环保税法、投资水平与重污染企业环境绩效

Environmental Protection Tax Law, Investment Level, and Environmental Performance of Heavy Polluting Enterprises

摘要: 本研究选取了2015年至2021年在沪深A股上市的重污染企业作为样本，运用双重差分模型(DID)研究了环保税法对重污染企业环境绩效的影响。研究结果显示，环保税法的实施能够显著提高重污染企业的环境绩效水平，尤其对税负比重较大的地区影响显著，并经过一系列稳健性检验该结论仍然成立。同时经过机制检验发现：在重污染企业环境绩效中，投资水平在环保税政策实施中扮演了部分中介角色，其中介效应约占6.6%。最后通过异质性分析，进一步得出以下结论：属于国有性质的重污染企业对环境绩效的影响更大；处于高新技术行业的重污染企业，对企业环境绩效的影响程度高于非高新技术行业的重污染企业。

Abstract: This study selects heavily polluting enterprises listed on the Shanghai and Shenzhen A-share markets from 2015 to 2021 as a sample, and uses the difference-in-difference model (DID) to study the impact of environmental tax law on the environmental performance of heavily polluting enterprises. The results show that the implementation of the environmental protection tax law can significantly improve the environmental performance of heavily polluting enterprises, especially in areas with a large proportion of tax burdens, and the conclusion is still valid after a series of robustness tests. At the same time, it is found that in the environmental performance of heavily polluting enterprises, the investment level plays a part of the intermediary role in the implementation of environmental protection tax policy, and its intermediary effect accounts for about 6.6%. Finally, through heterogeneity analysis, the following conclusions are further drawn: state-owned heavy polluting enterprises have a greater impact on environmental performance; The impact of heavy polluting enterprises in high-tech industries on their environmental performance is higher than that of heavily polluting enterprises in non-high-tech indus-tries.