The Study On Dividend Effect And Policy Evalution Of The Sustainable Development Fund Of Coal

The coal sustainable development is related to both of national economic development and the overall situation of energy security. Extensive coal exploitation and utilization not only driven the national and local economic development, but also posed a serious resource and environmental issues to the region because of the extensive mining resources, especially the most prominent problem of the rapid depletion of resources and the continued destruction of the ecological environment, which lead to the slow regional development of economy has stagnated, and the exacerbated local ecological deficit, the decreasing social welfare benefit. Shanxi as national coal sustainable development pilot province had implemented coal sustainable development fund policy from 2007 to 2014 to compensate for the coal ecological debts to the local coal mining. The collection and use of funds made the ecological environment quality of Shanxi Province significantly improved,the regional industrial structure more diversified, low-carbon, the people’s livelihood and well-being improved, dividend policy effect increasingly prominent. The set of coal sustainable development fund filled the vacancy of absence of previous ecological compensation, marking China’s emphasis on environmental protection up to the policy artificial level. With the deepening reform of the resource tax, the fund policy of Shanxi Coal sustainable which had been implemented eight years development had been canceled instead of resource tax in December 2014 in order to further rationalize the relationship between resource taxes, to regulate the taxation order, to promote the rational exploitation of resources. Although the fund of coal Sustainable Development has been stop and the replace of resource tax to coal Sustainable Development Fund is an improvement, the effect of multiple dividend policy brought by the Fund cannot be ignored and both of the Funds compensation for ecological and the transition role of resources tax reform worth considering. Therefore, it has important theoretical and practical significance for the improvement of ecological compensation and deepening of the resource tax reform to actively research about the mechanism of coal Sustainable Development Fund dividend effect and sum up about the experience of coal Sustainable Development Fund policy implementation.Based on the hypothesis of environmental tax "double dividend", this paper attempts to expand the "double dividend" to "triple dividend", namely environmental bonus, economic dividends and social dividends that would be applied in the policy effect research about coal Sustainable Development Fund. According to the collection and use of coal Sustainable Development Fund, based on the micro and macro perspective, combined with intertemporal dynamic optimal choice, the paper interpreted the microscopic mechanism and macroscopic diffusion process of the of Fund dividend effect respectively. It quantified the environmental, economic and social effects bought by the policy from the enterprise and region level combining with Shanxi reality. Finally, combined with Shanxi reality, the paper summarized the effects of Fund policy implementation, analyzed the existing problems in the process of collection and use of coal Sustainable Development Fund and proposed idea and suggestions to perfect resource tax reform based on the dividend effect of the coal sustainable development.The main work, opinions and conclusions are as follows:(1)The establishment and implementation of coal Sustainable Development Fund bring multiple bonus effect to regional environmental, economic and society. Fund can do earmarking which is different from the tax and fee. Essentially, it is a kind of compensation for the ecological environment and a means of the mineral wealth into social wealth to establish the coal Sustainable Development Fund. The levy of sustainable development on coal mining enterprises effectively influence and corrective corporate behavior, slow resource depletion rate from mining source and reduce the ecological damage. The Coal Sustainable Development Fund had important significance for inter-regional ecological environment administration, financial and technical support for resource-based city transition and key industry succeed, the social and livelihood projects construction, directly improving regional environmental quality, promoting industry-wide technology standards, perfecting people’s livelihood and social well-being, promoting the development from resource-dependent to the innovation.(2)The levy of coal sustainable development fund can conduct and correct its economic behaviors and related variables, which laid the microscopic mechanism of the policy dividend effect. The collection of coal sustainable development fund from coal mining enterprises makes it possible to enhance the resources recovery rate, to increase the investment in environmental governance, to encourage enterprises to actively carry out technological innovation and elements of alternative, to effectively adjust the enterprise production scale, and the increased resource recovery rate, the increased investment in environmental management, the changes in technology and innovation and the production scale of the fittest the technology are beneficial to protect the ecological environment, improve regional environmental quality, achieve environmental dividend of coal sustainable development fund policy. The implementation of fund policy can reduce the environmental costs, improve the awareness of resources and environmental conservation through the change of business costs – income, and can promote enterprises to gradually get rid of the resource-dependent steering innovation-driven development, thereby creating profit growth, to increase the capability of profitability and restructuring development, and ultimately realizing the economic dividend of fund policy by adjusting its economic behavior and optimizing relevant variables. At the same time, the collection of coal sustainable development fund can inhibit the behavior of extensive resource extraction, reduce the resource depletion and ecological damage in the mineral exploitation, in favor of mine ecological wealth capital protection and by maintaining the quality of mining production and the residents and the environment protection of total society wealth the coal sustainable development fund can achieve social dividend policy.