政府税收激励对企业数字化转型的影响——来自固定资产加速折旧政策的经验证据

The Impact of Government Tax Incentives on Enterprises’Digital Transformation:Empirical Evidence from the Policy of Accelerated Depreciation of Fixed Assets

税收政策是撬动企业转型升级的政策工具之一。文章采用2011—2017年沪深A股上市公司数据,以2014年、2015年两次发布的固定资产加速折旧政策为准实验,运用双重差分法实证检验政府税收激励对企业数字化转型的影响。研究发现:第一,固定资产加速折旧政策显著促进了企业数字化转型,且经多重稳健性检验后依然成立;第二,固定资产加速折旧政策通过“财务状况优化”和“创新驱动”促进企业数字化转型;第三,固定资产加速折旧政策对成长性较好的企业、行业竞争程度较高的企业与市场化水平较高的企业的数字化转型的激励作用较强。文章的研究可为深入理解我国企业数字化转型的动力机制,以及探索适配企业数字化转型的激励政策提供经验证据。

Tax policy is one of the policy tools to stimulate the transformation and upgrading of enterprises.Based on the data of a-share listed companies in Shanghai and Shenzhen from 2011 to 2017,this paper takes the accelerated depreciation policy of fixed assets in 2014 and 2015 as a“a quasi-experiment”,this paper empirically tests the impact of government tax incentives on the digital transformation of enterprises by using the Difference-in-difference method.The findings are as follows:first,the accelerated depreciation policy of fixed assets significantly promotes the digital transformation of enterprises,and it still holds after multiple robustness tests;Second,the policy of accelerated depreciation of fixed assets promotes the digital transformation of enterprises through“Financial optimization”and“Innovation-driven”;Finally,the policy of accelerated depreciation of fixed assets has a strong incentive effect on the digital transformation of the enterprises with good growth,higher competition degree and higher market level.The research in this paper can provide empirical evidence for further understanding of the dynamic mechanism of China’s enterprises’digital transformation and exploring the incentive policies for enterprises’digital transformation.