Has the Implementation of Water Resource Tax Improved Enterprises'Total-Factor Productivity?—Evidence from A-Share Manufacturing Companies
The pilot levy of water resources tax is one of the important contents of China's tax system reform in recent years,and it is also an important link in improving the green fiscal and taxation system.While actively promoting green economic and social development,how to ensure the sustained growth of total-factor productivity of enterprises has become a new challenge facing the development of China's green economy.Based on the quasi-natural experiment of gradually implementing the pilot policy of water resource tax reform in 2016,this paper uses panel data of A-share manufacturing enterprises from 2014 to 2020,and uses the double difference method to empirically test the relationship between the pilot reform of water resource tax and enterprises'total-factor productivity.The study finds that the water resources tax reform has a significant promotional effect on the total-factor productivity of manufacturing enterprises.The water resources tax mainly affects the total-factor productivity of enterprises through two channels:improving the level of technological innovation of enterprises and improving the efficiency of enterprises'capital allocation.Moreover,the effect of this policy is heterogeneous among enterprises in different regions and manufacturing sub-sectors.The research in this paper provides empirical evidence for continuing to expand the scope of water resource tax reform pilot projects and for promoting high-quality development of the manufacturing industry.
water resource taxtotal-factor productivity of enterprisesefficiency of capital allocationgreen fiscal and tax policies
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