加速折旧企业所得税政策与实体企业金融化——基于2014年固定资产加速折旧政策的准自然实验

Accelerating the Depreciation Corporate Income Tax Policy and the Financialization of Entity enterprises:a Quasi-Natural Experiment Based on the Accelerated Depreciation Policy of Fixed Assets in 2014

本文选择2011-2017年我国沪深上市实体企业的样本数据,以2014年固定资产加速折旧所得税政策的出台为准自然实验,采用双重差分法实证检验了固定资产加速折旧政策对实体企业金融化行为的影响。研究发现,固定资产加速折旧政策出台带来的所得税抵税收益在提升实体企业固定资产和无形资产等实业投资的同时,会提升实体企业金融化水平。进一步研究发现,固定资产加速折旧政策的出台仅对现金流较贫乏、非国有企业、成长性较高以及规模较小的实体企业的金融化水平具有显著促进作用。研究结论不仅能够丰富企业金融化的理论研究,还有助于税务监管部门进一步调整优化固定资产加速折旧政策及相关配套税收政策,以便更好地防范、化解脱实向虚风险,促进实体企业高质量发展。

This paper selects the sample data of listed entity enterprises in Shanghai and Shenzhen from 2011 to 2017,takes the introduction of the fixed asset accelerated depreciation income tax policy as the natural experiment in 2014,and empirically tests the impact of the accelerated depreciation policy of fixed assets on the financialization behavior of real enterprises by using the difference-in-differences method.The study shows that the income tax credit income brought about by the accelerated depreciation policy of fixed assets will enhance the level of financialization of real enterprises while promoting industrial investments such as fixed assets and intangible assets of real enterprises.Further research finds that the introduction of accelerated depreciation policy of fixed assets only has a significant positive effect on the level of financialization of low-cash-flow,non-state-owned,higher-growth and smaller-scale entity enterprises.The conclusion of the study not only enriches the theoretical research of the financialization of enterprises,but also helps the tax regulatory authorities to further optimize the adjustment of fixed assets accelerated depreciation policy and related supporting tax policies,in order to better prevent and resolve the risk of disenchantment from reality to deficiency,and promote the high-quality development of entity enterprises.