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

Table 4

Accelerated depreciation of fixed assets and PSM-DID test of corporate financialization.

PSM-DID results	Difference before policy (2014)	Difference after policy (2014)	DID result	Difference before policy	Difference after policy	DID result
Index	RD			FIN
DID	0.385	0.522	0.137	0.125	-0.002	-0.127
Var	0.066	0.048	0.050	0.067	0.062	0.079
	15.220	12.640	12.730	14.350	9.160	7.460
	0.000	0.216	0.006	0.000	0.167	0.002
Index	FASS			DTax
DID	0.185	0.253	0.068	0.208	0.166	-0.042
Var	0.231	0.165	0.150	0.158	0.089	0.038
	13.250	10.180	11.030	11.440	9.760	5.680
	0.004	0.112	0.002	0.024	0.205	0.033

Note: , , and are significant at the levels of 10%, 5%, and 1%, respectively.