Research On The Influence Of Accelerated Depreciation Policy Of Fixed Assets On Enterprise Carbon Emissions

While industrial development has supported China’s long-term and rapid economic growth,it has also aggravated environmental pollution.Our country has entered the stage from high speed development to high quality development,people pay more and more attention to the value of ecological environment.However,the pollutants emitted from industrial production have seriously affected the ecological balance and People’s Daily life.Increasingly severe environmental problems,especially the climate problem caused by greenhouse gases,have become a major obstacle to people’s realization of a better life.On the way to realizing the great rejuvenation of the Chinese nation and realizing the great Chinese Dream,the powerful driving force of economic development cannot be ignored,and the resulting environmental pollution cannot be avoided.As a big emitter,it has become a key problem that needs to be solved urgently to explore the appropriate policy system to reduce carbon dioxide emission.Since the 1978 reform,our policy on accelerating depreciation of fixed assets has been improved constantly.From the initial straight-line depreciation method to the multi-year accelerated depreciation method and one-time deduction method introduced for some industries,the accelerated depreciation method has gradually met the needs of enterprise development,but so far,there are still some problems to be solved.After China entered the new normal of economy,in order to improve the investment enthusiasm of enterprises and relieve the development pressure of enterprises,China introduced the corporate income tax policy on accelerated depreciation of fixed assets No.75 [2014],which was implemented in six industries.In 2015,the policy further covered four areas.The policy has been extended to cover all manufacturing by 2019.Tax policy may not have a direct impact on promoting enterprises’ carbon emission reduction,but tax policy is an important means to promote enterprises’ green development.The accelerated depreciation policy of fixed assets enables enterprises to deduct more costs at the initial stage of asset use,alleviates the pressure caused by asset investment,facilitates enterprises to carry out equipment iteration and research and development innovation,and is of great significance for encouraging enterprises to transform green.Based on the "quasi-natural experiment" of accelerated depreciation policy of fixed assets and the data of some A-share listed companies from 2008 to 2015,this paper empirically-tested the relationship between accelerated depreciation policy of fixed assets and corporate carbon emissions by using the differential model with the help of CSMAR Database and China Enterprise Tax Survey database.The results show that the accelerated depreciation policy of fixed assets significantly reduces the carbon emission intensity of enterprises,and there is significant heterogeneity among enterprises of different ownership and different sizes.The policy is more conducive to reducing the carbon emission of non-state-owned enterprises and small-scale enterprises.In this paper,a series of robustness tests such as changing the research samples,shortening the study period and conducting multidimensional fixed effects were conducted to eliminate the influence of interfering factors,and it was found that the accelerated depreciation policy of fixed assets could indeed reduce the carbon emissions of enterprises.Finally,through the empirical test of the hypothesis of the theoretical part,it shows that the preferential policy can achieve the goal of carbon emission reduction of enterprises by improving their R&D and innovation ability,easing their financing constraints and increasing their investment in fixed assets.Finally,this paper puts forward some suggestions on expanding the scope of policy application,formulating the different policy,improving the relevant supporting measures and increasing the policy propaganda,and provides certain empirical experience and policy suggestions for realizing the green transformation development of enterprises in our country.