证券市场导报Issue(6)：32-41,10.
政策性优惠:馅饼还是陷阱?——基于固定资产加速折旧税收政策的检验
摘要
Abstract
Recently 'useful government' and the influence of government on economic development have attracted attention of academic researchers. This paper tests this topic from the view of PPE accelerated depreciation tax policy issued by State Administration of Taxation in 2008. We find that after the new policy, companies will increase their investment level significantly. But further study shows, on one hand the new policy has direct tax-deduction effect, which can help reduce tax burden of companies and therefore improve their financial performance; on the other hand, the policy will also decrease the positive consequences of PPE investment to company performance, which can be shown on lower valuation investors made to PPE investment after the policy. Overall, the 2008 PPE accelerated depreciation tax policy prompted corporate investment greatly, however, the benefits of reduced tax cannot cover up the subsequent drop of investment efficiency and therefore do harm to company value. Economic policy adopted to deal with macroeconomics can exert negative influences on companies in the long run.关键词
经济政策/固定资产加速折旧/投资/投资效率Key words
economic policy/PPE accelerated depreciation/investment/investment efficiency分类
管理科学引用本文复制引用
陈煜,方军雄..政策性优惠:馅饼还是陷阱?——基于固定资产加速折旧税收政策的检验[J].证券市场导报,2018,(6):32-41,10.基金项目
本文是国家自然科学基金"制度环境、公司治理与高管治理机制有效性"(项目批准号:71372119) （项目批准号:71372119）
国家自然科学基金"政府控制、市场化进程与上市公司高管薪酬契约有效性"(项目批准号:71072003)的阶段性成果. （项目批准号:71072003）
