固定资产加速折旧、投资质量偏向与资本利用率

Accelerated Depreciation Policy of Fixed Assets,Investment Quality Bias,and Capital Utilization Rate

对固定资产加速折旧优惠政策经济效果的分析,除了研判投资促进效应外,还应关注投资的质量偏向和资本利用率变动,这是新发展阶段宏观调控政策精准施策的关键。对此,本文利用上市公司数据,通过构建双重差分(DID)模型,重点探讨固定资产加速折旧优惠政策影响资本利用率的效应和机制路径。结果显示:固定资产加速折旧优惠政策并未显著改善资本利用率,尽管政策实施促进了投资和研发投入增长,但对营业收入的改善不显著,揭示出政策推动的固定资产投资存在不同程度的低水平重复建设问题,新增投资对现有资本投入和技术进步的边际提升有限。进一步的异质性分析表明,资本密集度高、固定资产结构偏向长期限以及面临高融资约束的企业,资本利用率受政策实施的反向影响显著。而基于行业领域分组回归的结果揭示出,政策实施对纺织领域企业资本利用率产生了显著正向影响,但对数字化基础设施业和汽车领域企业的资本利用率影响不显著。对此,文章从行业领域发展特征和经济事实出发,探讨对应的差别化资本利用率影响机制。这一研究丰富了固定资产加速折旧优惠政策对微观企业作用机制的研究文献,拓展了宏观经济政策影响资本利用率的研究领域,对相关部门进一步完善固定资产加速折旧优惠政策有一定的参考价值。

In the analysis of the effect of the accelerated depreciation preferential policy for fixed assets,in addition to judging whether it has promoted investment,we should also pay attention to the investment quality bias and the changes in capital utilization rate,which is the key to the precise implementation of macro-control policies in the new development stage.The paper constructs a DID model based on the data of listed companies to study the impact of the accelerated depreciation preferential policy for fixed assets on changes in capital utilization rate and the mechanism path.The results show that the implementation of the accelerated depreciation preferential policy for fixed assets does not significantly improve the capital utilization rate.Although this policy implementation promotes the growth of fixed assets investment and R&D investment,the improvement in operating income is not significant.It reveals that the fixed assets investment promoted by the policy has different degrees of low-level repeated construction problems,and the marginal improvement effect of new investment on existing capital and technological progress is limited.Heterogeneity analysis shows that for enterprises with high capital intensity,fixed assets structure biased toward long-term and faced with high financing constraints,the reverse impact of the policy implementation on their capital utilization rate is significant.The result of grouping regression based on the industry fields shows that the implementation of the policy has a significant positive impact on the capital utilization rate of enterprises in the textile field,but has insignificant impact on the capital utilization rate of enterprises in the digital infrastructure industry and the car making field.Therefore,the paper discusses the corresponding differential capital utilization mechanism from the perspective of industry development characteristics and economic facts.The paper enriches the literature on the mechanism of accelerated depreciation preferential policy for fixed assets on micro-enterprises,expands the research field of macroeconomic policies affecting capital utilization rate,and has certain reference value for relevant departments to further improve the accelerated depreciation preferential policy for fixed assets.