固定资产加速折旧的政策效应:来自财税[2014]75号的经验证据

The Effects of the Policy for Accelerated Depreciation of the Fixed Assets:Evidence from China [2014] 75 of Financial and Taxation Policy

笔者以2009—2015年沪深A股制造业上市公司为样本,运用双重差分模型和倾向得分匹配方法检验了固定资产加速折旧政策(财税[2014]75号)的效应。研究结果表明:与非试点公司相比,固定资产加速折旧政策使得试点公司的创新投入显著增加,但对固定资产投资规模无显著影响。区分所有权性质、盈利性和成长性三个维度,进一步检验发现:加速折旧政策使得国有试点公司的固定资产投资规模显著上升,试点国有公司和非国有公司的创新投入均显著增加,但两者之间无显著差异;加速折旧政策使得盈利试点公司的创新投入显著增加,低成长性试点公司的固定资产投资规模和创新投入显著增加。拓展性分析发现:固定资产加速折旧政策显著缓解了试点公司的内源融资约束,但对避税无显著影响,且投资者对加速折旧政策的市场反应整体上呈悲观态度。整体而言,加速折旧政策的实施效果可以概括为"试点公司的创新投入显著增加,固定资产投资规模未发生实质性变化"。本文丰富了加速折旧的经济后果文献,拓展了宏观经济政策影响公司行为的研究领域,对税收部门完善加速折旧政策也有一定的参考价值。

This paper examines the effects of the policy for accelerated depreciation of the fixed assets（ China [2014] 75 of Financial and Taxation Policy） by differences-in-differences,taking the A-share manufacturing listed companies from 2009 to 2015 in Shanghai and Shenzhen Stock exchanges as samples. Empirical results show that： Compared with the non-pilot companies,the policy for accelerated depreciation of the fixed assets raises the companies＇ innovation inputs in pilot companies positively. Meanwhile,the policy has no significant effect on the investment in fixed assets. We further discuss the effect from nature of property rights,profitability and growth. We find that scale of the fixed assets investment of the pilot state-owned companies is significantly increased. And the innovation inputs of the pilot state-owned companies and non-state-owned companies are obviously increased,but there is no significant difference between them. After the policy is carried out,the innovation inputs of pilot profitable companies increase remarkably. The fixed assets investment and the innovation inputs increase significantly. Scalability analysis finds that the policy decreases the degree of constraints whose endogenous financing constraints is high significantly. And there was no significant change in tax avoidance of the pilot companies of all groups. Moreover,Investors have pessimistic responding on the announcement of the policy as a whole. Overall,the effects of the policy for accelerated depreciation of the fixed assets can be summarized that the innovation inputs in the pilot companies have a significant increase and the scale of fixed assets investment has not undergone substantial changes. This paper enriches the field of accelerated depreciation and the micro-economic effects of macroeconomic policy. Also, it helps for the tax department to improve the accelerated depreciation policy.