Does"Environmental Protection Fee-to-tax"Policy Play a Signal Transfer Effect?Evidence from Corporate Green Governance
"Environmental protection fee-to-tax"policy,as the government tax system to take into account the economic and ecological benefits of the guidance signal,is the implementation of green low-carbon development strategy deployment of specific actions.Based on the data of Shang-hai and Shenzhen A-share enterprises in China from 2014 to 2020,this paper constructs a triple-difference model to explore whether the policy of"environmental protection fee-to-tax"can exert signal transmission effect to affect corporate green governance.The study finds that the policy of"environmental protection fee-to-tax"can play a"pollution control"signal and"emission reduction incentive"signal to promote the green governance of enterprises.The mechanism test shows that the"environmental protection fee-to-tax"policy plays a signal transmission effect to attract market investors to pay attention to corporate environmental information,and to obtain green fund invest-ment and green credit support for enterprises,so as to promote corporate green governance;It can also exert the signal transmission effect to stimulate the management's environmental protection awareness,reduce the cost of green agency for enterprises,and then promote the green governance of enterprises.Further research finds that in low-cost pass-through enterprises,areas with strong public awareness of environmental protection and non-state-owned enterprises,the"environmental protection fee-to-tax"policy has a more significant role in promoting corporate green governance.Based on the signal transmission perspective,this paper expands the research on the economic con-sequences of the policy of""environmental protection fee-to-tax",provides a new solution to effec-tively combine environmental policies with market theory to solve the problems of corporate envi-ronmental governance,and has enlightening significance for exploring the road of environmental governance reform and promoting the construction of ecological civilization.
environmental protection fee-to-tax policycorporate green governancesignal transfer effecttriple difference
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