推文人 | 杜静玄

文章来源：http://jcsuarez.com/Files/Chen_et_al.pdf

Zhao Chen,Zhikuo Liu,J.C.S Serrato,Daniel Yi Xu Nov,2019,working paper

 

引言

背景

数据与描述统计

研发投入与税收优惠模型

对投资、重标记和生产率的作用

结构估计与反事实政策实验

结论

Abstract

 

We study a Chinese policy that awards substantial tax cuts to firms with R&D investment over a thresh-old, or notch. Quasi- experimental variation and administrative tax data show that firms significantlyincrease reported R&D, and that relabeling of expenses accounts for 30% of this increase. Accounting forrelabeling is crucial to obtain unbiased estimates of the productivity effects of real R&D and to quantifythe fiscal costs of stimulating R&D. We estimate a 9.8% productivity-to-R&D elasticity using a struc-tural model of investment and relabeling. Policy simulations show that selection into the program andrelabeling costs determine the cost-effectiveness of stimulating R&D.