Impact of environmental protection fee and tax reform on sustainable development of regional green finance
To empirically study the impact of changing environmental protection fees to taxes on the sustainable development of green finance.Taking the data of manufacturing A-share listed companies from 2018 to 2022 as research samples,the GMM dynamic panel model was used to analyze the impact of environmental protection fee tax reform on corporate financialization,and the single root test and HAsman test were used for the main variables.The results showed that the change of environmental protection fee to tax had a significant positive effect on the development level of green finance.The regression coefficient of cash holding ratio on the development level of green finance was significantly negative.In the study sample,the lower the capital holding ratio,the higher the capital capitalization.The regression coefficient of enterprise scale on the development level of green finance was positive,and the larger the enterprise scale,the higher the level of financialization.The regression coefficient of management efficiency on the development level of green finance was significantly positive.The regression coefficient of main business profit rate and executive equity incentive on the development level of green finance was negative.The higher the degree of financialization,the greater the impact on the financial scale,cash holding ratio,operating efficiency and main business profit margin.As the tax burden of manufacturing A-share listed companies increases,the level of green financialization will gradually rise.
environmental protection fee to taxgreen financesustainable developmentmanufacturing industry
万方数据
维普
