Tax incentives and corporate innovation: Evidence from China's value-added tax reform

IF 1.7 4区经济学 Q2 ECONOMICS

Contemporary Economic Policy Pub Date : 2023-10-30 DOI:10.1111/coep.12631

Jun Wang, Congcong Liu, Zhuan Xie, Guangjun Shen

引用次数: 0

Abstract

Innovation is crucial for technological progress and economic development. Using the value-added tax (VAT) reform in China as a policy shock, this study explores whether tax incentives are beneficial in promoting corporate innovation. We find that the VAT reform has a significant positive impact on corporate innovation, and the finding holds under a series of robustness checks. Mechanism analysis suggests that the VAT reform promotes firms' innovation activities mainly by alleviating financing constraints and amplifying research and development intensity. This study offers policy implications for using tax policies to stimulate corporate innovation.

查看原文本刊更多论文

税收激励与企业创新：来自中国增值税改革的证据

创新对技术进步和经济发展至关重要。本研究以中国增值税改革作为政策冲击，探讨税收优惠是否有利于促进企业创新。我们发现增值税改革对企业创新有显著的正向影响，并且在一系列稳健性检验下，这一发现成立。机制分析表明，增值税改革主要通过缓解融资约束和加大研发强度来促进企业创新活动。本研究为运用税收政策刺激企业创新提供了政策启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Contemporary Economic Policy Multiple-

CiteScore

3.10

自引率

6.70%

发文量

期刊介绍： Contemporary Economic Policy publishes scholarly economic research and analysis on issues of vital concern to business, government, and other decision makers. Leading western scholars, including three Nobel laureates, are among CEP"s authors. The objectives are to communicate results of high quality economic analysis to policymakers, focus high quality research and analysis on current policy issues of widespread concern, increase knowledge among economists of features of the economy key to understanding the impact of policy, and to advance methods of policy analysis.