The Impact Of Accelerated Depreciation Of Fixed Assets On Total Factor Productivity Of Manufacturing Enterprises

At present,COVID-19 is still rampant around the world,China’s economic growth has been slowing down under the impact of rising risks and challenges abroad and deepening of the "three-stage superimposed" at home.In the face of endless new opportunities and challenges,how to stimulate and mobilize the development potential and factors of production has become a problem that must be considered deeply to achieve the goal of high-quality development.The income tax policy of accelerated depreciation of fixed assets is a fiscal and tax preferential policy based on the background of the new economic normal and the goal of high-quality development,focusing on relieving the difficulties of manufacturing enterprises.Therefore,based on the data of manufacturing companies listed in Shanghai and Shenzhen A shares from 2008 to 2018,this paper constructs exogenous variables with the two accelerated depreciation new policies in 2014 and 2015,constructs a multi-stage double difference model,and expounds the effect of the accelerated depreciation income tax policy from the theoretical and empirical levels.At the same time,the robustness of the benchmark regression results is tested by changing the measurement method of the explained variables and eliminating the impact of the financial crisis,and the differentiation effect and mechanism action path are analyzed.On the one hand,this paper focuses on the promotion of total factor productivity from the perspective of accelerated depreciation policy,and sets the research object in the scope of manufacturing industry,which not only widens the research direction of accelerated depreciation at the micro level,but also points out the way to improve the total factor productivity of manufacturing industry.On the other hand,from the perspective of mechanism path,through research,this paper concludes that the pressure of financing constraints and R & D innovation ability bear the transmission role between accelerated depreciation policy and total factor productivity.The R & D innovation ability of enterprises is measured from the two dimensions of R & D innovation investment and R & D innovation output,which enriches the analysis framework of the effect of accelerated depreciation policy and provides an empirical basis for further improving and refining tax policies.The results show that for the manufacturing industry,the accelerated depreciation policy of fixed assets has indeed played a certain role in promoting the improvement of total factor productivity,reducing the current tax burden of the manufacturing industry,alleviating the capital pressure and expanding the scale of R & D investment.In the further analysis,it is found that the accelerated depreciation policy plays a significant role in promoting the total factor productivity of manufacturing industry in non-state-owned enterprises,but not in state-owned enterprises;It can promote the eastern and central regions,but not the western and northeast regions;It has a significant promoting effect on small-scale enterprises,but not on large-scale enterprises.Therefore,in order to maximize the promotion effect of accelerated depreciation policy on total factor productivity and better promote the high-quality development of manufacturing industry,this paper proposes that we should adhere to the accelerated depreciation policy of fixed assets,continuously improve it in a wide field and targeted direction,and promote the modernization reform of tax collection and management system.