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首页> 外文期刊>Journal of public economics >Do tax credits stimulate R&D spending? The effect of the R&D tax credit in its first decade
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Do tax credits stimulate R&D spending? The effect of the R&D tax credit in its first decade

机译：税收抵免会刺激研发支出吗？研发税收抵免在头十年的影响

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This paper examines the impact of the U.S. federal R&D tax credit between 1981-1991 using confidential IRS data from corporate tax returns. The empirical analysis makes two key advances on previous work. First, it implements a new instrumental variables (IV) strategy based on tax changes that directly addresses the simultaneity of R&D spending and marginal credit rates. Second, the analysis makes use of new restricted access IRS corporate return data describing R&D expenditures. Estimates imply that a10% reduction in the user cost of R&D leads the average firm to increase its research intensity-the ratio of R&D spending to sales-by 19.8% in the short-run. Long-run estimates imply that the average firm faces adjustment costs and increases spending over time, though small and young firms show evidence of reversing initial increases. Analysis of the components of qualified research shows that wages and supplies account for the bulk of the increase in research spending. Elasticities of qualified and total research intensities from a smaller sample suggest firms respond to user cost changes largely by increasing their qualified spending, meaning that the type of R&D the federal credit deems qualified research is an important margin on which the credit affects firm behavior. (C) 2016 Elsevier B.V. All rights reserved.
机译：本文使用公司纳税申报表中的机密IRS数据，研究了1981-1991年间美国联邦R＆D税收抵免的影响。实证分析在先前的工作中取得了两个关键进展。首先，它基于税收变化实施了一种新的工具变量（IV）策略，该策略直接解决了研发支出和边际信贷利率的同步问题。其次，分析利用描述了研发支出的新的受限访问IRS公司回报数据。估计表明，R＆D的用户成本降低10％会使普通公司在短期内增加其研究强度（R＆D支出与销售额的比率）19.8％。长期估计表明，尽管小型企业和年轻企业显示出扭转初始增长的迹象，但平均而言企业会面临调整成本并随着时间的推移而增加支出。对合格研究的组成部分进行的分析表明，工资和物资占研究支出增长的大部分。来自较小样本的合格研究强度和总研究强度的弹性表明，企业在很大程度上通过增加合格支出来应对用户成本变化，这意味着联邦信贷认为合格研究的研发类型是信贷影响企业行为的重要余地。 （C）2016 Elsevier B.V.保留所有权利。

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