Research On The Influence Of Accelerated Depreciation Of Fixed Assets On Enterprise Value

In recent years,China’s economy is shifting from high speed development model to high quality development model.In order to promote the technological transformation of enterprises,support entrepreneurship and innovation,help enterprises improve their own value and achieve high-quality development,China promulgated and implemented the policy of accelerated depreciation of fixed assets in 2014,and increased the scope and strength of the implementation of this policy several times in subsequent years.Therefore,scientific assessment of the impact of accelerated depreciation policy on enterprise value is of great theoretical and practical significance to further optimize the accelerated depreciation policy on fixed assets in China and effectively enhance enterprise value.After analyzing the impact mechanism of accelerated depreciation policy on enterprise value at the theoretical level,this paper selects annual data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as samples,and empirically tests and identifies its impact effect and mechanism of action by constructing a double-difference model,proving that there is a facilitating effect of accelerated depreciation policy on enterprise value,and the effect is achieved through the alleviation of financing constraints and the promotion of R&D innovation as partial mediators.Further heterogeneity tests reveal that the accelerated depreciation policy on fixed assets has different effects on different firms.In terms of equity nature,the policy promotes the value of state-owned enterprises more significantly than nonstate-owned enterprises;in terms of life cycle,the policy promotes the value of high-growth firms in the start-up and growth stages more significantly than low-growth firms in the maturity and decline stages.Based on the analysis and conclusions above,this paper puts forward relevant suggestions in terms of increasing the policy preference,unblocking the policy action path and increasing the support for specific enter.