环境保护费改税对企业ESG表现的持续作用研究

Study on the Continuous Effect of Environmental Protection Fee to Tax Reform on Enterprise ESG Performance

选取2015-2021年沪深两市A股重污染行业上市公司为处理组,非重污染行业上市公司为对照组,采用双重差分法研究环境保护费改税对企业ESG表现的影响。研究发现,环境保护费改税显著且持续提升企业ESG表现。异质性分析结果表明环境保护费改税政策效应显著存在于资产规模较大企业分组,不受省际税额标准差异影响。进一步分析发现,环境保护费改税通过加大技术创新进而提升企业ESG表现。

The A-share listed companies in heavy pollution industries in Shanghai and Shenzhen stock markets from 2015 to 2021 were selected as the treatment group,and the listed companies in non-heavy pollution industries were selected as the control group.The double difference method was used to study the impact of environmental protection fee to tax reform on the ESG performance of enterprises.The study results show that the environmental protection fee to tax reform has significantly and continuously improved the ESG performance of enterprises.The results of heterogeneity analysis show that the effect of environmental protection fee to tax policy exists significantly in the group of enterprises with large assets,which is not affected by the difference of inter-provincial tax standards.Further analysis shows that the change of environmental protection fee to tax can improve the ESG performance of enterprises by increasing technological innovation.