THE JOURNAL OF FINANCIAL ECONOMICS· VOL.124, ISSUE.1 · APRIL 2017

公司税会抑制创新吗？

作者：Abhiroop Mukherjee (HKUST Business School), Manpreet Singh (Georgia Institute of Technology), Alminas ?aldokas (HKUST Business School)

摘要：我们使用滞后的州水平的公司税率的变化证明税收的增加会减少未来的创新。我们使用了多种检验，包括基于政治相似的邻近县之间的政策不连续性，证明了本地经济状况并不是造成本文结果的原因。本文证明的效应在不同的创新范围内都成立：税收不仅影响专利和研发投入，而且影响新产品的引入。我们使用了文本分析分析了新产品的引入。实证结果与那些强调更高公司税会降低创新动机、打消承担风险积极性的模型一致。

关键字：创新，专利，研发，新产品，公司税

Do corporate taxes hinder innovation?

Abhiroop Mukherjee (HKUST Business School), Manpreet Singh (Georgia Institute of Technology), Alminas ?aldokas (HKUST Business School)

ABSTRACT

We exploit staggered changes in state-level corporate tax rates to show that an increase in taxes reduces future innovation. A variety of tests, including those based on policy discontinuity at contiguous counties straddling borders of politically similar states, show that local economic conditions do not drive our results. The effect we document is consistent across the innovation spectrum: taxes affect not only patenting and R&D investment but also new product introductions, which we measure using textual analysis. Our empirical results are consistent with models that highlight the role of higher corporate taxes in reducing innovator incentives and discouraging risk-taking.

Keywords: Innovation, Patents, Research and development, New products, Corporate taxes

原文链接：

http://www.sciencedirect.com/science/article/pii/S0304405X17300041

翻译：吴雨玲