Liquidity and Firms’ Response to Fiscal Stimulus
研究了2009年意大利研发税收抵免计划中，企业流动性如何影响其对财政刺激的反应：现金充裕的传统企业增加了研发支出，而低流动性企业无变化；高科技企业虽未增加总研发，但调整了研发结构。
A stimulus programme allowed firms in Italy to receive tax credits for R&D expenditure in 2009. Among traditional firms, liquidity is relevant to the response to the stimulus: recipients firms with relative large cash holdings raised R&D expenditure, while those with low liquidity did not vary it. High‐tech firms did not change their total R&D, consistent with their tendency to smooth R&D expenditure through time, though they changed its composition in favour of outsourcing activity and to the detriment of employment. When the fiscal stimulus pushed R&D higher, it also induced a positive transitory effect on the firm's performance.