财新传媒 财新传媒

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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.
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