环境保护税、环境责任与企业价值——来自沪深A股工业上市公司的经验证据

Environmental Protection Tax, Environmental Responsibility and Corporate Value——Evidence from Shanghai and Shenzhen A-share industrial listed companies

在生态优先、绿色发展的背景下,环境保护税对企业的环境行为和经济效益产生了重要影响。本文以2012—2020年中国沪深A股工业上市公司为研究样本,对环境保护税、环境责任与企业价值之间的关系进行研究。实证结果表明:环境保护税会对企业价值造成影响,呈现先促进、后抑制的“倒U型”关系;环境保护税会降低企业环境责任履行程度,表现为“税收负效应”;环境责任在环境保护税与企业价值的关系中起到了中介作用,但这种中介作用表现为遮掩效应。通过异质性分析,发现非国有企业、重污染企业中环境保护税对企业价值的“倒U型”影响显著,而在国有企业、非重污染企业中不显著。上述结果表明环境保护税政策仍需进一步改进,以促进企业承担环境责任,实现企业可持续发展。

Under the background of ecology priority and green development, environmental protection tax makes a profound impact on enterprises’ environmental behavior and economic benefits. This paper studies the mutual effect between environmental protection tax, environmental responsibility and enterprise value with China’s Shanghai and Shenzhen A-share industrial listed companies from 2012 to 2020 as research subjects. The empirical results show that environmental protection tax influences the value of enterprises, which displays an “inverted U-shape” indicating primary promotion and ensuing inhibition. Environmental protection tax reduces the effort that enterprise makes in taking its environmental responsibility, showing a “negative tax effect”. Although environmental responsibility mediates between environmental protection tax and enterprise value, the intermediary role takes the form of masking effect. After heterogeneity analysis, it is found that the environmental protection tax greatly affects the enterprise value in non-state-owned enterprises and heavily polluted ones, but it is not so in state-owned enterprises and non-heavily polluted enterprises. The above results show that further improvement should be made in the environmental protection tax policy to promote enterprises’ environmental responsibility awareness and make the sustainable development possible.