固定资产折旧的融资效应分析

通过分析折旧税蔽效应和沉淀效应的产生过程及经济本质，运用折现模型估算封闭经济和开放经济中折旧税蔽效应和沉淀效应的大小，发现固定资产折旧的融资效应与折旧率之间呈“倒U”型变动，存在最优折旧政策使折旧基金产生最大的融资效应。并且比较了20世纪80年代以来我国和日本、德国的折旧率水平，发现我国长期较低的折旧率水平限制了企业的自我融资能力。

Analysis on the Financing Effects of Depreciation Fund

The paper analyzes the producing process and economic nature of tax-shield effect and sunk-fund effect of depreciation fund,employs DCF model to assess the degree of tax-shield effect and sunk-fund effects in open and close economy respectively.The paper finds the "inverted U"-shape relationship between financing effects of depreciation and depreciate rate of fixed assets,thereby the optimal depreciation policy to maximize financing effects of depreciation.In addition,the paper compares depreciate rate of China,Japan and Germany since the 1980s,and concludes that long-term lower-depreciated-rate policy in China has restricted the self-financing ability of Chinese enterprises.