| In the context of the new normal of the economy,the manufacturing industry is facing the pressure of transformation and upgrading and the slowdown of investment growth,which needs more scientific guidance from the government.The introduction and design of accelerated depreciation policy can theoretically increase the present value of enterprise depreciation deduction,accelerate the realization of compensation for the value of fixed assets,and reduce the capital cost of enterprises,so as to achieve the goal of encouraging enterprises to expand fixed assets investment and accelerate transformation and upgrading.However,because this policy has been practiced for a relatively short time in China,has accumulated less experience,and is facing a complex economic environment with significantly increased instability and uncertainty,and the investment behavior of enterprises is also affected by the nature of enterprises,regional development level and other factors,it is still necessary to further explore the effect of China’s accelerated depreciation policy on guiding the investment of manufacturing enterprises in practice,Analyze the incentive effect of policies on fixed assets investment and the impact of enterprise investment structure.Therefore,this thesis mainly tests the comprehensive impact of accelerated depreciation policy on the scale and structure of fixed assets investment of manufacturing enterprises through empirical analysis.First of all,define the relevant concepts in theory,and study the mechanism and theory of policy action;Secondly,it compares and analyzes the investment in fixed assets of the whole society and manufacturing industry before and after the implementation of the accelerated depreciation policy,and focuses on the investment in fixed assets investment of the industries where the policy is focused;Then,it combs the development process of the accelerated depreciation policy of fixed assets in China,summarizes the characteristics and shortcomings of the policy;Then select the relevant data of A-share manufacturing listed companies from 2010 to 2018,use the propensity score matching and double difference method to test the effect of accelerated depreciation policy on manufacturing investment,conduct a heterogeneity test based on the nature of the enterprise and its region,and use the method of adding fixed effects of provinces,replacing some variables,and changing the time of policy occurrence to conduct a robustness test to further verify the accuracy of the results.The final empirical results show that the accelerated depreciation policy can guide manufacturing enterprises to increase investment in fixed assets,reduce the proportion of financial assets to make the investment structure of manufacturing enterprises more reasonable.But the effect of accelerated depreciation policy on increasing the scale of fixed assets is relatively weak.Further exploring the policy effects of enterprises of different nature and in different regions,it is found that,firstly,the state-owned manufacturing enterprises are not as sensitive to the accelerated depreciation policy as the non-state-owned manufacturing enterprises due to the lack of policy-oriented and marketization in decision-making and operation;Second,manufacturing enterprises in the eastern region have been significantly affected by the accelerated depreciation policy,and the investment in fixed assets has increased significantly,which makes the investment more realistic.However,the accelerated depreciation policy has not significantly affected manufacturing enterprises in the central and western regions.Based on the empirical results,combined with the implementation status of accelerated depreciation policy in China,and drawing on the experience of developed countries,it is suggested that: first,increase the preferential strength of accelerated depreciation policy by expanding the scope of application of the policy and optimizing the accelerated depreciation method;The second is to formulate differentiated preferential policies,take into account regional and industrial differences,and adopt special preferential measures;The third is to optimize the tax collection and management of the accelerated depreciation policy,refine the policy provisions and simplify the declaration process;Fourth,we should improve relevant supporting measures and enhance the willingness of state-owned enterprises and enterprises in central and western China to enjoy the policy. |
