The Impact Of Environmental Tax System On Corporate Green Investment

The 19 th National Congress clearly pointed out that "the modernization that we want to build is the modernization of harmonious coexistence between people and nature.It is necessary to create more material wealth and spiritual wealth to meet the people’s growing needs for better life,and to provide more high-quality ecological products.Meet the people’s growing needs of the beautiful ecological environment." Among them,corporate green investment has an important impact on the ‘high-quality ecological products’.By investing in companies or projects which can generate environmental benefits and reduce environmental costs and risks,the environmental tax system will have a gradual weakening stimulation impact on the environmental tax system.Therefore,it is speculated that due to the current scope of environmental tax collection,insufficient regulation of environmental pollution,companies can promote environmental performance,develop green industries and reduce environmental risks.The corporate green investment will play the vital role in environmental governance,energy conservation and emission reduction,and the development of the green economy.The environment taxation is a system which includes various tax categories and taxation measures that built by the government so as to achieve specific environmental protection objectives,raise environmental protection funds and strengthen taxpayers’ environmental protection behaviors.In theory,the social cost of the environmental pollution and ecological destruction can be internalized into the production cost of the enterprise and the corresponding market price.In practice,however,the environmental tax system will have a gradual weakening stimulation impact on the environmental tax system.Therefore,it is speculated that due to the current scope of environmental tax collection,insufficient regulation of environmental pollution,there is no identical conclusion about whether the current environmental tax system can promote the internalization of corporate environmental costs and what the extent of its impact has.Based on the data of the polluting enterprises from 2011 to 2017,this paper takes the enterprise’s most important environmental cost internalization strategy,namely the enterprise green investment,as an example,and empirically analyzes how the current environmental tax system has impact on the corporate green investment by the quantile regression.First of all,this paper systematically sorts out the theoretical research related to the environmental tax system and the green investment of enterprises,and establishes a theoretical model to prove that the environmental tax system will have a direct impact on the corporate green investment.Secondly,after analyzing the reform and development process of China’s environmental tax system and corporate green investment,we found that China’s current environmental tax system has main problems: the small scope of collection,the insufficient regulation of environmental protection,the insufficient and the lack of systemic in tax incentives policies.Also,the environmental tax system will have a gradual weakening stimulation impact on the environmental tax system.Therefore,it is speculated that due to the current scope of environmental tax collection,insufficient regulation of environmental pollution,the current corporate green investment has main problems: the lack of constraints in the relevant environmental policies,the imperfection of the enterprise green investment evaluation system standards and the related green investment market construction,the insufficient of government supervision and punishment policies.Then,this paper uses the data of the 148 polluting enterprises from 2011 to 2017 as the panal data,empirically analyzes the performance of the problems mentioned above in practice by quantile regression method.The results of empirical analysis show that: 1.The impact of the current environmental tax system on corporate green investment is heterogeneous;2.For the corporate green investment from the low to the middle quintile,the environmental tax system will have a gradual weakening inhibition impact on the corporate green investment;for the corporate green investment from the relatively high to the high quintile,the environmental tax system will have a gradual weakening stimulation impact on the environmental tax system.Therefore,it is speculated that due to the current scope of environmental tax collection,insufficient regulation of environmental pollution,imperfect enterprise green investment evaluation system and immature green investment market,the current environment taxation system can not effectively promote the internalization the environmental costs by the corporate green investment.Finally,this paper put forward countermeasures and suggestions which are mainly about strengthening the guidance and the stimulation effect of the environmental tax system from two aspects: the improvement of the environmental tax system and the enterprise green investment system.The main innovation of this paper is to combine policy documents with empirical research and enrich the results of empirical research.