固定资产加速折旧政策对企业融资约束的影响

The Impact of Accelerated Depreciation Policy on Financing Constraints

融资难融资贵已经成为制约中小企业发展的普遍性问题。当前学者主要从金融政策的角度探究企业融资约束问题的成因及解决路径,却鲜有从税收的角度展开研究。然而,部分税收政策,特别是固定资产加速折旧政策,天然具有缓解企业融资约束的作用。基于此,本文利用沪深两市A股上市公司2011-2017年数据,运用DID模型,研究了2014年和2015年两次固定资产加速折旧政策对缓解企业融资约束的效果。研究结果表明,这两次加速折旧政策均有效降低了企业的现金-现金流敏感性,缓解了试点企业的融资约束。此外,研究还发现,加速折旧政策对盈利企业和非国有企业融资约束问题的改善作用较为明显,而对亏损企业和国有企业则无明显效果;对固定资产占非流动资产比重较高的行业领域融资约束的缓解效果更好。本文的研究结论为从税收角度缓解企业融资难题、完善固定资产加速折旧政策提供了决策参考。

It has been a common problem for SMEs to finance smoothly,which is restricting the development of those firms.At present,scholars mainly explore the causes and solutions of corporate financing constraints from the perspective of financial policy,but rarely conduct research from the perspective of taxation.However,some tax policies,especially the accelerated depreciation policy for fixed assets,naturally have the effect of alleviating corporate financing constraints.Thus,this paper uses the DID model,as well as the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2017,to study the effects of the accelerated depreciation policies of fixed assets in 2014 and 2015 on alleviating corporate financing constraints.The research results show that the two accelerated depreciation policies have effectively reduced the cash-to-cash flow sensitivity of enterprises and eased the financing constraints of pilot enterprises.In addition,the study also found that the accelerated depreciation policy has a more significant effect on profitable enterprises or non-state-owned enterprises,but has no obvious effect on loss-making enterprises or state-owned enterprises;the industry sector with a higher proportion of assets benefits more from the policy.The research conclusions of this paper provide decision-making reference for alleviating corporate financing difficulties from a tax perspective and improving the accelerated depreciation policy for fixed assets.