Environmental Protection Taxes and Enterprise Green Investment:Incentive and Collaborative Perspectives
Designing an effective governance mechanism is the key to dealing with high-quality develop-ment and high-level protection.As a market-based environmental regulation tool,environmental protection tax can affect enterprises'green investment decisions by changing the relative price of pollution emissions and governance.Taking the environmental protection tax policy reform in 2018 as an exogenous shock,this paper constructs a triple differential identification framework,evaluates the incentive effect of environmental protec-tion tax on corporate green investment,and considers the collaborative governance effect of environmental pro-tection tax and other macro policies.The study finds that the environmental protection tax effectively stimulates the green investment of enterprises,and the impact on heavily polluting enterprises is more obvious.This is mainly due to the fact that the environmental protection tax reform stimulates the green innovation of enterpris-es and leads to more green investment demand,and enterprises also receive more environmental protection subsidies accordingly.From the perspective of the characteristics of the incentive effect,the policy induces en-terprises to make strategic environmental protection investment in source control and end control,and encour-ages heavy polluting enterprises to pay more attention to source control.At the same time,the policy has signifi-cant heterogeneity and synergy characteristics.The policy effect is more obvious in state-owned enterprises,enterprises with small financing constraints and enterprises in areas with strong tax collection and manage-ment,and has a good synergistic incentive effect with policies such as carbon emission trading,air pollution prevention and control,accelerated depreciation of fixed assets,energy efficiency credit and green financial reform.
Environmental protection taxEnterprise green investmentEconomic incentivesCollabora-tive governance
万方数据
维普
