Accelerated Depreciation Policy and Digital Transformation of Manufacturing Industry
This paper uses the implementation of accelerated depreciation policy for fixed assets(ADPFA)as a quasi-natural experiment to construct a multi-temporal DID model to examine the causal relationship between the ADPFA and the digital transformation of manufacturing firms.The results find that,the ADPFA significantly enhances the digital transformation of manufacturing firms through increasing firms'R&D investment and labor input,relieving firms'financing constraints.Further research finds that there is industry-level and text-level heterogeneity in the effects of the policy.From the industry-level,the ADPFA does not enhance the digital transformation of enterprises in the railroad,ship,aerospace and other transportation equipment manufacturing industry;from the text-level,the ADPFA does not have a significant impact on"blockchain technology".In the future,government should continue to strengthen the publicity of the accelerated depreciation policy,implement different policies for different industries,and broaden the application scenarios of digital technology,and firms should improve the financing ability and talent pipeline.
万方数据
维普
