Research On The Impact Of Accelerated Depreciation Policy On Manufacturing Investment

The outline of the "14th Five-Year Plan" clearly stated that the focus of economic development should be placed on the real economy,and the manufacturing industry is the main body of the real economy,the foundation of the country,the tool of rejuvenation,and the foundation of a strong country.It is an inevitable requirement to promote high-quality economic development to advance forward and move towards high-end manufacturing.In order to stimulate the innovation ability of enterprises,encourage enterprises to expand investment and enhance their competitiveness,my country implemented accelerated depreciation policies for six major industries in 2014,including five industries in manufacturing and information transmission,software and information technology services.In order to further promote industrial upgrading,my country improved the accelerated depreciation policy in 2015 and expanded the scope of application of the policy to four key areas.The accelerated depreciation policy is of great significance to the development of the manufacturing industry.In order to verify the implementation effect of the accelerated depreciation policy and explore the future improvement direction of the accelerated depreciation policy,this thesis conducts in-depth research.This article takes the accelerated depreciation policy announced in 2014 as the starting point,studies the specific content of the accelerated depreciation policy over the years,and then forms the theoretical basis of this article through theoretical analysis,combined with the research of scholars,and constructs the influence path,which provides the basis for the research of this article.,and put forward research hypotheses.After sorting out and analyzing the fixed asset investment in the manufacturing industry,it is found that although the overall increase in the fixed asset investment in the manufacturing industry has gradually increased in recent years,its growth rate has declined significantly.From this,it is impossible to directly observe the specific effect of the accelerated depreciation policy.Therefore,under the current situation,it is necessary to verify the policy effect of the accelerated depreciation policy on the investment of manufacturing enterprises,and to further refine the research,looking forward to the specific impact of the policy in different aspects,and to explore the accelerated depreciation policy.The perfect method of depreciation policy,which also points out the necessity of this study.In the process of empirical research in this thesis,considering that enterprises in the pilot industry can freely choose whether to adopt the accelerated depreciation policy,it is necessary to control the selection error generated by the sample,and the propensity score matching method(PSM)can associate data with variable characteristics as much as possible.Therefore,this thesis first screened the observation samples by propensity score matching method,and then constructed a double difference model(DID)to test the policy effect of accelerated depreciation policy.Empirical analysis shows that the accelerated depreciation policy has a significant effect on increasing the investment of manufacturing enterprises.In addition,this thesis also conducts an in-depth discussion on the effects of accelerated depreciation policies at various levels,and divides this research into three levels,namely,the life cycle of the enterprise,the scale of the enterprise,and the intensity of different elements of the enterprise.to deepen the results of this study.The results show that for enterprises with different life cycles,the accelerated depreciation policy has a significant positive effect on the manufacturing enterprises in the growth period and the mature period,but has no significant impact on the manufacturing enterprises in the recession period;in terms of enterprise scale,the sample enterprises are divided into For both large-scale and small-scale enterprises,the accelerated depreciation policy has a significant role in promoting the investment of both types of enterprises,and the policy has a greater impact on large-scale manufacturing enterprises than small-scale enterprises;from the perspective of different factor intensities of enterprises It can be seen that the accelerated depreciation policy has no significant impact on the investment of labor-intensive manufacturing enterprises,but has a significant incentive effect on the investment of capital-intensive manufacturing enterprises and technology-intensive manufacturing enterprises,and the policy has a significant impact on the investment of technology-intensive manufacturing enterprises.The positive effect is greater than that of capital-intensive manufacturing enterprises.Finally,through the analysis of the full text,this thesis puts forward policy suggestions: expand the scope of application of the policy,appropriately increase the preferential policy of the policy,explore the differentiated accelerated depreciation policy,and improve the supporting policy system.