Study On The Impact Of Accelerated Depreciation Policy Of Fixed Assets On Enterprise Asset Allocation

In recent years,the virtual economy has developed rapidly,with more and more funds flowing into the virtual economy market,and the yield of the virtual economy has further improved;At the same time,the profit space of the real economy has narrowed and is in a depressed state.The profit-driven nature of capital drives the real enterprises to continue to invest in financial assets with high short-term returns,resulting in a large amount of capital idling in the virtual field,and structural imbalance between the real sector and the virtual economic sector,which is not conducive to the development of the real economy.The government issued the Notice on Improving the Enterprise Income Tax Policy for Accelerated Depreciation of Fixed Assets(CS [2014] No.75)in 2014.The original purpose of implementing this policy is to promote enterprises to return to the real economy and guide enterprises to use limited funds for their own production,operation and R&D investment.The repeated expansion of the accelerated depreciation policy further reflects the determination of the government to stimulate the vitality of the real economy by promoting real investment through preferential tax policies.In this context,it is of great significance to study whether and how the accelerated depreciation policy affects the asset allocation of enterprises,and whether the implementation effect of the policy conforms to the original intention and expectations of policy makers.This paper takes the A-share listed companies in Shanghai and Shenzhen from2008 to 2018 as the research object,and analyzes the influence of accelerated depreciation policy of fixed assets on enterprise asset allocation by constructing A multi-group and multi-period differential(DID)model.The empirical results show that:(1)Accelerated depreciation policy can promote enterprises’ real investment and financial asset allocation,but it has stronger promoting effect on real investment and guides enterprises to "move from virtual to real".(2)Accelerated depreciation policy promotes corporate entity investment and financial asset allocation by easing corporate financing constraints.(3)Compared with non-state-owned enterprises,accelerated depreciation policy has stronger promoting effect on entity investment of state-owned enterprises,but has no significant promoting effect on financial asset allocation;The accelerated depreciation policy mainly promotes the physical investment and financial asset allocation of enterprises in the eastern region and growth stage.(4)Accelerated depreciation policy significantly improves the investment efficiency of enterprises in the under-investment sample,but has no significant effect on the investment efficiency of enterprises in the over-investment sample.(5)Accelerated depreciation policy mainly promotes the increase of investment financial assets,but has no obvious effect on trading financial assets.(6)Further analysis of the policy expansion effect shows that the accelerated depreciation policy mainly promotes corporate entity investment,but has no significant impact on corporate financial asset allocation,and promotes enterprises to "move from virtual to real".The research in this article broadens the research perspective on the economic consequences of accelerated depreciation policies.Providing empirical evidence for understanding the role of accelerated depreciation policies in asset allocation behavior of enterprises;Provided empirical support for government departments to better formulate and implement accelerated depreciation policies in the future;To provide reference for accelerating depreciation policies to better serve physical enterprises and guide the return of funds to the entity.