环保税与政府补助对企业环保投资的影响分析--基于企业生命周期的调节效应

Analysis of the Impact of Environmental Protection Tax and Government Subsidies on Corporate Environmental Investment:Based on the Moderating Effect of Corporate Lifecycle

采用回归分析的方法探讨环境保护税、政府补助与企业环保投资之间的关系。2018-2020年中国A股1253家高污染企业样本的实证结果表明,环境保护税和政府补助显著改善了中国企业的环保投资。以企业生命周期为调节变量,发现企业生命周期的不同阶段对环境保护税、政府补助与环境保护投资之间的关系存在异质性影响。环境保护税显著刺激了创业期和成长期的环境保护投资,政府补助显著增加了成长期和成熟期的环境保护投资。

This paper employs regression analysis to explore the relationship between environmental protection tax,government subsidies,and corporate environmental investment.Based on empirical evidence from a sample of 1253 highly polluting A-share companies in China from 2018 to 2020,the results indicate that both environmental protection tax and government subsidies significantly enhance environmental investment among Chinese enterprises.By incorporating the corporate lifecycle as a moderating variable,it is found that different stages of the corporate lifecycle exert heterogeneous effects on the relationship between environmental protection tax,government subsidies,and environmental protection investment.Specifically,the environmental protection tax significantly stimulates environmental protection investment during the start-up and growth stages,while government subsidies significantly increase environmental protection investment during the growth and maturity stages.