The Labor Effects of R&D Tax Incentives: Evidence from VC-Backed Startups

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2024-08-09 DOI:10.1093/rof/rfae026

Jun Chen, Shenje Hshieh

引用次数: 0

Abstract

We evaluate the impact of the PATH Act of 2015, which allowed some existing VC-backed startups to monetize their R&D tax credits against payroll taxes in the U.S. We show that marginally eligible startups increase their demand for R&D workers more than marginally ineligible startups after the PATH Act’s enactment. These effects are stronger among startups that are financially constrained. Marginally eligible startups subsequently recruit workers with more education and experience and file more patents with new inventors. Our findings suggest payroll tax credits are effective in scaling startups and stimulating R&D activities through skilled labor recruitment.

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研发税收激励对劳动力的影响：来自风险投资支持的初创企业的证据

我们评估了 2015 年《PATH 法案》的影响，该法案允许一些现有风险投资支持的初创企业将其研发税收抵免货币化，抵扣美国的工资税。我们发现，在《PATH 法案》颁布后，符合条件的初创企业比不符合条件的初创企业更多地增加了对研发人员的需求。这些效应在资金紧张的初创企业中更为明显。符合边际条件的初创企业随后会招聘教育程度更高、经验更丰富的员工，并与新的发明人一起申请更多的专利。我们的研究结果表明，薪资税减免能有效地扩大初创企业的规模，并通过招募熟练劳动力来刺激研发活动。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.