环保税的施行对重污染型企业环保投资的影响

Effect of Implementation of Environmental Protection Tax on Environmental Protection Investment of Heavily Polluting Enterprises

摘要: 文章选取2008~2020年沪深两市上市A股为研究样本，从环保投资的视角，实证检验环保类税费变革对重污染型企业环保投资之影响。研究发现，开征环保税对重污染型企业环保投资具有正向推动性。进一步讨论异质性环保投资发现，当重污染型企业面对环保税的开征，更具有选取源头处置进行环保投资的趋势。且从企业产权性质及规模角度这些方面看，排污费等生态保护费用改成环保税后，给非国有企业与小规模企业所带来的促进环保投资作用变得更强。上述结果表明，施行环保税这一政策具有可执行的现实性意义，但政府仍需进一步优化环保税制度改革，促进企业进一步地绿色转型升级。

Abstract: This paper selects A shares listed in Shanghai and Shenzhen stock markets from 2008 to 2020 as research samples, and empirically examines the impact of environmental tax reform on environ-mental protection investment of heavily polluting enterprises from the perspective of environmen-tal protection investment. It is found that levying environmental protection tax has positive effect on environmental protection investment of heavily polluting enterprises. After further discussion of heterogeneous environmental protection investment, it is found that when the heavily polluting enterprises face the imposition of environmental tax, they have more tendency to choose source disposal for environmental protection investment. In addition, from the perspective of property rights and scale of enterprises, when environmental protection fees such as sewage discharge fees are changed into environmental protection taxes, non-state-owned enterprises and small-scale en-terprises will have a stronger role in promoting environmental protection investment. The above results show that the implementation of environmental protection tax policy has practical signifi-cance, but the government still needs to further optimize the reform of environmental protection tax system to promote the further green transformation and upgrading of enterprises.