The Impact Of Accelerated Depreciation Policy On The Investment Efficiency Of Corporation

Enterprise income tax is a very important kind of tax.on the one hand,it is a cost that companies must spend on their daily business activities,on the other hand,it is also one of the main sources of government revenue.Therefore,it is not difficult to understand that income tax preference is a very beneficial measure for enterprises,which can reduce investment costs and then expand investment.at the beginning of 2014,China has gradually modified some tax policies;one of them is to accelerate the depreciation of fixed assets.Two key documents have been introduced to the public.It is aimed at enterprises in six major industries and four key areas.The scope of preferential industries will be extended to all manufacturing sectors in 2019.Most of the existing studies are aimed at the manufacturing industry.This paper takes the software and information technology service enterprises with increasing strategic position as the research object.The focus of this paper is whether the investment efficiency of software and information technology service companies can be improved with the introduction of policies.This paper takes the accelerated depreciation policy issued in 2014 as the starting point,and takes 2011 to 2013 and 2015 to 2018 as the sample observation period before and after the implementation of the accelerated depreciation policy.this paper studies and analyzes the changes of the investment efficiency of software and information technology service companies under this policy.The results show that when other conditions remain unchanged,the accelerated depreciation policy of fixed assets can reduce underinvestment,and will not aggravate over-investment,resulting in a certain increase in investment efficiency than before.In terms of the impact of different nature of enterprises under the accelerated depreciation policy on fixed assets,the impact on the reduction of underinvestment in state-owned enterprises is greater than that on non-state-owned enterprises,and there is no significant difference in the impact on over-investment.This policy aggravates the phenomenon of over-investment in larger enterprises subsidized by the government,and has no significant difference in reducing underinvestment.The conclusion of this study can not only promote the accurate understanding and rational use of the preferential tax policies issued by China's software and information technology service industry,it can also guide government departments to scientifically formulate and use preferential tax policies to reduce corporate tax pressure and improve the investment efficiency of software and information technology service industries,so as to strengthen the coordination of macro-control measures and improve the accuracy of government regulation.Therefore,according to the research conclusion,this paper puts forward some feasible suggestions for the enterprise and the government respectively.