Analysison The Effect Of Accelerated Depreciation Policy Of Fixed Assets On Innovation Of Manufacturing Enterprises

Constantly create new impetus and new direction of development.China is a big manufacturing country,which is a mainstay in the real economy.The sound development of the manufacturing industry plays an important role in the upward development of our economy.And innovation is fundamental to the development of manufacturing industry.Although our manufacturing enterprise innovation has made some achievements,investment in research and development and patent output have been improved to a certain extent,however,compared with the developed countries,there is still a gap.Improving the quality of the Chinese economy through enterprise innovation is an important step in implementing the new development philosophy.In recent years,the government has also introduced a series of tax reduction policies aimed at stimulating the innovation vitality of enterprises.How effective these policies have been in promoting corporate innovation deserves further study.Therefore,this paper chooses the representative accelerated depreciation policy of fixed assets as the entry point to deeply study the influence of this policy on enterprise innovation.In this paper,the relevant literature on tax incentives and enterprise innovation at home and abroad is firstly reviewed.Based on the review of relevant literature,the corresponding research hypothesis is proposed by combining the market failure theory,endogenous growth theory and depreciation compensation theory.Then,the panel data of Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to 2018 is selected as the research carrier,and the accelerated depreciation policy of fixed assets is taken as the research object.The progressive differential model is used to investigate the impact of accelerated depreciation policy of fixed assets on enterprise innovation.In order to ensure the reliability of the study,a series of robustness tests are carried out in this paper.Moreover,it further discusses the mechanism of policy influence and whether there is heterogeneity effect of policy on different enterprises.The research results show that:First,the accelerated depreciation policy of fixed assets significantly promoted the innovation of manufacturing enterprises,and this conclusion remained valid after the placebo test,the propensity score matching method and the robustness test of replacing the explained variables;Second,the principle that the accelerated depreciation policy of fixed assets plays an incentive role in the innovation of manufacturing enterprises is that the "interest-free loan" generated by the policy alleviates the financing constraints of enterprises,increases the cash flow of enterprises’ investment and innovation activities,and improves the innovation level of enterprises;Third,there are significant differences in the influence of the accelerated depreciation policy of fixed assets on the innovation level of different enterprises.Specifically,its incentive effect is stronger in small scale,high concentration of ownership and nonstate-owned enterprises.The research shows that the accelerated depreciation policy of fixed assets is an important measure to improve the innovation level of Chinese manufacturing enterprises.On the one hand,it enriched the theoretical research on the impact of tax preference policy on corporate innovation.On the other hand,it also provides some inspiration for the optimization of subsequent tax preferential policies,and provides a reference for our country to move towards "manufacturing power".