环境保护税与重污染企业绿色并购——基于双重变换模型的实证分析

Environmental Protection Tax and Green Mergers and Acquisitions of Heavy Polluters——An Empirical Analysis Based on CIC

《环境保护税法》的颁布实施推动了中国绿色税收制度的改革,对重污染企业绿色发展至关重要。本文采用2011—2022年重污染行业A股上市公司数据,基于双重变换模型(CIC)研究了环境保护税对重污染企业绿色并购的影响及其作用机制。研究发现:环境保护税有效促进了重污染企业绿色并购,且主要通过促进企业内部主动提升ESG表现及在外部提高合法性要求两种方式影响重污染企业绿色并购。进一步分析发现,环境保护税对不同类型的绿色并购具有不同的效应,对垂直绿色并购的促进作用更为显著;同时,环境保护税对小规模、风险承担水平高及处在成长期和成熟期的重污染企业绿色并购的促进作用更为突出。本文的研究揭示了环境保护税与重污染企业绿色并购的关系,是对企业环保投资、绿色转型研究的深入,为进一步完善中国《环境保护税法》提供重要经验证据。

The promulgation and implementation of the Environmental Protection Tax Law promotes the reform of China's green tax system and is crucial for the green development of heavy polluters.This paper adopts the data of A-share listed companies in heavy pollution industry from 2011 to 2022,and studies the impact of environmental protec‐tion tax on green M&A of heavy polluters and its mechanism of action based on Change in Change(CIC).The study finds that environmental protection tax effectively promotes the green M&A of heavy polluters,and influences the green M&A of heavy polluters mainly by promoting the internal initiative to improve the ESG performance of the firms and by increasing the legitimacy requirements externally.Further analysis reveals that environmental protection taxes have different effects on different types of green mergers and acquisitions,with a more pronounced promotion of verti‐cal green mergers and acquisitions;at the same time,environmental protection tax has a more prominent role in pro‐moting green M&A for small-scale,high risk-taking level and heavy polluters in the growth and maturity period.The study reveals the relationship between environmental protection tax and green mergers and acquisitions of heavily pollut‐ing enterprises,which is an in-depth study of corporate environmental protection investment and green transformation,and provides important empirical evidence for further improving China's Environmental Protection Tax Law.