exploiting the staggered implementation of these tax credits in 31 U.S. states, we find that while they increase angel investment, they have no significant effect on entrepreneurial activity. Tax credits induce entry by inexperienced, local investors and are often used by insiders. A survey of 1,411 angel investors suggests that a “home run” investing approach alongside coordination and information frictions explain low take-up among experienced investors. The results contrast with evidence that direct subsidies to firms have large positive effects, raising concerns about using investor subsidies to promote entrepreneurship.