Effectiveness of Fiscal Incentives for R&D: Quasi-experimental Evidence
利用英国2008年政策改革，通过准实验方法估计研发税收抵免对企业研发支出的因果效应，发现每放弃1美元税收收入可带来约1美元额外私人研发支出。
We exploit a 2008 UK policy reform that increased the tax incentives for R&D in medium-sized enterprises relative to large ones, to overcome the endogeneity of exposure to such tax credits. We estimate a difference-in-difference design on the universe of corporation tax filings in the United Kingdom, combined with other datasets. We find a positive and significant impact of tax credits for R&D, implying a user-cost elasticity estimate of around −1.6. This magnitude implies around $1 in additional private R&D spending per dollar foregone in tax revenue.