加速折旧与制造业企业数字化转型

Accelerated Depreciation Policy and Digital Transformation of Manufacturing Industry

将固定资产加速折旧政策实施作为一项准自然实验,构建多时点DID模型,考察该政策与制造业企业数字化转型间因果关系。研究发现,加速折旧政策通过增加企业研发投入、提高人力投入和缓解融资约束三个方面加快了制造业企业数字化转型。该政策效应存在行业层面和文本层面有着异质性:从行业来看,加速折旧政策没有提升铁路、船舶、航空航天和其他运输设备制造业企业的数字化转型;从文本来看,加速折旧政策对“区块链技术”的影响并不显著。未来,政府层面应继续加强加速折旧政策宣传作用,并针对不同行业实施差异化政策,拓宽数字技术应用场景;企业层面应提升自身融资能力、畅通人才输送通道。

This paper uses the implementation of accelerated depreciation policy for fixed assets(ADPFA)as a quasi-natural experiment to construct a multi-temporal DID model to examine the causal relationship between the ADPFA and the digital transformation of manufacturing firms.The results find that,the ADPFA significantly enhances the digital transformation of manufacturing firms through increasing firms'R&D investment and labor input,relieving firms'financing constraints.Further research finds that there is industry-level and text-level heterogeneity in the effects of the policy.From the industry-level,the ADPFA does not enhance the digital transformation of enterprises in the railroad,ship,aerospace and other transportation equipment manufacturing industry;from the text-level,the ADPFA does not have a significant impact on"blockchain technology".In the future,government should continue to strengthen the publicity of the accelerated depreciation policy,implement different policies for different industries,and broaden the application scenarios of digital technology,and firms should improve the financing ability and talent pipeline.