Accelerated Depreciation Tax Credit and Corporate Financialization Based on the PSM-DID Model

Table 1

Variable code and calculation formula.

Dependent variable	RD	Growth rate of R&D expenditure
	FASS	Growth rate of fixed assets of enterprises
	DTax	Growth rate of enterprise deferred income tax
	FIN	Growth rate of financial assets in total assets
Interpreted variable	DID
	Post	If the observed value is 1 in 2014 and later, otherwise 0
	Treat	Treat is 1 if the company’s industry is within the scope of six industries; otherwise, it is 0
	Year	Year virtual variable
Control variable	Size	Company total assets dedimensionalization
	Lev	Company’s total liabilities/total assets at the end of the year
	Htech	If technology enterprise , else 0
	Age	Current year minus year the company was listed
	Cash	Cash and its equivalents at the beginning of the period/total assets
	ROE	Current net profit/closing net asset
	Tobin	Year-end market value/book value
	GPM	Gross profit/operating income