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Loss Deduction, Risk Sharing and Firm Investment: Empirical
Evidence on the Sleeping Partner Hypothesis |
| MAO Jie, JI Li, ZHAO Zhongxiu
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School of International Trade and Economics, University of International Business and Economics;
Business School, University of Shanghai for Science & Technology;
School of International Trade and Economics, University of International Business and Economics |
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Abstract Based on a theoretical model and the Chinese Industrial Enterprises Database over 1998-2007, we analyze the effect of corporate income tax loss deduction on risk taking. We find that the higher levels of corporate income tax burden and investment risk a company is facing, the more significant the effect is, i.e., the more investment risks it will take. The empirical results are robust, but the effect is heterogeneous. Moderately relaxing the rules of corporate income tax loss deduction and being a good sleeping partner of firms can help the Chinese government promote investments, encourage innovation and entrepreneurship, and put forward reform of the supply side.
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Received: 10 November 2015
Published: 01 January 1900
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