摘要
固定资产加速折旧作为一项具有资本偏向型特征的税收优惠政策,兼具税收优惠与投资促进功能,其在实现“稳投资”作用的同时能否带动企业价值增长,是当前“稳增长”目标下,一项亟待考察的现实问题。本研究基于2011—2018年A股市场中的非金融类上市公司数据,借助资本市场对企业市场价值的评估,建立双重差分模型考察了加速折旧政策对企业价值的影响与机制。研究表明,该项政策的实施对微观企业而言发挥了显著的价值创造效应,进一步的机制分析发现,加速折旧政策有助于企业专注主营业务,一方面可以加大实体投资比重,优化投资结构,从而促进企业价值提升;另一方面可以激励企业加大研发投入,增加创新产出,进而带动企业价值增值。多维度的异质性分析结果表明,在非国有企业、成熟期企业、实际控制人直接持股企业以及高市场化地区内的企业中,加速折旧政策的价值创造效应更为明显。本文的研究有助于从企业全生命周期经营绩效预期的视角加深对加速折旧政策效应的理解,为结构性减税政策助力企业价值“稳增长”提供了经验参考。
As a capital-oriented preferential tax policy,the accelerated depreciation policy of fixed assets has both tax preference and investment promotion functions.Whether the accelerated depreciation policy of fixed assets can drive the growth of enterprise value through“stabilizing investment”is a practical issue that needs to be investigated urgently under the current goal of“stabilizing growth”.We take the non-financial listed companies in the A-share market from 2011 to 2018 as a sample,and use the evaluation of enterprise market value in the capital market to examine the impact of the accelerated depreciation policy of fixed assets on enterprise value.Our research has shown that the accelerated depreciation policy of fixed assets has significantly increased the value of enterprises.Further analysis of the mechanism reveals that accelerated depreciation helps enterprises to focus on their main business,which on the one hand can increase the proportion of real investment and optimize the investment structure,thus promoting the value of enterprises.On the other hand,it can stimulate enterprises to invest more in technical research and increase innovation output,which in turn can lead to the appreciation of enterprise value.Further analysis of heterogeneity shows that for non-state-owned enterprises,mature enterprises,enterprises directly held by actual controllers,and enterprises in highly marketable areas,the accelerated depreciation policy of fixed assets has played a greater positive role in the value of enterprises.This study helps to deepen our understanding of the effects of accelerated depreciation policies from the perspective of expected business performance throughout the entire lifecycle of enterprises,and provides empirical references for structural tax reduction policies to assist in enterprise value growth.
作者
王晖
谢申祥
Wang Hui;Xie Shenxiang(School of Finance,Shandong Technology and Business University,Yantai 264005,China;School of Economics,Shandong University of Finance and Economics,Jinan 250014,China;Institute of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era,Shandong Provincial Party Propaganda Department,Jinan 250014,China)
出处
《南开经济研究》
CSSCI
北大核心
2024年第1期165-183,共19页
Nankai Economic Studies
基金
国家社科基金项目(22VRC107、23AZD034)
山东省高等学校青年创新团队发展计划项目(2019RWE013)的资助。
关键词
固定资产加速折旧
企业价值
投资结构
研发创新
Accelerated Depreciation of Fixed Assets
Enterprise Value
InvestmentStructure
R&D Innovation
作者简介
王晖,山东工商学院金融学院(邮编:264005),E-mail:huiwongchn@163.com;通讯作者:谢申祥,山东财经大学经济学院,山东省习近平新时代中国特色社会主义思想研究中心(邮编:250014),E-mail:xsx786@163.com。
