The effects of corporate taxes on small firms
利用芬兰2012-2014年公司税率降低6个百分点的政策，比较小公司与类似合伙企业，发现税率降低未显著影响投资，但使年销售额平均增加1.6%、可变成本增加2%，且效果由现金紧张和所有者参与经营的企业驱动。
We study the impact of corporate taxes on firm-level investments and business activity by exploiting a 6 percentage-point reduction in the corporate tax rate in 2012–2014 in Finland. We use detailed administrative data and a difference-in-differences method comparing small corporations (tax rate cuts) to similar partnerships (no change in taxes). We find no significant average investment responses but do observe an average increase in annual sales (1.6%) and variable costs (2%) when comparing years before (2008–2011) and after (2014–2016) the tax rate cuts. These effects are driven by more cash-constrained firms and firms where the main owner actively works in the firm.