税收激励政策与企业国际化行为——基于2014年固定资产加速折旧政策的准自然实验

Tax Incentives and Firms’ Internationalization——Evidence from 2014 Fixed Assets Accelerated Depreciation Reform

本文采用2010—2018年中国A股上市公司数据,基于2014年固定资产加速折旧政策背景并采用双重差分法检验了税收激励政策对企业国际化行为的影响及其内在作用机制。研究发现,2014年固定资产加速折旧政策具有显著的"出口促进效应",主要体现在出口规模和出口参与度的提升。进一步研究发现,该项税收激励政策还具有明显的"对外直接投资促进效应",其主要提高了试点企业对海外子公司与联营公司的直接投资规模以及相应的投资概率,而且试点企业的海外直接投资更多地流向了发达国家。机制分析表明,2014年加速折旧政策具有显著的"无息贷款效应",其通过缓解试点企业融资约束促进固定资产投资并提高全要素生产率,进而促进试点企业的国际化行为。

Based on the fixed assets accelerated depreciation reform in 2014,this paper examined the impact and mechanism of tax incentives on firms’internationalization by using the data of China’s A-share listed firms from 2010 to 2018 and the difference-indifference method.The results show that the accelerated depreciation policy for fixed assets has a significant"export promotion effect",which is mainly reflected in the increase of export scale and export participation.Further studies show that this tax policy also has an obvious"outward foreign direct investment promotion effect",which mainly improves the investment and corresponding probability of pilot firms in overseas subsidiaries and associated firms.Moreover,the outward foreign direct investment of pilot firms has been directed more to developed countries.Mechanism analysis shows that the accelerated depreciation policy in 2014 has a significant"interest-free loan effect",which can promote the investment of fixed assets and improve the total factor productivity by easing the financing constraints,thus promoting the internationalization of pilot firms.