| The rapid development of the financial industry has a great impact on China’s economy.Driven by high returns from financial investment,manufacturing enterprises,motivated by profit-seeking,gradually reduce their investment in production and operation,reduce the allocation of fixed assets,and invest more funds in the financial industry to make financialization.This kind of behavior is not conducive to the innovation and sustainable development of enterprises,which has attracted the attention of relevant government departments.In order to create a good policy environment and guide enterprises to reduce the degree of financialization,the accelerated depreciation policy for fixed assets was first piloted in six industries in 2014,with four new areas added in 2015 and expanded to the manufacturing sector in 2019.The implementation of the policy aims to encourage enterprises to increase investment in fixed assets,promote the upgrading of products and technologies,and expand the scale of production and manufacturing of enterprises by accelerating depreciation to increase the depreciation amount of fixed assets in the pre-purchase period.Whether the accelerated depreciation of fixed assets can restrain the financialization behavior of manufacturing enterprises is the key research content of this paper.Based on the recent research,this paper concludes that crowding-out effect and reservoir effect are the motivations for the financialization of Chinese enterprises.Based on this,this paper makes innovations from the following three aspects: First,combining with the current situation of low production enthusiasm and increasing involvement in financial business of China’s entity enterprises,the paper focuses on the impact of accelerated depreciation policy on the financialization behavior of manufacturing enterprises,providing reference for guiding manufacturing enterprises to return to the main business;Second,the accelerated depreciation policy of fixed assets implemented in three stages was included in the research scope,and a multi-stage DID model was constructed to comprehensively study the policy effect;The third is to study the inhibitory effect of accelerated depreciation policy on corporate financialization from two transmission mechanisms: crowding-out effect and reservoir effect.In the following,the research is carried out from theoretical and empirical parts respectively.In the theoretical part,this paper firstly studies the theoretical basis of four accelerated depreciation policies and corporate financialization behavior,namely,tax shield effect,money demand,principal-agent and investment portfolio.Secondly,it demonstrates the conduction path of accelerating depreciation policy to inhibit corporate financialization.One is to reduce crowding-out effect by increasing investment in fixed assets and encouraging innovation.The other is to reduce reservoir effect by improving corporate cash position and reducing financing constraints,thus inhibiting corporate financialization.In the empirical part,firstly,this paper builds a multi-period DID model based on the pilot policy in 2014,the expansion policy in 2015 and the policy implemented across the manufacturing industry in2019.The sample selects all A-share enterprise data except for financial industry and real estate to verify the effect of accelerated depreciation policy on the financialization behavior of manufacturing enterprises.Secondly,it further studies the policy effect of this policy in different enterprises according to their own differences.Finally,the conduction path hypothesis proposed in the theoretical part is verified.The following conclusions are drawn:(1)The accelerated depreciation policy significantly inhibits the financialization of enterprises;(2)The accelerated depreciation policy has significant effect on non-state-owned enterprises,but has no significant effect on state-owned enterprises;(3)The policy effect of enterprises with low and medium operating life and strong reproduction capacity is significant,while the effect of enterprises with strong growth capacity is greater;(4)The accelerated depreciation policy has a significant effect in enterprises with low concentration of equity and high equity checks and balances;(5)It is mainly achieved by weakening crowding-out effect and reducing reservoir effect.Increasing investment in fixed assets,expanding investment in innovation,improving cash flow and easing financing constraints are all important intermediary channels.Finally,based on the above analysis,this paper puts forward the following suggestions: First,design differentiated accelerated depreciation policy,and refine the policy according to the differences between the industry and the equipment purchased;The second is to expand the scope of application of the accelerated depreciation policy to include non-manufacturing enterprises such as producer services;The third is to promote the supporting policies of this policy;The fourth is to strengthen tracking supervision of this tax policy to ensure the effectiveness. |
