Previous studies focus on the direct impacts of environmental regulations while paying less attention to spillover effects.Taking the Eleventh Five-year Plan in China as a quasi-natural experiment,our results show tha...Previous studies focus on the direct impacts of environmental regulations while paying less attention to spillover effects.Taking the Eleventh Five-year Plan in China as a quasi-natural experiment,our results show that environmental regulations significantly increase the tax burden of unregulated frms.Environmental regulations generate spillover effects on firms that should not be subjected to regulatory policies.Further channel analysis shows that the fiscal pressure of local governments caused by environmental regulations is a major channel for the increase in the tax burden of unregulated firms.Finally,according to the heterogeneity results,the spillover effects are more pronounced in small firms,non-state-owned enterprises,and provinces with stricter enforcement.Our findings emphasize the additional costs of environmental policies,and the government should consider these costs when formulatingpolicies.展开更多
基金supported by China National Social Science Fund (No. 19BJY008)Humanities and Social ScienceFund Project of Ministry of Education in China (No. 18YJA790055)+1 种基金Graduate Project of Wuhan University(No. 1201-413100137)Undergraduate Education Quality Construction Project of Wuhan University (No.1201-413200294).
文摘Previous studies focus on the direct impacts of environmental regulations while paying less attention to spillover effects.Taking the Eleventh Five-year Plan in China as a quasi-natural experiment,our results show that environmental regulations significantly increase the tax burden of unregulated frms.Environmental regulations generate spillover effects on firms that should not be subjected to regulatory policies.Further channel analysis shows that the fiscal pressure of local governments caused by environmental regulations is a major channel for the increase in the tax burden of unregulated firms.Finally,according to the heterogeneity results,the spillover effects are more pronounced in small firms,non-state-owned enterprises,and provinces with stricter enforcement.Our findings emphasize the additional costs of environmental policies,and the government should consider these costs when formulatingpolicies.
