As an important measure taken by the Chinese government to deepen the promotion of tax and fee reduction for enterprises,the accelerated fixed assets depreciation policy is a capital-biased tax reduction policy that has the function of encouraging industrial investment and stimulating enterprises'innovation vitality.With the help of the quasi natural experiments of the accelerated depreciation policies in 2014 and 2015,this study examines the causal relationship between capital-biased taxation incentive policies and manufacturing enterprises'behavior of"shifting from real economy to virtual economy".The research findings show that the accelerated depreciation policy significantly suppresses the financialization level of manufacturing enterprises'"shifting from real economy to virtual economy".The incentive mechanism test indicates that the accelerated depreciation policy weakens the preventive savings motivation of manufacturing enterprises'"shifting from real economy to virtual economy"and their investment substitution profit-seeking motivation through the"cash flow effect"and"industrial investment effect",thereby curbing the financialization behavior of manufacturing enterprises'"shifting from real economy to virtual economy".It is found through further research that the curbing effect of the accelerated depreciation policy on manufacturing enterprises'"shifting from real economy to virtual economy"is more significant in non-state-owned enterprises,smaller-scale enterprises and enterprises with high capital factor intensity and high equity concentration.The research conclusion will provide useful reference for China to formulate and implement taxation incentive policies that promote the real economy to"shift from virtual economy to real economy"and prevent significant financialization risks.
关键词
加速折旧政策/制造企业/脱实向虚
Key words
accelerated depreciation policy/manufacturing enterprise/shift from real economy to virtual economy
万方数据