新葡萄8883官网amg陈钊、刘志阔的合作论文被经济学顶尖期刊American Economic Review正式接受

近日，新葡萄8883官网amg陈钊、刘志阔两位老师与杜克大学经济系Juan Carlos Suárez Serrato、Daniel Yi Xu两位老师共同完成的论文“Notching R&D Investment with Corporate Income Tax Cuts in China”被经济学顶尖期刊American Economic Review正式接受。

陈钊 | 教授新葡萄8883官网amg

刘志阔 | 副教授新葡萄8883官网amg

Abstract:

We study a Chinese policy that awards substantial tax cuts to firms with R&D investment over a threshold or "notch." Quasi- experimental variation and administrative tax data show a significant increase in reported R&D that is partly driven by firms relabeling expenses as R&D. Structural estimates show relabeling accounts for 24.2% of reported R&D and that doubling R&D would increase productivity by 9%. Policy simulations show that firm selection and relabeling determine the cost-effectiveness of stimulating R&D, that notch-based policies are more effective than tax credits when relabeling is prevalent, and that modest spillovers justify the program from a welfare perspective.

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