(3)The use of the coal sustainable development fund has an impact on multisectoral economic entities and variables, such as consumers, businesses and the society, achieving fund macroscopic diffusion and transmission of dividend effect of Coal Sustainable Development Fund by changing the fund switching and intertemporal consumption preferences. The fund investment of cross-regional ecological environment governance which is difficult to solve for individual enterprises directly improved regional environmental quality, bettered the ecological wealth capital, further spread the environmental dividend policy effects. By the financial and technical support for both of resource-based cities transition and the key taking over industrial development, the use of the coal sustainable development fund promoted the improvement of the industry technological level, reduced the losses of resources and environment in economic development, improved the output level, promoted the transformation process of resource-dependent to innovation-driven, which made the quality and capacity of economic and sustainable development in the region rising, thereby safeguarding the realization of economic dividend policy. The support fund of social development for separation enterprise running society, slum areas upgrading, the technology, education, culture, health, employment and social security that is closely related to the sustainable development of coal industry directly benefit people’s livelihood and improve the well-being, achieving the social dividend of the sustainable development fund policy. Meanwhile, the use of the fund makes the effects of the policy further diffuse and transfer: fund converted to industry-wide technology investments, dividend policy achieving cross-diffusion; changing consumer intertemporal preferences and the dividend policy achieving intergenerational transfer; accumulating a huge social capital, continues spread of dividend policy relying project; transfer of wealth and resources, dividend effect for posterity.(4)The Coal Sustainable Development Fund takes the ecological compensation mission, playing a transitional role for resources tax reform. On the one hand, the coal sustainable development fund undertakes the historic mission of the financial compensation for coal resources from Shanxi Energy Base Construction and continues to transform mining earnings into social wealth, providing regional service for the sustainable development, on the other hand, it opens precedent for the ecological environment compensation about the resource tax reform in mineral resources value and environmental protection in practice, resource and environment protective effects of which will be continued and deepened in the new round resource tax reform.The innovations of this article are as follows:(1)This paper introduced double dividend hypothesis of environmental taxes into the effect evaluation research of the coal sustainable development fund, extending double dividend to triple bonus. Double dividend tax environment primarily focused on the discussion about environmental tax to suppress pollutant emitters, to improve environmental quality forming the green dividend, and the double dividend tax environment can also increase employment and output, bringing the blue bonus by improving the distort allocative efficiency. While the coal sustainable development fund which is different from the environmental tax and can be used for other purposes improves the regional environment, bring environmental dividends by the fund establishment, also promotes local conversion transformation by technological innovation and fund transformation achieving economic dividends, and supports people’s livelihood development, converses the mining revenue to improve people’s livelihood and social well-being, thus achieving social dividend.(2)Based on micro and macro perspective, this paper theoretically interpreted the system mechanism research of fund dividend of coal sustainable development from both the fund collection and use. The study on double dividend effects is limited to environmental taxes collection, however, the sustainable development fund is a special fund earmarked, not tax, thus the dividend effect originated from the collection areas, expanded and released in the use stage. In the collection stage, this paper analyzed effects process of fund policy acting on the enterprises and as well as microscopic foundation of policy dividend effects based on micro perspective. From the use stage, based on macro perspective of consumers, businesses, society and other multi-sectoral the paper analyzed influences of the fund use on economic agents and their variables as well as the effectiveness of fund policy, summarizing the conduction and diffusion process of fund policy dividend effect from the aspects of fund transfer and intertemporal consumer preferences changes.(3)This paper quantified the research about policy effect of coal sustainable development fund to put forward relevant idea and suggestions for resources tax reform based on dividend fund effect of coal sustainable development. Through the impact of fund levy on the five state-owned of Shanxi Coal Group, we found that the collection of coal sustainable development fund did not affect the enterprise’s economic profits which is constantly increasing but smaller increasing rate, that the collection of coal sustainable development fund contributed to improve the coal resource recovery rate, to protect and conserve the coal resources to some extent, that improved the company’s environmental awareness, reduced environmental pollution and ecological damage during the coal resources exploitation, stimulated technological innovation of enterprises, enhanced the technological level, affected and changed the enterprise’s production structure, and promoted the development of non-coal industry enterprises. Combined with the use of coal sustainable development fund in Shanxi Province, we found that the use of the fund reduced pollutant emissions and energy consumption in Shanxi, increased investment in environmental governance, improved regional environmental quality, in the case does not affect the growth, promoted the diversification and low-carbon industrial development in Shanxi unaffecting regional GDP, and that the investment funds in social and public infrastructure construction, technology, education, culture, health, social security and other social services, population employment, separation enterprises promoted the upgrading of the social welfare level in Shanxi Province. Based on the dividend fund effect of coal sustainable development and the hosted mission, there is a need to improve the resource paid system, to establish and perfect the ecological compensation mechanism in a new round tax reform resources and supporting facilities.