Tax Loss Carrybacks as Firm Fiscal Stimulus: A Tale of Two Recessions
研究了美国2001年和2007-2009年衰退末期实施的五年净经营亏损回溯政策，发现该政策在2001年后对企业投资影响有限，但在2007-2009年后改善了企业财务状况，降低了破产和信用评级下调风险。
ABSTRACT This paper studies effects of the five-year net operating loss carryback enacted near the ends of the 2001 and 2007–2009 U.S. recessions—a policy that gave firms larger U.S. federal tax refunds as a fiscal stimulus measure. Following the end of the 2001 recession, I find that the policy had little effect on firm financial conditions, and I find that firms allocated $0.40 of every refund dollar to investment in that period. In contrast, the policy improved firm financial conditions following the 2007–2009 recession, reducing bankruptcy risk and the probability of future credit-rating downgrades. In this period, I find that firms initially used the refunds to increase cash holdings before paying down debt in the following year. These results highlight the importance of considering macroeconomic conditions when studying firm uses of tax-related cash flow and the related effects on firm financial health. JEL Classifications: G31; H25; H32.