绿色税制是否能促进重污染企业转型升级？——基于“环保费改税”的经验证据

Can a Green Tax System Promote the Transformation and Upgrading of Heavily Polluting Enterprises?—Empirical Evidence Based on “Environmental Protection Fees to Taxes”

摘要: 为践行人与自然和谐共生理念，促进绿色低碳经济建设。以“环保费改税”的实施为准自然实验，基于2012~2021年沪深A股上市企业的微观数据，构建双重差分模型探究绿色税制对重污染企业转型升级的促进作用。研究结果表明，“环保费改税”政策对于重污染企业转型升级具有显著的促进作用，该结论在经过一系列稳健性检验后依然成立。机制检验结果表明，“环保费改税”对重污染企业转型升级通过提高企业管理水平发挥政策效应，对企业研发投入并无显著影响。异质性分析表明，非国有企业转型升级受到“环保费改税”政策的显著影响，而这一结果在国有企业中并不显著；相较于东部地区，处于西部地区的重污染企业在政策的影响下呈现更高的转型升级积极性。

Abstract: In order to practice the concept of harmonious coexistence of man and nature and promote the construction of green low-carbon economy, taking the implementation of “environmental protection fee to tax” as a quasi-natural experiment, based on the micro data of A-share listed enterprises in Shanghai and Shenzhen from 2012 to 2021, this paper constructed a DID model to investigate the promotion effect of green tax system on the transformation and upgrading of heavily polluting enterprises. The results of the study show that the policy of “environmental fee to tax” has a significant role in promoting the transformation and upgrading of heavy polluting enterprises. This conclusion still holds after a series of robustness tests. The policy effect of “changing environmental protection fee to tax” on the transformation and upgrading of heavy polluting enterprises is exerted through improving the management level of enterprises, but it has no significant effect on the R&D investment of enterprises. Heterogeneity analysis shows that the transformation and upgrading of non-state-owned enterprises is significantly affected by the policy of “environmental protection fee to tax”, while this result is not significant in state-owned enterprises; compared with the eastern region, the heavy polluting enterprises in the western region show higher transformation and upgrading enthusiasm under the influence of the policy.