投资税收激励的减排效果研究

Research on the Mitigation Effect of Investment Tax Incentives

实现多个治理目标之间的协同是中国当前国家治理尤其是环境治理中面临的重要议题。本文通过构建一个简单的理论模型发现对企业投资的税收激励不仅能够降低企业的污染物排放强度,还能与环境治理产生协同效应。为了检验这一结论,本文以中国于2014年和2015年逐步实施的企业固定资产加速折旧政策为准自然实验,使用2011—2017年中国上市公司数据,构建交错双重差分模型,实证分析固定资产加速折旧形成的投资税收激励对企业污染物排放强度的影响。实证研究表明,首先,固定资产加速折旧政策确实能降低企业的污染物排放强度,在一系列稳健性检验后,这一结果依然是稳健的;其次,固定资产加速折旧政策影响企业污染物排放强度的机制包括降低企业的能源使用强度和提高企业的全要素生产率;此外,税收激励并没有导致污染物排放总量的增加;最后,固定资产加速折旧政策确实能与环境治理产生协同效应,提高环境治理的减排效应。

Realizing synergies among multiple national governance objectives is an important issue in China's current national governance,especially environmental governance.By constructing a simple theoretical model,this paper finds that tax incentives for corporate investment not only reduce firms'pollutant emission intensity,but also have synergistic effects with environmental governance.In order to test this theoretical conclusion,this paper takes the accelerated depreciation policy of fixed assets,which was gradually implemented in China in 2014and 2015,as a quasi-natural experiment,and constructs a staggered difference-in-difference model to empirically analyze the impact of the tax incentive for investment formed by accelerated depreciation of fixed assets on firms'pollutant emission intensity,using the data of Chinese listed companies from 2011 to 2017.The empirical study shows that,first,the accelerated depreciation policy of fixed assets does reduce firms'pollutant emission intensity,and this result remains robust after a series of robustness tests;second,the possible mechanisms by which accelerated depreciation of fixed assets affects the pollutant emission intensity include lowering firms'energy using intensity and increasing their total factor productivity;furthermore,the tax incentives do not lead to an aggregate pollutant emission increase;finally,the accelerated depreciation policy does have a synergistic effect with environmental governance and improves the abatement effect of environmental governance.