An Empirical Study On The Impact Of Accelerated Depreciation Of Fixed Assets On The Expansion Of Investment Of Enterprises

After more than 30 years of rapid economic growth,China's economic growth rate has gradually declined since 2012 and entered the “new normal” phase.Under this situation,the manufacturing industry is facing more pressure,and the limited profit space restricts the investment and R&D ability of enterprises,which lead to a series of problems such as overcapacity,lack of development power of high-end manufacturing industry and so on.In order to promote the investment of enterprises,enhance the R&D ability of enterprises,promote the transformation and upgrading of industrial structure,and accelerate the pace of realizing "China's Intel igent Manufacturing",the Ministry of Finance and the State Administration of Taxation first issued the accelerated depreciation policy in 2014,and further expanded it in 2015.By 2019,the policy has been extended to all manufacturing industries.The state constantly promotes the policy.In the short term,enterprises can postpone tax payment,reduce initial tax burden,increase current cash flow,enhance enthusiasm for investment and purchase of new equipment,and then carry out research and development activities.In the long term,enterprises can eliminate backward production capacity in time,upgrade the entire industrial structure and promote advanced technology,and further upgrade and transform the manufacturing industry.Based on the accelerated depreciation policy in 2014,this paper summarizes and analyzes the implementation of the policy,and then discusses the impact of accelerated depreciation policy of fixed assets of corporate income tax on the expansion of investment by means of empirical analysis.The research shows that accelerated depreciation tax policy can stimulate the fixed asset investment of manufacturing enterprises.From the perspective of ownership,the incentive effect of the policy on the fixed assets investment of state-owned enterprises is more significant;from the perspective of the region,the incentive effect of the policy on the central and western regions is more significant.Specifically,this paper first combs the domestic and foreign research on tax preference,especially the accelerated depreciation policy and enterprise investment;then,from the perspective of income effect and substitution effect,it analyzes the impact mechanism of accelerated depreciation policy on enterprise investment expansion,then introduces the general method and mode of accelerated depreciation policy,and comprehensively introduces the policy.By collecting and sorting out the data of listed companies,this paper summarizes the current situation of China's policy implementation and the corresponding problems,and further combs the status of China's fixed asset investment.Then through empirical research methods,taking the data of listed companies as samples,this paper constructs a double difference model,which confirms the incentive effect of accelerated depreciation policy on the expansion of fixed asset investment.After distinguishing ownership and regional level,it further tests the specific impact of policies on fixed asset investment.Next,this paper summarizes the advanced experience of other countries in the world.On the basis of empirical analysis and foreign advanced experience,this paper puts forward some suggestions to improve China's policies.We should continue to expand policy-beneficiaries,differentiate tax preferences,and enrich the forms of tax preferences,so as to provide institutional guarantee for enterprises to invest in fixed assets.