Capital-Biased Preferential Tax Policy and Enterprise Value:An Empirical Research from the Accelerated Depreciation Policy of Fixed Assets
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 ur-gently 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 depre-ciation policy of fixed assets on enterprise value.Our research has shown that the acceler-ated 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 in-crease 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 enter-prises,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 struc-tural tax reduction policies to assist in enterprise value growth.
Accelerated Depreciation of Fixed AssetsEnterprise ValueInvestment StructureR&D Innovation
万方数据
