人大国发院“理论与政策”研讨会
Not All Corporate Tax Cuts Are Created Equal: Evidence from Bonus Depreciation and M&A
会议信息
主 讲：孙腾（香港城市大学商学院）
主 持：刘青（中国人民大学国家发展与战略研究院）
时 间：6月26日14:00-15:30
地 点：立德办公楼1133会议室
报告摘要
This study examines the impact of bonus depreciation, a fiscal policy that effectively lowers corporate tax rates and promotes new capital investment, on firms’ mergers and acquisitions (M&A) activities. Contrary to the literature, which documents that other tax reduction policies increase the quantity and quality of firms’ acquisition activities, we find that bonus depreciation adoption leads to a lower frequency of M&A deals, despite a higher quality of the remaining deals. Our results are driven by the crowding-out effect: as bonus depreciation decreases the marginal cost of new capital expenditure, increased new capital purchase crowds out M&A. We further find consistent evidence that the decline in acquisitions primarily manifests in cash-financed deals, rather than deals paid with stocks. Despite an overall negative effect, we observe an increase in M&A deals targeting skilled labor, consistent with labor-skill complementarity. Overall, our study provides novel evidence on the effects of bonus depreciation and highlights the importance of taking into account the specific channels and rules of a tax policy when assessing its impact on firms’ investment activities.
报告人简介
孙腾，斯坦福大学经济学博士，现于香港城市大学商学院会计系担任助理教授，兼聘于经济和金融系。目前已在Journal of the European Economic Association, Review of Economics and Statistics, Journal of Financial Economics, Journal of Development Economics, 管理世界等国内外权威经济管理专业杂志上等发表论文多篇。
文章来源：人大国发院
微信编辑：张菁菁 张梓萌
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