Accounting税务 / TaxTop 5%

Tax Avoidance and Corporate Innovation: The Role of Internal Capital Markets

Smith D., Garcia R., Lee C.Columbia Business SchoolJournal of Accounting Research(JAR)2025-09

Abstract

We investigate the causal relationship between corporate tax avoidance and innovation output, focusing on the mediating role of internal capital markets. Using the 2017 Tax Cuts and Jobs Act as a natural experiment, we find that firms with greater pre-reform tax avoidance experienced larger increases in patent filings and R&D spending, suggesting that tax savings fund innovation through internal capital allocation.

AI SUMMARY

GENERATED

核心观点Key Findings

税前避税程度较高的企业在2017年减税法案后经历了更大幅度的专利申请和研发支出增长，表明税收节约通过内部资本市场为创新提供了资金来源。

研究方法Methodology

以2017年美国《减税与就业法案》(TCJA)为准自然实验，采用双重差分法分析企业税收规避与创新产出的因果关系，并通过中介效应模型检验内部资本市场的传导机制。

主要结论Conclusions

适度的税收规避可以为企业创新提供内部融资支持。税收政策设计应平衡税收征管与创新激励之间的关系。

关键词 Keywords

税收规避企业创新内部资本市场TCJA准自然实验

论文信息

METADATA

期刊Journal of Accounting Research

期刊缩写JAR

发表日期2025-09

学科会计学 (Accounting)

子领域税务 / Tax

机构Columbia Business School

排名Top 5%

引用格式

CITATION

Smith, D., Garcia, R., Lee, C. (2025). Tax Avoidance and Corporate Innovation: The Role of Internal Capital Markets. *Journal of Accounting Research*.

Tax Avoidance and Corporate Innovation: The Role of Internal Capital Markets

Abstract

论文信息

引用格式

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