Environmental Regulation and Green Transformation:Based on Green Finance and Taxation
Environmental regulation is an important policy of the government to promote green transformation.Based on the structural transformation framework,the paper describes the impact of environmental regulations on green transformation through cost effects and incentive effects,then divides the transmission mechanism into green welfare finance and tax expenditure and green productive finance and tax expenditure.Numeric simulation reveals that environmental regulation has an inverted"U"effect on green transformation.And these two paths are important reasons for achieving nonlinear effects.On this basis,the paper combines data coming from 944 Chinese listed enterprise and 269 cities in 2007-2020,and selects the level of government environmental governance as an instrumental variable,as well as uses Panel threshold model to clarify the non-linear impact of environmental regulations on green transformation.The paper finds Chinese environmental regulation is at a low level in the present situation,so environmental regulation can significantly promote green transformation.This is mainly achieved through two channels:green welfare finance and tax expenditure and green productive finance and tax expenditure.And the promotion of green welfare financed and tax expenditure is stronger than that of productive.Political centralization economic decentralization system leads to environmental governance of the superior government strengths the intensity of local environmental regulation.When environmental regulation and economic development level are used as threshold variables respectively,the positive role of environmental regulation in green transformation will reduce with the regulation intensity and economic development level rising.These findings can distinguish theoretical mechanism of environmental regulation affecting green transformation under the framework of structural transformation,and comprehensively provide evidences from a perspective on green finance and taxation.
Environmental regulationGreen finance and taxationGovernment governanceGreen transformation
万方数据
维普
