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標題: | 不同研發抵稅制度下研發支出對美國公司價值的影響 The Effect of R&D Tax Credit Policy on Firm Value:Evidence from The United States |
作者: | Kai-Ting Chuang 莊凱婷 |
指導教授: | 高偉娟 |
關鍵字: | 研發抵稅制度,OBRA,ASC,公司價值, R&D tax credit,OBRA,ASC,firm value, |
出版年 : | 2016 |
學位: | 碩士 |
摘要: | 本論文旨在探討在不同研發投資抵稅制度下,美國公開發行公司取得研發抵稅金額之研發支出對其公司價值的影響。1981年,美國發布適用於公開發行公司的研發抵稅制度(於1989 Omnibus Budget Reconciliation Act曾修正過之傳統研發抵稅制度, 簡稱OBRA或舊制),2007年初,美國政府為鼓勵公司投入研發支出,並期望擴大符合研發抵稅資格的公司數量,發布了另一項簡化版研發抵稅制度(Alternative Simplified Credit, 簡稱ASC或新制)。此新制降低了過去舊制下公司取得抵減金額的門檻,因此在新制的運行下,不僅大幅增加了符合研發抵稅資格的公司數量,且由公司投入研發支出的結果上也看到了更好的正向影響。為了探討公司採用舊制與新制對其公司價值是否有影響,以及公司投資人對其採用的研發抵稅制度的改變會如何反應,本文將2007年視為變動基準年,探討2007年之前後二年及四年,公司在選用不同稅制後對其公司價值的相對影響。本論文研究結果顯示,在2007年以後選用新制的公司相較於持續選用舊制的公司,新制的選用對公司價值具有較正向影響,代表新制比舊制更能激勵公司投入研發支出,並有效提升公司的獲利能力,也代表投資人更喜好選用新制的公司,此實證結果符合本論文之預期。另外,本論文也發現,在2009年國會提高新制適用的稅率後,公司選用新制更會提升公司的價值,此顯現出修正後的新制相較於修正前,能達到更佳的研發支出激勵效果。 We examine the influence on firm value of the different tax credit regimes that select for their R&D expenditure. Specifically, U.S. firms can apply for alternative simplified credit (ASC) provided by the Health Care and Tax Relief Act of 2006 or the OBRA credit, the old R&D tax credits, which were enacted in 1981 and modified by the 1989 Omnibus Budget Reconciliation Act. Finley et al. (2015) indicate that ASC relaxed the eligibility threshold, resulting in a large increase of firms enjoying the R&D tax credits eligibility. They also demonstrate that the ASC tax credit policy is effective in spurring additional investments in R&D. To further understand whether firms’ choices between the OBRA and the ASC tax credit policies have different influences on firm values, and how would the investors respond to a firm’s tax credit selection, we investigate the relative difference on firm values of firms choosing different tax credit policy two years and four years before and after the beginning of 2007. The empirical results show that firms that choose the ASC have more positive effect on firm values than those that choose the OBRA, suggesting that the ASC encourages firms conducting more valuable R&D, and that investors may also prefer firms choosing the ASC rather than the OBRA. Furthermore, we document an even better stimulating effect of the ASC on firm values after the ASC tax credit rate was increased from 12% to 14% in 2009. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/51011 |
DOI: | 10.6342/NTU201600445 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
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