环保费改税对企业创新质量的影响——基于上市公司面板数据的经验研究

The Effect of Environmental Tax-for-Fees Reform on the Quality of Enterprise Innovation——An Empirical Study Based on Panel Data of Listed Enterprises

探究促进绿色发展的环境政策对企业创新的影响,对于如何着力推动经济高质量发展具有十分重要的意义。基于2010-2022年间沪深A股上市公司相关数据,运用双重差分模型,理论与实证分析相结合检验了环保费改税对企业创新质量的影响。研究发现,环保费改税的实施有助于促进我国企业创新质量提升。其中,环保费改税主要通过激发企业创新积极性、增加政府补贴获取渠道、提高企业资本配置效率等机制作用于企业创新质量。异质性分析结果表明,环保费改税对大规模企业、资本密集型与技术密集型企业、东部地区企业的创新质量的促进作用更加显著。从微观企业视角验证了环保费改税的创新激励效果和作用机制,为促进企业实现高质量创新以及进一步推进中国环保制度体系的完善提供了经验依据。

To explore the impact of environmental policies to promote green development on corporate innovation has important significance on how to focus on promoting high-quality economic development.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022,the study examines the impact of environmental tax-for-fees reform on enterprise innovation quality by using double-difference model and combining theoretical and empirical analysis.It is found that the implementation of environmental tax-for-fees reform helps to promote the quality of corporate innovation in China.Among them,the environmental tax-for-fees reform mainly works on enterprise innovation quality through the mechanisms of stimulating enterprise innovation enthusiasm,increasing the access to government subsidies,and improving the efficiency of enterprise capital allocation.The results of heterogeneity analysis show that the environmental tax-for-fees reform promotes the innovation quality of large-scale enterprises,capital-intensive and technology-intensive enterprises,and enterprises in the eastern region more significantly.From the perspective of microenterprises,this study verifies the innovation incentive effect and mechanism of environmental tax-for-fees reform,and provides empirical evidence for promoting enterprises to realize high-quality innovation and further promoting the improvement of China's environmental protection system.