The Effect of Corporate Taxation on Investment and Financial Policy: Evidence from the DPAD
利用美国国内生产活动扣除（DPAD）政策变化，估计公司有效税率降低对投资、融资和分红的影响，发现税率降低1个百分点使投资增加4.7%、分红增加0.3%、债务减少5.3%。
This study estimates the investment, financing, and payout responses to variation in a firm's effective corporate income tax rate in the United States. I exploit quasi-experimental variation created by the Domestic Production Activities Deduction, a corporate tax expenditure created in 2005. A 1 percentage point reduction in tax rates increases investment by 4.7 percent of installed capital, increases payouts by 0.3 percent of sales, and decreases debt by 5.3 percent of total assets. These estimates suggest that lower corporate tax rates and faster accelerated depreciation each stimulate a similar increase in investment, per dollar in lost revenue.