The Impact Of Accelerated Depreciation Income Tax Policy On Enterprise Innovation

With the continuous development of economic globalization,many countries in the world have promulgated various policies and measures to encourage the R&D innovation of enterprises.It has become a popular practice in many countries that the government promotes R&D innovation through financial subsidies and preferential tax policies.Although accelerated depreciation policy of fixed assets is not directly targeted to support R&D innovation,it may also play an important role in enterprise innovation.Under the background of innovation driven development in China,the Ministry of Finance and the State Administration of Taxation jointly issued the notice on improving the enterprise income tax policy of accelerated depreciation of fixed assets(F&T[2014]No.75)in October 2014.In September 2015,the notice on further improving the corporate income tax policy for accelerated depreciation of fixed assets(F&T[2015]No.106)was issued,which clarified the issue of improving the policy of enterprise income tax on the accelerated depreciation of fixed assets.The main part of this thesis firstly makes a qualitative analysis of the impact of accelerated depreciation of fixed assets on enterprise innovation based on innovative market failure theory and depreciation compensation theory,and put forward research hypothesis according to the analysis results.Secondly,it introduced the development process and implementation of the policies related to accelerated depreciation of fixed assets in China,as well as the development of the innovation level of enterprises in China at this stage.Then,this thesis made an empirical analysis on this basis.Taking the policy shocks in 2014 and 2015 as quasi natural experiments,a multi-point DID model was constructed to study the effect of accelerated depreciation of fixed assets from the perspective of innovation input and output,and to test the robustness of the regression results.Then,this paper made further analysis.First,it tested the intermediary effect of the formation mechanism of innovation output.Second,it analyzed the heterogeneity based on the impact of financing constraints.Third,it analyzed the heterogeneity based on the level of marketization.Fourth,it analyzed the heterogeneity based on the characteristics of enterprises from two aspects of scale and property right.Finally,according to the current situation of accelerated depreciation policy of fixed assets and the results of empirical analysis,the paper put forward feasible policy suggestions for the problems found in the research process.The results show that the accelerated depreciation policy has a significant role in promoting innovation input and innovation output.However,the policy only improves the overall innovation output level.The innovation output is realized through innovation input,which shows that the transformation effect of innovation output of Chinese enterprises is not good.Based on the theory of market failure and the theory of depreciation compensation,the degree of financing constraint faced by enterprises,the marketization level of enterprises and their own characteristics are important factors affecting the policy effect.In terms of relevant heterogeneity analysis,this thesis found that the effect of accelerated depreciation of fixed assets policy to stimulate innovation was more significant for enterprises with high financing constraints within a certain range,but it was no longer significant when the financing constraints were too high.At the same time,the policy is more prominent among enterprises,small-scale enterprises and state-owned enterprises in regions with higher marketization levels.Based on the above conclusions,this thesis puts forward the following policy recommendations.First,deepen the reform of depreciation policy for fixed assets;second,optimize tax collection and management procedures;third,improve the external environment of the policy;fourth,highlight the guidance of the policy.