| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26336 |
| 来源ID | Working Paper 26336 |
| Tax Policy and Lumpy Investment Behavior: Evidence from China's VAT Reform | |
| Zhao Chen; Xian Jiang; Zhikuo Liu; Juan Carlos Suárez Serrato; Daniel Xu | |
| 发表日期 | 2019-10-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We incorporate the lumpy nature of firm-level investment into the study of how tax policy affects investment behavior. We show that tax policies can directly impact the lumpiness of investment. Extensive-margin responses to tax policy are key to understanding the effects of different tax reforms and to designing effective stimulus policies. We illustrate these results by studying China's 2009 VAT reform, which lowered the tax cost of investment and reduced partial irreversibility|the price gap between new and used capital. Using administrative tax data and a difference-in-differences design, we estimate a 36% investment increase. This effect is driven by investment spikes, which is consistent with the reduction of VAT-induced partial irreversibility. Using a dynamic investment model that fits the reduced-form effects of the reform, we show that policies that directly reduce the likelihood of firm inaction are more effective at stimulating investment. |
| 主题 | Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w26336 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584031 |
| 推荐引用方式 GB/T 7714 | Zhao Chen,Xian Jiang,Zhikuo Liu,et al. Tax Policy and Lumpy Investment Behavior: Evidence from China's VAT Reform. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26336.pdf（1149KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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