| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7626 |
| DP7626 Profit Taxation, Innovation and the Financing of Heterogeneous Firms | |
| Christian Keuschnigg; Evelyn Ribi | |
| 发表日期 | 2010-01-10 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Credit constraints are more frequent among growth companies with large investment opportunities. For the same reason, profit taxes may harm innovative firms more than standard ones. This paper develops a model of heterogeneous firms where an endogenous share opts for innovation and faces credit constraints in the subsequent expansion phase. We emphasize four results: (i) R&D subsidies not only encourage innovation but also relax finance constraints and help innovative firms to exploit investment opportunities to a larger extent. (ii) Taxes which are neutral in a neoclassical world, still restrict expansion investment of constrained firms by reducing free cash-flow and thereby discourage innovation. (iii) A revenue neutral increase in profit taxes to finance larger R&D subsidies redistributes towards innovative firms and boosts aggregate productivity and welfare. (iv) A revenue neutral tax cut cum base broadening policy similarly boosts innovation and welfare. |
| 主题 | Public Economics |
| 关键词 | Credit constraints investment Profit taxes R&d subsidies Innovation |
| URL | https://cepr.org/publications/dp7626 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536463 |
| 推荐引用方式 GB/T 7714 | Christian Keuschnigg,Evelyn Ribi. DP7626 Profit Taxation, Innovation and the Financing of Heterogeneous Firms. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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