How Do Tax Incentives Affect Investment and Productivity? Firm-Level Evidence from China
利用2005-2012年中国企业数据，研究2004年资本税改革对固定资产投资的永久性税收激励如何提升企业投资和生产率，发现平均分别提高38.4%和8.9%，且对融资受限企业效果更强。
China initiated a major reform for capital taxation in 2004. Completed in 2009, it introduced permanent tax incentives for firms’ investment in fixed assets. We explore a unique firm-level dataset from years 2005–2012 and utilize a quasi-experimental design to test the impacts of the reform on firms’ investment and productivity. We find that, on average, the reform raised investment and productivity of the treated firms relative to the control firms by 38.4 percent and 8.9 percent, respectively. We also show that the positive effects tend to be strengthened for firms with financial constraints.