The Influence Of The Change Of Investment Policy On The Innovation Behavior Of Enterprises

In order to promote the renewal of assets and improve the innovation ability of enterprises,China has been trying to promote the investment policy of accelerating depreciation so that it can be implemented in enterprises.In recent years,China has further expanded the coverage of accelerated depreciation policy.Since 2014,China has made several changes in laws and regulations related to accelerated depreciation of fixed assets for three times.As of 2019,accelerated depreciation policy has covered all manufacturing enterprises.But does this policy really help Chinese enterprises to improve their innovation ability? This is also the focus of academic and industry discussion on this policy.Among the existing research results in China,only a few papers use empirical analysis to examine the implementation effect of this policy and the mechanism affecting the innovation behavior of enterprises.Therefore,this paper hopes to further investigate whether this policy can really help Chinese enterprises to improve their innovation ability and sort out their impact mechanism through empirical analysis and case analysis,so as to fill the gap in this research field in China.The research results of this paper can be used as a reference for our administrative agencies to evaluate the implementation effect of this policy,and also provide some theoretical support for the revision and optimization of this policy,so as to better help enterprises improve their innovation ability,achieve transformation and upgrading,help our country get rid of the economic downturn and improve the level of development.In order to study the impact of accelerated depreciation policy on the innovation behavior of enterprises,this paper has done the following work: analyzing the background and significance of this policy,reviewing the literature related to accelerated depreciation,summarizing the experience of accelerated depreciation policy at home and abroad,analyzing the theoretical mechanism of the impact of accelerated depreciation investment policy on the innovation behavior of enterprises,and testing this policy with empirical analysis and case analysis The influence of policies on the innovation ability,the actual tax rate and the speed of asset renewal.In the empirical analysis,this paper focuses on the impact of the new accelerated depreciation policy on the innovation behavior of enterprises in 2014,and puts forward the following assumptions: when the accelerated depreciation policy of fixed assets is implemented as an investment policy,the R & D innovation ability of enterprises will be improved.In order to test the above hypothesis,this paper selects a number of enterprises within the scope of this policy shock and enterprises not within the scope of this policy shock(both of which belong to listed companies)as samples,and takes the natural logarithm of the number of patent applications plus one,the proportion of R & D expenditure in the business income of enterprises as explanatory variables,and the financial indicators of enterprises as control variables Variable,and based on this,a double difference did model is established to investigate the impact of the new accelerated depreciation policy of fixed assets on the innovation ability of enterprises in 2014.In the process of empirical analysis,this paper also conducted parallel trend test,descriptive statistics,multicollinearity test,explained variable t test,robustness test.After the regression of the basic model,this paper further tests the impact mechanism,examines the dynamic effect of accelerated depreciation policies in 2014 and 2015,the hierarchical regression of samples,and the impact of the new accelerated depreciation policy in 2014 on the actual tax rate and capital expenditure of enterprises.After an empirical analysis of the accelerated depreciation policy in 2014,this paper also examines the impact of the new accelerated depreciation policy on the covered enterprises in 2015,and finds that the impact is the same as the new accelerated depreciation policy in 2014.Through empirical analysis,this paper draws the following conclusions:(1)the accelerated depreciation policy of fixed assets has significantly increased the number of patent applications and the proportion of R & D expenditure in the operating revenue of enterprises within the scope of the policy;(2)the effect of the policy on the innovation ability of non-state-owned enterprises is more obvious;(3)Compared with the central and western regions,this policy is more effective in improving the innovation ability of enterprises in the eastern region.(4)Accelerating the new policy of depreciation can speed up the renewal of assets and reduce the actual tax burden of enterprises.Not only that,this paper also draws a conclusion through case analysis: when enterprises adopt accelerated depreciation policy to accrue depreciation for fixed assets,due to the existence of tax shield effect and time value of money,it can provide more cash flow of business activities for enterprises,thus providing financial support for enterprises to purchase fixed assets and R & D innovation.The research results of this paper are summarized as follows:(1)the empirical research and case study methods are used to quantify the implementation effect and existing problems of the accelerated new deal in 2014 and 2015.This will provide a theoretical basis for further fiscal reform and the implementation of this policy.(2)By returning the samples to different regions,we find that the effect of this policy is different in different regions.One of the most important reasons for the regional difference of policy effect is the imbalance of regional development.Once again,this paper emphasizes the importance of reducing regional development differences.(3)Accelerated depreciation policy in the sample of non-state-owned enterprises is more effective in improving the innovation ability of enterprises.This shows that the implementation effect of the policy is different due to the difference of enterprise attributes.Therefore,this study provides a theoretical basis for the ongoing promotion of the reform of state-owned enterprises.Based on the above research results,this paper puts forward the following suggestions:(1)further expand the coverage of accelerated depreciation policy and increase the promotion,so as to improve the overall innovation capacity of our country and effectively ensure the implementation of this policy.(2)Further reduce the imbalance of regional development,so that every policy issued by our country can achieve the maximum effect.(3)Further promote the reform of state-owned enterprises,improve the operating efficiency of state-owned enterprises,eliminate people’s doubts about the efficiency of state-owned enterprises,create more value for state-owned enterprisesand ensure the maximization of the implementation effect of each national policy.(4)We will further improve the protection of intellectual property rights and pay more attention to innovative talents.