摘要
环境保护费改税标志着由政府主导的排污费制度转向了以市场为主导的环境税制度,那么这个改变能否抑制企业金融化并促进实体经济高质量发展呢?以2018年《环境保护税法》实施为契机并以2015-2020年中国沪深A股上市公司为样本,使用双重差分法探讨了环境保护费改税对企业金融化的影响。研究发现:环境保护费改税能够显著抑制企业金融化,且当市场制度较好和媒体监督较强时,环境保护费改税对企业金融化的抑制作用更强。进一步的中间机制分析发现:环境保护费改税抑制企业金融化的机制在于环境保护费改税使企业提高了环保投资和研发投资。
The reform of environmental protection fee to tax marks a shift from a government-led pollution discharge fee system to a market-oriented environmental tax system;then can this change suppress corporate financialization and promote the high-quality development of the real economy?Taking the implementation of the Environmental Protection Tax Law in 2018 as an opportunity and China’s A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2020 as samples, this article explores the impact of the reform of environmental protection fee to tax on corporate financialization by using a double-difference approach. The findings show that the reform of environmental protection fee to tax can significantly inhibit corporate financialization;when the market system is better and the media supervision is stronger, the reform of environmental protection fee to tax has a more significant inhibitory effect on corporate financialization. The results of further intermediate mechanism analysis show that the mechanism of the reform of environmental protection fee to tax in inhibiting corporate financialization lies in that it can help enterprises to increase environmental protection investments and R&D investments.
作者
于连超
谢鹏
刘强
毕茜
YU Lian-chao;XIE Peng;LIU Qiang;BI Qian(Lanzhou University,Lanzhou 730000;Wuhan University,Wuhan 430072;Zhejiang University,Hangzhou 310058;Southwest University,Chongqing 400715,China)
出处
《当代财经》
CSSCI
北大核心
2022年第2期127-137,共11页
Contemporary Finance and Economics
基金
国家社会科学基金项目"环境保护费改税与工业企业绿色转型协调的政策设计与支撑体系研究"(17BJY060)
国家自然科学基金项目"独立董事'纵向联结'研究:成因、治理机制与经济后果"(72102209)。
关键词
环境保护费改税
环境保护税法
企业金融化
环保投资
研发投资
the reform of environmental protection fee to tax
Environmental Protection Tax Law
corporate financialization
environmental protection investment
R&D investment