税法折旧与公司投资结构

The Effect of Tax Depreciation on Investment Structure

宏观的税收激励政策如何影响微观的企业财务行为,是理论研究和政府决策中的重要问题。本文以财税[2015]106号和财税[2014]75号政策出台为制度背景,研究税法折旧政策的变化对公司投资结构的影响。研究结果表明,政策实施后,受政策支持的公司新增固定资产投资显著增加,金融资产投资规模没有显著变化,实现了投资结构的"脱虚向实";同时,政策实施后,受政策支持公司短期固定资产投资增加更显著,长期固定资产投资没有显著变化,固定资产投资结构得到优化;横截面研究表明,相对于融资约束低的公司,融资约束高的非国有控股公司和高成长公司受政策影响更大。进一步研究表明,受政策支持的公司在政策实施后公司会计业绩得到改善。

Whether tax incentive policies will affect the corporate investment behavior is an important issue in government decision-making and theory development.Based on the [2015]106 and [2014]75 of Finance and Taxation policy, this paper studies the effect of changes in tax depreciation on corporate investment structure.Results indicate that after these policies implemented, PPE investment increased significantlyand financial assets dont’t change for these companies are supported by these policies.Then the aim of transformation from the fictitious economy into a real economy was achieved.Furthermore, after [2015]106 and [2014]75 policies implementation, short-term PPE investment are increased significantly, but long-term PPE investments are not changed significantly.Therefore, the structure of fixed assets is optimized after [2015]106 and [2014]75 policies are implemented.Cross-sectional analysis shows that these effects are more significant in companies that suffer more financial constraint, such as in state-owned companies or rapidly growth companies.Further analysis demonstrates that the implementation of [2015]106 and [2014]75 policies can promote the accounting performance significantly.