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DP19199 Investor tax breaks and financing for start-ups: evidence from China
Irem Güçeri, Xipei Hou, Jing Xing 2024-07-03
We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger responses from larger and more experienced investors. The tax incentive leads to substitution between eligible and non-eligible investments. There is no evidence that the tax incentive lowers investment quality. We further show that the investor-level tax incentive encourages firm entry into affected industries, especially in cities more exposed to venture capital funds.
이전글 | Funding Your Opponent’s Technology Is Not Competing | 2024-07-03 |
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다음글 | 중국의 대미국 우회수출 추이 분석: ADB MRIO를 중심으로 | 2024-07-03 |