讲座:The Effect of Investment Tax Incentives: Evidence from China’s Value-Added Tax Reform

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题 目:The Effect of Investment Tax Incentives: Evidence from China’s

Value-Added Tax Reform

演讲人: Zhang, Lei Clemson University

主持人:王惟 博士

时间: 2011512日(周四)上午10:00-11:30

地点: 法华校区北楼101

内容简介:

This paper conducts the first rigorous analysis of the impact of an investment tax credit on firms’ investment expenditure in China, taking advantage of a rare opportunity of a natural experiment provided by the 2004 value-added tax (VAT) reform. The reform introduces a permanent 17%-tax credit for fixed investment of firms in six broadly defined industries in the three provinces of the Northeastern (NE) region before expanding to the entire nation in 2009. We use the 2000-2007 data from the annual Firm Census and employ a difference-in-differences-in-differences (DDD) strategy. We use firms in the eligible industry outside of the NE region to control for industry-specific trend in investment and firms in the ineligible industry both in and outside the NE region to control for region-specific trend in the absence of the tax reform. We find that the tax credit has a positive and significant impact on the fixed investment expenditure of eligible firms, and the elasticity of investment rate with respect to the tax reduction over the four years following the VAT reform is 0.26. The results are robust to specifications addressing the issues of firms’ anticipation of future tax change, existing firms’ endogenous switch between industries, and firms’ endogenous choice of investment in subsidiaries located in different regions.

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