环境保护税改革对企业绿色发展的影响研究
王性玉1，赵辉1,2
（1.河南大学 商学院，河南 开封475004；
2.河南大学 数学与统计学院，河南 开封475004)
摘要：作为市场型环境规制工具的环境保护税对企业绿色转型具有重要推动作用，但是有关环境保护税改革对微观企业绿色发展的影响研究较为缺乏。本文以2013—2021年我国沪深A股上市企业为研究样本，以环境保护税改革作为一项准自然实验，运用三重差分模型，实证考察其对企业绿色发展的影响及作用机制。研究表明，环境保护税改革显著促进了企业绿色发展，地区差异化税改对城市的环境质量冲击存在绿色“涓滴效应”。进一步分析发现，环保税改革的绿色发展效应在非国有企业、市场化程度较低地区中会更加显著。机制检验发现，环境保护税改革主要通过促使企业加大环保投资、加强绿色技术创新、提高资源配置效率等渠道影响企业的绿色发展。本文在理论上拓展了环保税改革的微观经济后果研究，实践上对地方政府和企业运用市场化环境规制工具、促进区域和企业绿色可持续发展具有启示意义。
关键词：环境保护税；绿色发展；三重差分
主要研究结论：《环境保护税法》的实施是党的十九大以来力度最大，波及范围最广的环境规制改革，本文以2018年1月1日《环境保护税法》的实施为准自然实验，以2013—2021年我国沪深A股上市企业为研究样本，利用三重差分模型，实证考察了环境保护税改革对企业绿色发展的影响及作用机制。研究发现，第一，环境保护税改革能够显著促进企业绿色发展。环境保护税改革一方面通过提高企业环境合法性压力促使企业绿色发展，另一方面通过发挥创新补偿效应促使企业绿色发展。该结论拓展了环保税改革的微观经济后果相关研究。第二，机理检验发现，环境保护税改革主要通过促使企业加大环保投资力度、加强绿色技术创新、提高资源配置效率等渠道影响企业绿色发展。研究结果厘清了环保税对企业绿色转型和发展的影响效应及其作用机制, 丰富了宏观财税政策与微观企业绿色行为的理论研究。第三，地区差异化税改对城市的环境质量冲击存在绿色“涓滴效应”，环境保护税改革对非国有企业、市场化程度较低地区企业的绿色发展影响更加显著。该结论在实践上对地方政府和企业运用市场化环境规制工具，推动区域和企业绿色发展提供重要启示。
A study on the impact of environmental protection tax reform on the green development of enterprises
Wang Xingyu1, Zhao Hui1,2
(1. School of Business, Henan University, Kaifeng 475004, Henan, China;
2. School of Mathematics and Statistics, Henan University, Kaifeng 475004, Henan, China)
Abstract:Environmental protection tax is an important environmental and economic policy in China, which is conducive to promoting China′s green transformation and development. But for a long time, China only implemented a system of pollution fees. Due to the mandatory and normative defects of the pollutant discharge fee system itself, it is difficult to realize the expected economic and environmental effects. Therefore, in order to promote the construction of ecological civilization, accelerate the green transformation development, and realize the win-win situation of economic development and environmental protection, the Environmental Protection Tax Law was officially implemented on January 1, 2018.
Existing studies have shown that environmental tax can achieve environmental dividends, but whether it can achieve economic and social dividends is still controversial. The implementation of the policy of changing fees and taxes provides a realistic scenario for the study of the economic consequences of environmental protection tax. Therefore, whether environmental protection tax can promote the green development of enterprises and achieve a win-win situation of environmental protection and economic development is a practical problem worth in-depth analysis and discussion. This paper attempts to explore the impact of environmental protection tax on the green development of enterprises and its mechanism of action, which has important practical significance for the comprehensive study of the policy effect of environmental protection tax and the improvement of the supporting policies for the green development of enterprises.
This paper took the implementation of the Environmental Protection Tax Law since 2018 as a quasi-natural experiment, and the A-share listed enterprises in Shanghai and Shenzhen from 2013 to 2021 as research samples, and used the difference-in-differences-in-differences (DDD) model to empirically investigate the impact and mechanism of environmental protection tax reform on the green development of enterprises.
It was found through this study that the environmental protection tax reform can significantly promote the green development of enterprises, and the impact of regional differentiated tax reform on urban environmental quality has a green "trickle-down effect". Further analysis showed that the environmental protection tax reform is more significant to the green development of non-state-owned enterprises and enterprises in regions with low marketization degree. According to the mechanism test, the reform of environmental protection tax affects the green development of enterprises mainly by encouraging enterprises to increase investment in environmental protection, strengthening green technology innovation and improving the efficiency of resource allocation. The research results have clarified the impact and mechanism of environmental tax on enterprises′ green transformation and development, theoretically enriched the interaction research between macro fiscal and tax policies and micro enterprises′ green behavior, expanded the research on micro economic consequences of environmental tax reform, and in practice, will apply market-based environmental regulation tools to local governments and enterprises. It will provide important inspiration for promoting green development of regions and enterprises.
The main contributions may be reflected in the following three aspects: First, this paper has examined for the first time the micro-mechanism of environmental protection fee and tax change affecting the green development of enterprises, and it will provide micro-evidence for the existing provincial or industrial level research. Second, this paper has used the DDD model to study the policy effect of the green total factor productivity of enterprises, which is more in line with the goal of environmental protection fee and tax reform, will deepen the understanding of the impact of environmental protection fee and tax reform on the green development of enterprises, and enrich the research on the policy effect of environmental protection fee and tax reform. Third, this paper has deeply examined the mechanism and heterogeneity of environmental protection tax affecting enterprises′ green development, which can provide theoretical basis for national ecological civilization construction and the realization of the "two-carbon" strategic goal to formulate environmental regulation policies.
Key words:environmental protection tax; green development; difference-in-differences-in-differences (DDD)
引用本文：王性玉,赵辉.环境保护税改革对企业绿色发展的影响研究[J].科研管理,2023,44(08):139-151.
转自：“科研管理”微信公众号
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