税收优惠与企业并购——来自固定资产加速折旧政策的证据  

Tax incentive and corporate M&A: evidence from theaccelerated depreciation policy of fixed assets

作　　者：刘穷志[1] 任静[1] LIU Qiongzhi;REN Jing(Wuhan University,Wuhan 430072)

机构地区：[1]武汉大学,湖北武汉430072

出　　处：《财贸研究》2024年第10期44-61,共18页Finance and Trade Research

基　　金：国家社会科学基金重点项目“兼顾经济增长目标的财政再分配机制研究”(21AJY005)。

摘　　要：基于2011—2018年中国A股上市公司数据,利用2014年固定资产加速折旧政策这一外生冲击,采用DID方法实证分析税收优惠对企业并购的影响。结果表明:加速折旧政策显著促进了企业并购,具体表现为加速折旧政策既增加了企业并购次数又扩大了企业并购规模。异质性分析表明,加速折旧政策对国有企业、固定资产占比较低的企业及分析师关注度较高的企业的并购的促进作用更为明显。机制检验结果表明,加速折旧政策通过缓解企业融资约束从而促进企业并购。进一步分析发现,加速折旧政策促进了现金并购,提高了企业并购绩效。Based on the data of A-share listed companies in China from 2011 to 2018,this paper uses the accelerated depreciation policies of fixed assets in 2014 as an exogenous shock and investigates the impact of tax incentive on corporate M&A activities by the DID method.Results indicate that the accelerated depreciation policy significantly promotes corporate M&A activities,manifested by both an increase in the number and an expansion of the scale of corporate M&A transactions.The policy has a greater impact on state-owned corporates,corporates with a lower proportion of fixed assets,and those with higher analyst coverage.The mechanism of analysis shows that the accelerated depreciation policy promotes M&A activities by alleviating corporate financing constraints.Further analysis finds that the accelerated depreciation policy increases cash deals and improves the market performance of corporate M&A activities.

关 键 词：税收优惠 加速折旧 企业并购 

分 类 号：F812[经济管理—财政学]