American Economic Review · 2025 · [{"name": "Adrian Lerche", "affiliation": ["Institute for Employment Studies", "Employment Agency"]}]
中文摘要
本文估计了投资税收抵免对企业的直接效应和间接溢出效应。利用德国制造业部门中因企业规模而异的差异化税收抵免率变动，本文发现，将企业投资成本降低7.6%，会使其资本存量增加17.7%，就业增加12.0%。正向的本地溢出效应使每个直接创造的岗位额外带来一个制造业岗位；该效应在通过投入产出联系相关联的行业企业之间最强，并出现在5公里范围内。依赖本地消费者需求的企业也会增加就业，而行业内溢出效应则产生较小的负向效应。(JEL D22, H25, H32, J23, L25, L60, R11)
Abstract
This paper estimates the direct effects and indirect spillover effects of investment tax credits on firms. Exploiting a differential tax credit rate change by firm size in the German manufacturing sector, I find that lowering a firm's investment cost by 7.6 percent increases its capital stock by 17.7 percent and employment by 12.0 percent. Positive local spillovers generate one additional manufacturing job for each directly created job, are strongest between firms in industries connected through input-output linkages, and arise within distances of five kilometers. Firms dependent on local consumer demand also increase employment, while within-industry spillovers generate small negative effects. (JEL D22, H25, H32, J23, L25, L60, R11)