Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the comp...Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the company.This paper uses a sample of companies listed on the Shenzhen and Shanghai stock exchanges between 2008 and 2017 to investigate the relationship between multiple large shareholders and corporate environmental protection investment(CEPI).We find that multiple large shareholders will significantly reduce CEPI.Specifically,external supervision and a company’s ownership structure affect the relationship between multiple large shareholders and CEPI.In addition,after participating in SOEs,non-state-owned shareholders will significantly improve CEPI of SOEs.展开更多
Throughout 30 years of importation, adoption and innovation, the Cold Rolling Plant of Baosteel has adhered to a market-oriented strategy, and gradually expanded its output and raised its technical level through the e...Throughout 30 years of importation, adoption and innovation, the Cold Rolling Plant of Baosteel has adhered to a market-oriented strategy, and gradually expanded its output and raised its technical level through the expansion of production scale ,the optimization of production lines, the development of high added value products, the improvement of product quality, environmentally friendly manufacturing and technological innovation. In this way, the plant has developed into a world class cold rolling plant that produces cutting-edge economic and technical indices.展开更多
The Environmental Protection Tax Law that took effect in 2018 gave local authorities a certain amount of discretionary power to set the local rates for environmental protection tax.The inter-provincial gradient tax ra...The Environmental Protection Tax Law that took effect in 2018 gave local authorities a certain amount of discretionary power to set the local rates for environmental protection tax.The inter-provincial gradient tax rates pattern may induce strategic relocation of enterprises,leading to unintended policy results.Combined with the data on trans-regional investment of listed companies,this paper employs the Difference-in-Difference(DID)approach to study the impact of inter-provincially different environmental tax rates on the trans-regional migration of polluting enterprises.The study shows that due to the regional differences in the tax rates,the polluting enterprises opt for the relocation strategy of"avoiding high tax rates and opting for low rates",setting up more subsidiaries in regions with relatively low tax rates.Further research demonstrates that the trans-regional migration induced by different tax rates can help reduce production costs and increase corporate profits,while dampening the corporate enthusiasm for green innovation in the short term and resulting in pollution transfer.This paper reveals the unintended policy effects that may derive from the environmental tax reform,providing concrete proof for the comprehensive evaluation and understanding of the actual policy effects of existing environmental tax reform.展开更多
文摘Agencies can reduce problems by adopting a governance structure of multiple large shareholders.However,multiple large shareholders may collude,thereby reducing the behavior that can create long-term value for the company.This paper uses a sample of companies listed on the Shenzhen and Shanghai stock exchanges between 2008 and 2017 to investigate the relationship between multiple large shareholders and corporate environmental protection investment(CEPI).We find that multiple large shareholders will significantly reduce CEPI.Specifically,external supervision and a company’s ownership structure affect the relationship between multiple large shareholders and CEPI.In addition,after participating in SOEs,non-state-owned shareholders will significantly improve CEPI of SOEs.
文摘Throughout 30 years of importation, adoption and innovation, the Cold Rolling Plant of Baosteel has adhered to a market-oriented strategy, and gradually expanded its output and raised its technical level through the expansion of production scale ,the optimization of production lines, the development of high added value products, the improvement of product quality, environmentally friendly manufacturing and technological innovation. In this way, the plant has developed into a world class cold rolling plant that produces cutting-edge economic and technical indices.
基金Major Project of the National Social Science Fund of China"Research on Local Financial System Reform in the Development of Equal Access to Basic Public Services"(18ZDA096)the Sci-Tech Innovation Program for Postgraduates of Department of Finance at the School of Economics of Xiamen University"Research on Financial Pressure and Coping Strategies of Local Governments".The authors would like to express appreciation for the valuable suggestions from anonymous reviewers and the editorial department.The authors take sole responsibility for the paper.
文摘The Environmental Protection Tax Law that took effect in 2018 gave local authorities a certain amount of discretionary power to set the local rates for environmental protection tax.The inter-provincial gradient tax rates pattern may induce strategic relocation of enterprises,leading to unintended policy results.Combined with the data on trans-regional investment of listed companies,this paper employs the Difference-in-Difference(DID)approach to study the impact of inter-provincially different environmental tax rates on the trans-regional migration of polluting enterprises.The study shows that due to the regional differences in the tax rates,the polluting enterprises opt for the relocation strategy of"avoiding high tax rates and opting for low rates",setting up more subsidiaries in regions with relatively low tax rates.Further research demonstrates that the trans-regional migration induced by different tax rates can help reduce production costs and increase corporate profits,while dampening the corporate enthusiasm for green innovation in the short term and resulting in pollution transfer.This paper reveals the unintended policy effects that may derive from the environmental tax reform,providing concrete proof for the comprehensive evaluation and understanding of the actual policy effects of existing environmental tax reform.
