Taxation and Corporate Risk-Taking
研究了公司税制是否激励企业进行风险投资，发现亏损结转期限越长，企业风险承担越高；税率对能利用亏损的企业有正向影响，对不能利用的企业有微弱负向影响。
ABSTRACT We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect to use losses, and a weak negative effect for those that cannot. Thus, the sign of the tax effect on risky investment hinges on firm-specific expectations of future loss recovery. JEL Classifications: H25; H32; G32.