An Study On The Impact Of Accelerated Depreciation Tax Policy On Fixed Assets Investment In Manufacturing Industry

After 30 years of reform and opening up the rapid growth of China's economy has now entered a new normal mode,that is,China's economy is into the slowdown in the state of growth.Although the fundamentals of China's economic situation is still good,increasingly difficult earnings,Labor pressure increases and the development of poor expectations and other issues still troubled Chinese enterprises.For this reason,the State Administration of Taxation(SAT)issued the Notice on Perfecting the Policy on Accelerating Depreciation of Enterprise Income Tax on Fixed Assets in 2014(Cai Shui [2014] No.75).In 2015,the preferential policies will be expanded to light industry,textile,machinery and automobile Field key industry.Aimed to use the tax preferential policies to speed up the upgrading of enterprise equipment,science and technology research and development innovation,expand manufacturing investment,promote public entrepreneurship,enhance the enterprises to purchase new equipment to promote industrial upgrading and technological transformation.The policy not only encourage investment in the manufacturing sector to stabilize the overall economic situation,but also eliminate backward production capacity,both conducive to the current and benefit in the long run.For the manufacturing industry,fixed assets in the development of enterprise operations play a vital role in the process,especially in China's current rapid development of science and technology in the context of the ability to shorten the equipment replacement cycle,the introduction of more new equipment to improve Production capacity and efficiency are the key problems in the development of China 's manufacturing industry.Based on the basis of theoretical analysis and empirical analysis,this paper explores the impact of accelerated depreciation tax policy on the investment of manufacturing enterprises.The structure of this paper is as follows: The first chapter is the introduction.The background of the topic is briefly described,and then the relevant literature at home and abroad were summarized and reviewed,on the basis of previous studies to find the innovation and research direction of this study.The second chapter is the theoretical analysis of the impact of accelerated depreciation tax policy on fixed asset investment.First of all,the main contents of the accelerated depreciation tax policy are sorted out and summarized.Then,the change of the scale of fixed assets investment in China is analyzed.It is found that the growth rate of fixed assets investment in China is declining,and further analysis of ownership structure and regional structure(Including tax policy),and then further elaborated on the theoretical basis of the impact of accelerated depreciation tax policy on fixed asset investment.The third chapter is the empirical analysis.Taking the annual data of manufacturing listed companies as the research sample,the double differential model is introduced to test the effect of accelerated depreciation tax policy on the investment of fixed assets in manufacturing enterprises.The fourth chapter is the conclusion and policy suggestion.In view of the current situation of China's accelerated depreciation tax policy and the relevant theoretical basis of accelerating depreciation tax policy,the empirical analysis results,from the accelerated depreciation tax preferential industry scope,preferential efforts and policy practice and other aspects of the proposed tax authorities to increase the publicity of the policy,Encourage manufacturing enterprises to implement the policy,especially in the central and western regions and private enterprises.To further encourage China's manufacturing enterprises equipment updates,industrial transformation and upgrading.