加速折旧税收优惠政策对企业投资的激励效应

The Incentive Effect of Accelerated Depreciation Tax Incentives on Corporate Investment

我国经济发展已经进入“新常态”,固定资产投资尤其是制造业固定资产投资呈现回落态势,对提高企业生产能力、推动产业结构优化升级形成了明显的制约。为促进企业投资,我国自2014年起陆续推出加速折旧税收优惠政策。笔者将2014年固定资产加速折旧视为一项准自然实验,选取2011—2018年A股上市公司面板数据,使用基于倾向得分匹配的双重差分模型(PSM-DID)验证加速折旧政策的投资激励效应。研究发现:加速折旧税收优惠政策将通过改善企业现金流对企业增加固定资产投资产生积极的促进作用,并且对民营企业、小规模企业以及处于不发达金融市场等高融资约束企业的投资激励作用更显著。笔者认为我国应该进一步放宽加速折旧政策的适用范围,并且制定差异化加速折旧激励政策。

China's economy has entered a period of new normal.Investment in fixed assets,especially in the manufacturing sector,has declined significantly,which has formed obvious constraints on improving the production capacity of enterprises and promoting the optimization and upgrading of industrial structure.In order to promote enterprises investment,China has successively launched accelerated depreciation policies since 2014.This paper regards accelerated depreciation of fixed assets in 2014 as a quasi-natural experiment.It selects panel data of A-share listed companies from 2011 to 2018 and uses PSM-DID to verify the investment incentive effect of accelerated depreciation policies.Empirical research shows that the implementation of accelerated depreciation policy has a positive effect on promoting fixed asset investment.When financing constraints are taken into account,this paper further finds that the accelerated depreciation policy has a more significant effect on the investment incentives of private enterprises,small-scale enterprises and enterprises in underdeveloped financial markets.This paper proposes that China should further relax the scope of application of accelerated depreciation policy and formulate differentiated accelerated depreciation incentive policy.