环境保护税可以促进企业高质量发展吗?——来自环境保护费改税的准实验证据

Can Environmental Protection Tax Promote the High-quality Development of Enterprises?——Quasi-natural Experimental Evidence from Changing Environmental Protection Fee to Tax

环境规制是协同推进经济高质量发展和生态环境保护的关键。文章采用重污染行业2011—2021年上市公司面板数据,运用倾向得分匹配-双重差分方法探讨环境保护费改税能否激励企业绿色转型升级,助力企业高质量发展。基准回归发现,环境保护费改税显著促进了企业全要素生产率提升。机制检验发现,环境保护费改税通过激励企业研发创新活动、获得政府补助资金、降低企业融资约束和增加环保投资促进全要素生产率提升。异质性检验发现,环境保护费改税对企业全要素生产率的影响,对于非国有、小规模、融资约束小、行业竞争小的企业和税收征管强度大地区的企业更显著。本研究为阐释环境保护税助力企业绿色转型升级、推动企业高质量发展的机制提供了微观理论支持。

Environmental regulation is the key to synergize the promotion of high-quality economic development and ecological environmental protection.This article utilizes panel data from listed enterprises in heavy pollution industry from 2011 to 2021,and uses the propensity score matching difference-in-differences method to explore whether the environmental protection fee to tax can incentive enterprises'green transformation and upgrading,and help them develop in a high-quality.The benchmark regression reveals that environmental protection fee to tax significantly promotes the total factor productivity of enterprises.The mechanism test finds that environmental protection fee to tax promotes total factor productivity through motivating enterprises research and development activities,obtaining government subsidies,reducing financing constraints and increasing environmental protection investment.The heterogeneity test finds that the effect of environmental protection fee to tax on enterprise total factor productivity is more significant among enterprises in non-state-owned,small,small financing constraints,small industry competition and enterprises in regions with high intensity of tax collection.This study offers micro-theoretical insights into the mechanisms through which environmental protection taxes facilitate green transformation and upgrading,and the promotion of high-quality development among enterprises.