环境保护费改税对企业财务绩效的影响——绿色技术创新的调节效应

On the Impact of “Changing Environmental Protection Fee to Tax” policy on Corporate Financial Performance: the Moderating Effect of Green Technology Innovation

本文以我国2016—2020年沪深A股工业上市公司为样本,建立双重差分模型,研究环境保护费改税对企业财务绩效的影响机制,并进一步考察了绿色技术创新的调节效应。结果表明:环境保护费改税对企业财务绩效有较为显著的正向影响,且绿色技术创新在前两者关系中起到正向调节作用;对调节效应进行分组回归研究发现,绿色技术创新处于前25%或其质量处于前50%的企业在环境保护费改税后财务绩效有显著的提升。另外,通过进一步研究,本文按企业的不同产权性质给出了绿色技术创新及其质量的参考值区间,并从市场角度出发,分析发现绿色技术创新较优的企业,环境保护费改税后市盈率有显著的降低。研究补充和拓展了环境规制领域内微观视角及绿色创新的调节效应视角的文献,为企业面对当下趋强的环境规制如何管理与制定创新战略提供了一定的启示与建议。

Taking the A-share listed industrial companies in Shanghai and Shenzhen from 2016 to 2020as a sample, this paper established a DID model to study the impact of “environmental protection fee to tax” policy on corporate financial performance, and further examined the moderating effect of green technology innovation. The results were shown as follows: the “environmental protection fee to tax”policy had a significant positive impact on the financial performance of enterprises, and green technology innovation played a positive moderating role in the relationship between them. The group regression study on the moderating effect found that the financial performance of enterprises with top 25% of green technology innovation or the top 50% of its quality had a significant improvement after the environmental protection fee was changed to tax. In addition, through further research, the reference value interval of green technology innovation and its quality was given according to enterprises with different property rights. From the perspective of market, it was found that the P/E ratio of enterprises with superior green technology innovation had significantly decreased after the change of environmental protection fee into tax.The research supplemented and expanded the literature on the micro perspective and the moderating effect perspective of green innovation in the field of environmental regulation, and provided some inspiration and suggestions for enterprises on how to manage and formulate innovation strategies in the face of the current increasingly strict environmental regulation.