环保税征收、融资约束与重污染企业经营风险——基于“税负提标”的准自然实验

Environmental Protection Tax Collection,Financing Constraints and Business Risks of Heavy Polluting Firms-A Quasi-Natural Experiment Based on "Tax Boosting"

为了积极应对生态环境保护与经济发展的矛盾,近年来我国制定了许多环境制度。2016年,我国正式通过了《环境保护税法》,并于2018年起开始征收环保税。环保税征收作为我国一项重要的环境制度,其如何影响重污染企业的经营风险亟待研究。鉴于此,基于2012—2021年我国沪深A股重污染企业的面板数据,通过构建双重差分模型,研究发现环保税征收增加了重污染企业的经营风险。同时,经过安慰剂检验、PSM-DID检验等一系列稳健性检验之后,研究结论依然成立。进一步地,环保税征收通过增加企业税负压力进而加剧其经营风险。同时,随着融资约束的增大,征收环保税对重污染企业经营风险的影响也在增大。环保税的征收应当充分重视将约束与激励相结合,才能更好地实现“双重红利”。

In order to actively respond to the contradiction between ecological environmental protection and economic development,China has formulated many environmental systems in recent years.In 2016,China formally passed the Environmental Protection Tax Law and began to levy environmental protection tax from 2018.As an important environmental system in China,the collection of environmental protection tax,how it affects the business risk of heavily polluting firms needs to be studied urgently.In view of this,based on the panel data of China's heavy polluters in Shanghai and Shenzhen A-shares from 2012 to 2021,it is found that the environmental protection tax levy increases the business risk of heavy polluters by constructing a double difference model.Meanwhile,after a series of robustness tests such as placebo test and PSM-DID test,the research findings still hold.Further,environmental protection tax levy exacerbates the business risk of firms by increasing their tax pressure and thus their business risk.Meanwhile,with the increase of financing constraints,the impact of environmental protection tax levy on the business risk of heavily polluting firms also increases.The collection of environmental taxes should pay due attention to combining constraints and incentives in order to better realize the"double dividend".