Market-based environmental regulations have important policy significance in improving the investment effi-ciency of tourism enterprises and promoting high-quality development of tourism economy and ecological environment.This ar-ticle takes the listed tourism companies in China's A-share market from 2010 to 2022 as samples,uses the difference-in-differ-ences method,and tests the impact of environmental tax reform on the investment efficiency of tourism enterprises from a mi-cro perspective.The results show that environmental tax reform can promote the investment efficiency of tourism enterprises.Environmental tax reform can reduce financing constraints for tourism enterprises,thereby reducing information asymmetry and agency costs,and promoting the investment efficiency of tourism enterprises.Considering the heterogeneity of enterprise nature and characteristics,it is found that the promoting effect of environmental tax reform on the investment efficiency of tourism enterprises is mainly reflected in non-state-owned enterprises and high digital transformation enterprises.The above results can provide practical significance for further improving environmental tax reform and improving the investment efficien-cy of tourism enterprises.
关键词
市场型环境规制/环境税改革/旅游企业投资效率/融资约束
Key words
market-based environmental regulation/environmental tax reform/investment efficiency of tourism enter-prises/financing constraint
万方数据