TaxPolicyandRBDInvestmentbyAustralianFirms-：税收政策和R%26amp；D投资的澳大利亚公司—.pdf

Melbourne Institute Working Paper Series Working Paper No. 10/09 Tax Policy and RD Investment by Australian Firms Russell Thomson Tax Policy and RD Investment by Australian Firms* Russell Thomson Melbourne Institute of Applied Economic and Social Research, The University of Melbourne Melbourne Institute Working Paper No. 10/09 ISSN 1328-4991 (Print) ISSN 1447-5863 (Online) ISBN 978-0-7340-3304-8 April 2009 * This paper was first written as part of my PhD thesis, completed at The Arndt-Corden Division of Economics, Research School of Pacific and Asian Studies, The Australian National University. I gratefully acknowledge the help and support of my supervisory panel Hal Hill, Prema-chandra Athukorala, Xiaodong Gong and Paul Jensen (Melbourne Institute). I would like to thank IBISWorld for allowing me to use their data and Beth Webster for her assistance in using the data. Finally, I am grateful to John Creedy for comments. Melbourne Institute of Applied Economic and Social Research The University of Melbourne Victoria 3010 Australia Telephone (03) 8344 2100 Fax (03) 8344 2111 Email melb-inst@.au WWWAddress Abstract This paper examines the determinants of investment in RD by Australian firms, with a focus on the role of tax policy. The analysis considers an unbalanced panel of financial data of about 500 large Australian firms between 1990 and 2005. The principal result is that no evidence can b