经济与管理2026，Vol.40Issue(5)：74-83,10.
结构性减税与企业商业信用结构调整
Structural Tax Cuts and Trade Credit Composition Adjustment:Evidence from China's Accelerated Depreciation Policy for Fixed Assets
摘要
Abstract
Targeted structural tax cuts are a key policy instrument for improving firms'cash flows and financing conditions and for guiding more efficient resource allocation.By reshaping credit supply-demand relationships within supply chains,such policies can also materially affect the composition of firms'trade credit.This study treats China's accelerated depreciation policy,an"interest-free-loan-like"structural tax incentive,as a quasi-natural experiment.Using data on A-share listed firms and a difference-in-differences design,we examine its impact on firms'trade credit composition and the underlying mechanisms.We find that the policy significantly optimizes both the demand-side and supply-side structure of trade credit.On the demand side,by easing financing constraints and improving financial transparency,the policy encourages firms to rely more on standardized,lower-risk instruments such as notes payable.On the supply side,by improving operating performance and strengthening inventory management,the policy leads firms to accept more notes receivable and other credit arrangements with stronger cash-flow control and higher verifiability in sales settlement.Further analyses show that imbalances in trade credit composition increase firms'overall risk and propagate upstream through trading relationships,while accelerated depreciation mitigates this risk-amplification effect.关键词
结构性减税/固定资产加速折旧政策/商业信用结构/供应链Key words
structural tax cuts/accelerated depreciation policy for fixed assets/trade credit composition/supply chain分类
管理科学引用本文复制引用
宋丽颖,秦娓婷..结构性减税与企业商业信用结构调整[J].经济与管理,2026,40(5):74-83,10.基金项目
国家社会科学基金一般项目(21BJY004) （21BJY004）
