Fig 1.
The mechanism of the accelerated depreciation policy of fixed assets affecting the investment efficiency of enterprises.
Table 1.
Descriptive statistics of main variables.
Fig 2.
Trend of investment inefficiency.
Fig 3.
Standardized deviation of covariates before and after matching.
Table 2.
Balance test before and after PSM matching.
Table 3.
Benchmark regression results.
Table 4.
Test results of over-investment and under-investment.
Fig 4.
The change trend of investment inefficiency of experimental and control group.
Fig 5.
Parallel trend test and dynamic effect test.
Table 5.
Test results of early policy intervention years.
Fig 6.
Non-parametric random simulation results.
Table 6.
Tests on expected effects, expanding the scope of the pilot program, and other policy effects.
Table 7.
Mechanism test results.
Table 8.
Results of heterogeneity analysis.