The Incentive Effect Of Accelerated Depreciation On Machinery And Equipment Investment Of Manufacturing Enterprises

Manufacturing industry is the mainstay of a country in the process of industrialization and modernization.In order to support and encourage the development of manufacturing industry and improve the independent innovation ability of China’s manufacturing industry,our government has issued a number of financial and taxation policies to benefit the manufacturing industry and help manufacturing enterprises realize the transformation and upgrading.For example,our country has issued accelerated depreciation policies from 2014 to 2019,aiming to help manufacturing enterprises update old machinery and equipment,and realize the transformation and upgrading of manufacturing enterprises.Therefore,it is of great significance to evaluate the effect of accelerated depreciation policy on the investment of machinery and equipment,especially the heterogeneity.This thesis is on the basis of sorting out the relevant literature,which expounds the mechanism of accelerated depreciation from the perspective of two aspects: the cost of capital and the accelerated depreciation of enterprises,and then analyzes and discusses the heterogeneity of different financing constraints,different growth power of enterprises and different ownership,and finally puts forward the hypothesis.Then,this thesis has made a macro description and analysis of the status quo of our country’s fixed asset investment.The main analysis context is as below: Firstly,Describe and analyze the gross investment in fixed assets and economic growth rate.Secondly,Describe and analyze the investment status of different components of fixed assets according to the statistical yearbook: respectively through the subdivision of construction,equipment and other three aspects.Thirdly,Describe and analyze the current situation of the purchase module of equipment and tools.And also this thesis conduct the empirical analysis by establishing the PSM-DID model to examine the impact of accelerated depreciation on the investment of manufacturing enterprises’ machinery and equipment,and then conducts heterogeneity tests in terms of financing constraints,corporate growth capacity,the heterogeneity inspection of three aspects of different ownerships,and the empirical results show that: Accelerated depreciation has significantly promoted the investment of manufacturing enterprises in machinery and equipment;accelerated depreciation has different effects on the promotion of investment in machinery and equipment for enterprises with different financing constraints,and the effect of promoting machinery and equipment investment for enterprises with low financing constraints is higher than the enterprises with high financing constraints.accelerated depreciation policies have different effects on the investment promotion of machinery and equipment for enterprises with different growth capabilities,and the effect of promoting investment in machinery and equipment for high-growth enterprises is higher than the enterprises with low-growth ability;accelerated depreciation policy for machinery and equipment of enterprises of different ownership has different effect.The investment promotion effect of machinery and equipment of state-owned enterprises is higher than the private enterprises.Therefore,this thesis believes that the accelerated depreciation policy is more effective in promoting investment in machinery and equipment for companies with strong strength,and has less impact on companies with lower overall strength.That is,accelerated depreciation policies are "icing on the cake" policy,not "sending charcoal in snow".Based on this situation,this article puts forward the following suggestions: increase policy preferences;explore differentiated accelerated depreciation policies;use information means,etc.