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首页> 外文期刊>Journal of commercial biotechnology >Debt and taxes: Marginal tax rate changes, capital structure, and innovative activity in the biotechnology sector
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Debt and taxes: Marginal tax rate changes, capital structure, and innovative activity in the biotechnology sector

机译：债务和税收：生物技术领域的边际税率变化，资本结构和创新活动

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摘要

The purpose of this investigation was to examine the association between changes in corporate marginal tax rates (MTRs) and measures of both innovative activity and capital structure among publicly-traded biotechnology firms. Across a 1980-2010 time frame, a five-year distributed Almon lag model was utilized to assess the effect of annual changes in MTRs upon patenting activity, research and development (R&D) expenditures, cash and short-term investments, debt-to-asset ratios, and debt-to-equity ratios. Across the 99 biotech firms studied, results suggested that increases in MTRs were significantly associated with marked decreases in patents, R&D expenditures, and cash and other short-term investments. Additionally, large and statistically significant increases in both debt-to-asset and debt-to-equity ratios were observed with annual increases in MTRs. While this research can not necessarily discern whether capital structure changes occurred either as an ex-ante response to or an ex-post result of MTR increases, the implication of decreased patenting activity warrants continued evaluations of both internal financial decision making and external tax policy.
机译：这项调查的目的是检验公司边际税率（MTR）的变化与公开交易的生物技术公司中创新活动和资本结构的度量之间的关联。在1980年至2010年的时间范围内，采用了五年分布式Almon滞后模型来评估MTR年度变化对专利活动，研究与开发（R＆D）支出，现金和短期投资，债务对债务的影响。资产比率和债务权益比率。在研究的99家生物技术公司中，研究结果表明，中期审查的增长与专利，研发支出以及现金和其他短期投资的显着减少显着相关。此外，随着地铁运输量的逐年增加，债务与资产比率和债务与权益比率均在统计上显着增加。尽管这项研究不一定能识别出资本结构的变化是对MTR增长的事前反应还是事后结果，但专利活动减少的隐含意义需要对内部财务决策和外部税收政策进行持续评估。

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