| After 40 years of sustained and rapid development,Chinese comprehensive strength has been continuously enhanced,and it has become the second largest economy in the world.At the same time,environmental problems have become increasingly prominent.It has become a social consensus to take into account the ecological environment while developing.As a new type of investment,corporate green investment is a sustainable development mode.At the same time,green investment has externality.In order to eliminate externality,the government needs to take measures.The finance and taxation policies what are the main policy means of the government undoubtedly influence the corporate green investment significantly.This paper studies the influencing factors of enterprises’ investment in environmental protection research,pollution control,environmental protection technology development and other main behaviors from the government’s subsidy and taxation polices.The subsidy and taxation policy is an important policy tool for the government as a market manager.The existing research shows that subsidy and taxation policies,as an important policy tool of the government,can affect the business decision-making of the enterprise to a certain extent.Therefore,this paper further explores the relationship between finance and taxation policies and corporate green investment.On the basis of previous research,it is verified whether the promotion effect of finance and taxation on corporate green investment in the paper,and further studies from the aspects of property rights structure and regional scientific and technological innovation level.This paper takes 241 heavily polluting industry listed companies from China A-share market with time series from 2008 to 2017 as research samples,and studies the impact of finance and taxation policies on corporate green investment.The empirical research in this paper shows that government subsidies,income tax concessions and turnover tax concessions have a significant positive impact on corporate green investment.When these three policy instruments are implemented,they will further promote the more active green investment of listed companies and improve corporate green investment level,it is found that the incentive effect of government subsidies is stronger than tax incentives,and the incentive effect of turnover tax incentives is stronger than income tax incentives.This paper then further considers the moderating effect of the property rights nature of the corporate.The research found that the moderating effect of the nature of corporate ownership is significant,while the moderating effect of foreign ownership is not significant.The paper further verifies accordingto the moderating effect of regional science and technology level.The results show that the regional science and technology level has no obvious effect on the incentive effect of taxation policies,but the moderating effect on the incentive effect of government subsidies is significant,indicating a higher level of regional science and technology level is an important external condition for government subsidies to play stimulating role.In the last part of the paper,some policy recommendations are put forward based on the empirical results: the government should continue to increase finance and taxation incentives;at the same time,the government should pay attention to the difference when formulating relevant policies;the government should increase the turnover tax incentives when formulating taxation incentives,and take advantage of the turnover tax incentives,continue to promote the reform of state-owned enterprises and accelerate the pace of mixed reform of state-owned enterprises. |
