固定资产加速折旧、企业异质性与企业价值——基于上市制造业企业的实证研究  

Accelerated Depreciation of Fixed Assets, Company Heterogeneity and Company Value——An Empirical Study Based on Manufacturing Listed Company

作　　者：刘翔 乔艺柯 Liu Xiang;Qiao Yike(School of Public Finance and Taxation,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学财政税务学院,北京100070

出　　处：《工业技术经济》2023年第1期13-22,共10页Journal of Industrial Technological Economics

基　　金：北京市社会科学基金项目“京津冀建设协同创新共同体的财税政策支持机制研究”(项目编号:19YJB012)。

摘　　要：本文以2010~2020年沪深A股上市制造业企业为研究对象,将2014年实施的固定资产加速折旧政策作为一项准自然实验,采用PSM-DID方法,考察固定资产加速折旧政策与企业价值的关系。研究发现:加速折旧政策对企业价值有显著的正向影响,在经过安慰剂检验等一系列稳健性检验后结果没有发生显著变化,但政策效应受企业规模、股权性质、企业所处生命周期以及企业所在地的异质性影响,进一步研究发现加速折旧政策通过融资约束和研发投入中介效应作用于企业价值。Taking the manufacturing company listed in Shanghai and Shenzhen A-shares from 2010 to 2020 as the research object, the accelerated depreciation policy of fixed assets implemented in 2014 is taken as a quasi-natural experiment, and the PSM-DID method is adopted to investigate the relationship between the accelerated depreciation policy of fixed assets and company value.It is found that the accelerated depreciation policy has a significant positive impact on enterprise value, and the results have not changed significantly after a series of robustness tests such as placebo test.However, the policy effect is influenced by the size of the company, the nature of the equity, the life cycle of the company and the heterogeneity of the location of the enterprise.It is further found that accelerated depreciation policy acts on company value through financing constraints and intermediary effect of R&D investment.

关 键 词：加速折旧政策 企业价值 异质性 融资约束 PSM-DID 研发投入 

分 类 号：F812􀆰[经济管理—财政学]