The Unintended Impact of R&D Tax Credits on Innovative Search
研究发现研发税收抵免政策并未促使企业增加实验性创新，反而使其在现有专长领域深化发明，尤其在市场不确定性高的企业中更为明显。
Abstract Research and development tax credits often aim to increase investment in experimentation, hoping that firms invent fundamentally new technologies that in turn generate positive spillovers. Since most policies require that companies make profits in order to claim credits, they might also shift investments towards less risky refinement and exploitation. Following the availability of credits, we demonstrate that firms do not experiment but deepen invention in areas of extant expertise. We observe stronger shifts for firms operating in uncertain markets where search failures are more likely to reduce credit eligibility.