固定资产加速折旧政策对企业绿色转型的影响及作用机制  

The Impact and Mechanism of Accelerated Depreciation Policy for Fixed Assets on Enterprises’Green Transformation

作　　者：李巍 管潇潇[2] 李元亨 LI Wei;GUAN Xiaoxiao;LI Yuanheng

机构地区：[1]上海师范大学天华学院商学院 [2]华东师范大学 [3]中央财经大学

出　　处：《金融发展》2024年第2期57-79,共23页Financial Development

摘　　要：在“双碳”战略目标和可持续发展的背景下,企业绿色转型越来越受到全社会的关注。为此,本文运用多时点双重差分法(DID),结合沪深A股制造业上市公司2011—2022年的面板数据,深入探讨了固定资产加速折旧政策对企业绿色转型的影响及其内在机制。研究表明,该政策确实推动了企业进行绿色转型,且在经过了一系列稳健性检验后该结论依然成立;机制分析表明,该政策通过缓解融资约束和提升市场关注度推动了企业的绿色转型,同时,政府环境规制与高管环保意识均在此过程中发挥了正向调节作用。异质性分析发现,政策效应在国有企业、非重污染行业、高气候风险企业及大规模企业中更为显著;此外,进一步分析还指出,固定资产加速折旧政策有效促进了企业的可持续发展能力。本研究不仅丰富了税收政策与企业绿色转型领域的研究内容,还为政策制定者制定企业绿色转型激励措施提供了实证依据。Against the backdrop of the“dual carbon”strategic goals and sustainable development,the green transformation of enterprises is receiving increasing attention from the whole society.Therefore,this paper uses the multi time difference in differences(DID)method and combines panel data of Shanghai and Shenzhen A-share listed companies from 2011 to 2022 to deeply explore the impact and internal mechanism of accelerated depreciation policies on corporate green transformation.Research has shown that this policy has indeed promoted companies to undergo green transformation,and this conclusion still holds true after a series of robustness tests;Mechanism analysis shows that this policy has promoted the green transformation of enterprises by alleviating financing constraints and increasing market attention.At the same time,government environmental regulations and executive environmental awareness have played a positive regulatory role in this process.Heterogeneity analysis found that policy effects are more significant in state-owned enterprises,non heavy polluting industries,high climate risk enterprises,and large enterprises;Furthermore,further analysis indicates that the policy of accelerated depreciation of fixed assets has effectively promoted sustainable development capability of enterprises.This study not only enriches the research content in the field of tax policy and corporate green transformation,but also provides empirical evidence for policy makers to formulate incentive measures for corporate green transformation.

关 键 词：固定资产加速折旧 企业绿色创新 融资约束 市场关注度 政府环境规制 高管环保意识 

分 类 号：F810.42[经济管理—财政学]