无形资产、企业税收抵免和制药厂

IF 5.6 2区 经济学 Q1 BUSINESS, FINANCE Emerging Markets Review Pub Date : 2024-04-23 DOI:10.1016/j.ememar.2024.101141
Meng-Ting Chen , Zadia M. Feliciano
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引用次数: 0

摘要

从 20 世纪 70 年代开始,美国政府根据《国内税收法》(IRC)第 936 条,为在波多黎各开展业务的美国公司提供税收抵免。制药业公司占税收抵免额的 50%,占就业人数的 20%。该税收减免计划于 2006 年取消,这就为取消企业税收减免对制药和医疗设备等无形资产水平较高的企业的影响提供了一个自然实验。我们使用 1990-2017 年的企业面板数据和差分法来衡量取消税收抵免计划的影响。所有制造业企业的存活概率从《美国税收法规》第 936 款取消前三年的 90% 下降到取消后三年的接近 50%。在逐步取消税收减免计划期间,所有制造企业的存活率都有所下降。制药和医疗器械企业的存活率额外下降了 3.5% 至 6.2%。波多黎各制药和医疗设备企业减少的 33% 中,约有三分之二可归因于税收减免计划的取消。
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Intangible assets, corporate tax credits and pharmaceutical establishments

Starting in the 1970s, the US government offered tax credits to US corporations doing business in Puerto Rico under Internal Revenue Code (IRC) Section 936. Firms in the pharmaceutical industry accounted for 50% of tax credits and 20% of employment. The tax credit program was eliminated in 2006, creating a natural experiment on the impact of eliminating corporate tax credits on establishments with high levels of intangible assets such as pharmaceuticals and medical devices. We use panel data on establishments 1990–2017 and a difference in difference methodology to measure the impact of the elimination of the tax credit program. Probability of survival of all manufacturing establishments declined from 90% three years before the elimination of IRC Section 936 to close to 50% three years after. Survival rates of all manufacturing establishments declined during the phaseout and elimination of the tax credit program. Pharmaceutical and medical devices establishments experienced an additional 3.5 to 6.2% decline. Approximately two thirds of the 33% decline in pharmaceutical and medical devices establishments in Puerto Rico can be attributed to the elimination of the tax credit program.

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来源期刊
CiteScore
7.10
自引率
4.20%
发文量
85
审稿时长
100 days
期刊介绍: The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.
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