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