Analysis On The Impact Of Accelerated Depreciation Policy Of Fixed Assets On Innovation Investment In Electronic Manufacturing Industry

In the context of economic globalization,countries around the world have formulated various tax preferential policies to encourage enterprises to engage in R&D and innovation.Governments of various countries mainly encourage R&D and innovation through financial subsidies and tax incentives.Innovation ability is the core competitiveness of a country.As a high-tech industry,electronic manufacturing industry is one of the important subjects of innovation.Due to the high cost of large-scale precision equipment required for R&D and innovation of electronic manufacturing industry,in order to help alleviate this pressure,the state has issued many policies to support electronic manufacturing industry.This thesis mainly includes five parts.The first part mainly analyzes the background,significance and current situation at home and abroad.Scholars at home and abroad are divided into three categories: the first is to speed up the impact of policy innovation on enterprises;The second kind of scholars’ research direction is the effect of accelerated depreciation policy on enterprises.This part of scholars often take the whole manufacturing industry as the sample,and do not subdivide the research to the electronic manufacturing industry;The third kind of scholars study the factors affecting enterprise innovation,which provides a theoretical basis for the selection of indicators and control variables in this thesis.Therefore,this thesis studies the impact of accelerated depreciation policy on innovation investment of electronic manufacturing enterprises from the micro level,hoping to make up for the research vacancy in this area.The second part mainly describes the theoretical basis and mechanism of this thesis,including market failure,depreciation compensation and other theories and factors affecting enterprise innovation.Market failure mainly analyzes the problems existing in the innovation of electronic manufacturing industry through the uncertainty,positive externality and information asymmetry of innovation.Due to the existence of "free riding" behavior and the positive externality brought by innovation activities,the market itself cannot adjust the innovation activities to the optimal level.Depreciation compensation theory shows that the effect of accelerated depreciation policy on enterprises is equivalent to providing an interest free loan,which can alleviate the R & D cost of enterprises in the early stage of innovation activities and promote the R & D investment of enterprises.The mechanism part expounds the impact mechanism of accelerated depreciation policy on enterprise innovation investment from the two directions of cash flow and expanding fixed asset investment,so as to lay a foundation for later research hypotheses.The third part combs China’s accelerated depreciation policy and analyzes the current situation of China’s electronic manufacturing industry.First of all,from the statistical yearbook of high-tech enterprises,the R & D expenditure,patent output and other R & D related indicators of the electronic manufacturing industry have maintained a stable rise.On the whole,the R & D expenditure of China’s electronic manufacturing industry has increased steadily,which shows that the electronic manufacturing industry has developed steadily in R& D and innovation.Secondly,from the perspective of the accelerated depreciation policy,the country has included all the manufacturing industry into the scope of the accelerated depreciation policy,while the electronic manufacturing industry was included in the pilot scope as early as 2015,which shows that China attaches importance to the electronic manufacturing industry.Finally,combined with China’s actual policy and the current situation of electronic manufacturing industry,it provides ideas for the follow-up improvement of the policy.The fourth part is to further verify the rationality of the research hypothesis through empirical analysis.Through empirical analysis,based on wind database and Guo Tai An database,this thesis selects the relevant data of all listed electronic manufacturing enterprises in Shanghai and Shenzhen A shares from 2012 to 2017,relies on stata16 to build a model for338 groups of data,takes the R&D investment in electronic manufacturing industry as the explained variable,and takes the scale of assets Taking the growth rate of cash flow and revenue as control variables,this thesis studies the impact of accelerated depreciation policy on R & D investment of electronic manufacturing enterprises,and accurately identifies the causal relationship between accelerated depreciation tax policy and R & D innovation of electronic manufacturing enterprises.In addition,this thesis makes further analysis,one is to test the intermediary effect of the formation mechanism of innovation output,and the other is to analyze the heterogeneity based on the impact of financing constraints.The fifth part is the policy recommendations and research conclusions of this thesis.The empirical research of this thesis shows that the accelerated depreciation tax policy has a significant role in promoting the R & D innovation of electronic manufacturing enterprises,and the incentive effect of accelerated depreciation policy is more significant for electronic manufacturing enterprises with high financing constraints in a certain range,but it is no longer significant when the financing constraints are too high.Finally,referring to the experience of other scholars,this thesis puts forward some suggestions,such as accelerating the construction of accelerated depreciation tax policy and implementing differentiated tax preferential policies.