An Analysis of the Effectiveness of the Research and Experimentation Tax Credit in a q Model of Valuation.
分析了1981-1985年间研究与实验税收抵免对不同q比率企业的激励效果，发现该抵免对所有企业均不具成本效益，且对q大于1的企业效果最差。
Abstract This research analyzes the effectiveness of the research and experimentation tax credit for a broad sample of firms over the period 1981 through 1985. The study stratifies firms according to their q ratios (Tobin and Brainard 1977) to test the hypothesis that the R&D credit provided more of an incentive to increase R&D activity for firms in equilibrium, with q equal to one, than for firms with q ratios either above or below one. Regression results are consistent with expectations. Cost-benefit analysis indicates that the 1981-1985 credit was not cost effective for any of the groups and was least cost effective for firms with q greater than one; that the OBRA'89 design of the credit may be even less cost effective; and that the current rate of credit is probably too low to provide an incentive for either firms with q less than one or firms with q greater than one.