R&D Tax Incentive Reforms Around the World: The Impact on Firm Value
利用全球研发税收改革数据和双重差分法，发现研发税收激励改革能提升企业价值，且效果受改革慷慨程度、市场发达程度等因素影响，通过提高创新数量、质量和效率实现。
Many countries have implemented R&D tax incentives to encourage R&D activities and foster innovation, yet their net economic benefits remain unclear. Using a novel hand-collected dataset of global R&D tax reforms and a difference-in-differences approach, we find that these reforms positively impact firm value. The effect is stronger for more generous reforms, those that adopt R&D tax super-deductions, in countries with less developed stock markets and stronger external monitoring, in R&D oriented industries, and for financially constrained firms. We also show that R&D tax incentives enhance firm value by increasing the quantity, quality, and efficiency of innovation. Furthermore, R&D tax incentives outperform patent boxes in enhancing firm value. Additionally, the two tax regimes complement each other, with this complementary effect driven by super-deduction reforms. Our findings shed light on the role of global R&D tax reforms in promoting firm value, suggesting their potential to foster long-term economic benefits.