2017-07-012024-05-17https://scholars.lib.ntu.edu.tw/handle/123456789/681974摘要：本子計畫研究之目的為利用政府對公司研發支出投資抵減賦稅政策的改變，研究政策變化對於公司和整體經濟的實質影響。由於企業研發是經濟成長的主要驅動力量，過去各國政府對於企業研發支出普遍有部分租稅抵免的優惠，以刺激研發活動。如美國在2007年由原本的Omnibus Budget Reconciliation Act tax credit(OBRA)法，改為OBRA 與Alternative Simplified Credit(ASC)並行的雙軌制。過去文獻上已有研究(如Finley, Lusch and Cook, 2015)發現美國研發稅抵新制可以刺激企業研發投資，也就是研發稅抵新制ASC實行之後，企業的研發支出的確顯著增加。然而，研發支出增加是否帶來實質的企業投資增加，並帶動經濟成長，卻是未知的問題。尤其是如果企業因為租稅優惠增加研發支出，卻因替代效果減少、排擠實質投資，那對公司未必有絕對的正面幫助。因此，本子計畫將進一步由研發稅抵的政策改變出發，用difference-in-difference法研究政策變化前後，實驗組與控制組別公司的一般投資變化，並討論其績效是否受到影響。公司實質投資的指標將依循Titman, Wei and Xie (2004)的做法，計算異常公司資本支出。子計畫研究樣本則以美國為優先研究對象，依照2007年度區分OBRA法為主的實行期間(2007年前)與ASC和OBRA雙軌制的後2007期間，採用difference-in-difference法探究研發稅抵是否透過替代或互補效果，影響公司實質投資與企業經營績效表現。藉由美國的例子，後續研究也可以分析台灣研發組稅抵免政策的實質影響，對台灣社會提供政策建言。<br> Abstract: Innovation is the key driver of economic growth, thus government generally encourages private firms to invest in R&D and innovation activity. Thus, in the U.S., the R&D tax credit was first introduced in the Economic Recovery Tax Act of 1981 to encourage firm’s qualified research expenditures. Previous literature generally demonstrates the effectiveness of R&D tax credit in increasing R&D investments. In 2007, U.S. government enacted Alternative Simplified Credit(ASC) along with Omnibus Budget Reconciliation Act tax credit(OBRA) as dual-track for its R&D tax crcedit policy. Finley, Lusch and Cook (2015) have found that R&D indeed increased after ASC being effective. However, whether or not the real investment is also increased to supplement the innovation activity is unclear. Therefore, this paper uses U.S. firms as the sample and conducts difference-in-difference method to learn how firm investment changes across 2007, for OBRA and ASC users. We also adopt the investment measure by Titman, Wei and Xie (2004) as well as the firm valuation to examine the real effect of the new R&D tax credit policy. Our results are expected to help Taiwan government knows that how to set up the R&D subsidy and tax credit policies.研發研發稅負抵減公司投資InnovationR&D tax creditscorporate investment