摘要
以中国A股2010—2018年的数据作为样本,通过依托“准自然实验”的倾向得分匹配的双重差分模型(PSM-DID),来检验固定资产加速折旧政策对企业投资结构偏向的影响。基准检验表明,加速折旧政策显著影响了企业的投资结构,有效地引导企业偏向固定资产投资,而减少权益资产投资的比重。异质性分析发现,上述政策效应更多发生在国有性质、大规模、未亏损以及处于东部发达地区的企业。影响机制分析发现企业现金流在加速折旧政策影响企业的投资行为中扮演着中介效应的作用。
With data of China A shares from 2010 to 2018 as samples,through the dual difference model(PSM-DID)based on propensity score matching in quasi-natural experiments,we have tested the influence of accelerated depreciation policy on enterprise investment structure bias.The benchmark test shows that the accelerated depreciation policy significantly affects the investment structure of enterprises,effectively guides enterprises to prefer fixed asset investment,but reduces the proportion of equity asset investment.Meanwhile,heterogeneity analysis shows that the above policy effects occur more in state-owned,large-scale,loss-free enterprises and enterprises in developed eastern regions.The analysis of impact mechanism shows that enterprise cash flow plays an intermediary role in the impact of accelerated depreciation policy on enterprise investment behavior.
作者
湛泳
陈思杰
ZHAN Yong;CHEN Si-jie(School of Business, Xiangtan University, Xiangtan, Hunan 411105, China)
出处
《湘潭大学学报（哲学社会科学版）》
CSSCI
北大核心
2021年第5期38-43,共6页
Journal of Xiangtan University:Philosophy And Social Sciences
基金
湖南省自科基金面上项目“军民深度融合驱动我省制造业发展的长效机制与政策体系研究”(2019JJ40286)
湖南省社科基金重点智库项目“国家军民融合发展重点区域建设研究”(19ZWB10)。
关键词
固定资产加速折旧
投资结构偏向
固定资产投资
权益资产投资
accelerated depreciation of fixed assets
investment structure bias
fixed asset investment
equity asset investment
作者简介
湛泳(1976-),男,湖南沅江人,博士,湘潭大学商学院教授、博士生导师。
