Research On The Impact Of Environmental Tax On Enterprises’ Green Investment

The ecological concept of green development is an important part of China’s "Five-in-One" construction,as well as a basic national policy.Under the dual requirements of environmental governance and economic development,green fiscal and tax policies and their effects have attracted more and more attention.On the basis of summarizing previous studies,this paper interprets the extension of environmental taxation from a new perspective,tries to study the relationship between environmental taxation and enterprise green investment from the enterprise level,and discusses the relationship between separate consumption tax and enterprise green investment at the same time.This article mainly carries on the following several works.First of all,this paper analyzes the "green" of consumption tax from the theoretical level,and analyzes how environmental tax affects the green investment of enterprises.According to the theoretical analysis,three hypotheses are proposed:Hypothesis 1 holds that the environmental tax burden of enterprises has a lag effect on the scale of green investment;Hypothesis 2 holds that the consumption tax borne by enterprises also has a lag effect on the scale of green investment.Hypothesis 3 holds that the impact of environmental tax on corporate green investment varies with the nature of enterprises,and the impact is more significant in state-owned enterprises.In order to verify the hypothesis proposed,this paper selects two groups of enterprise samples for empirical analysis.In the first group,A-share heavy polluting enterprises in Shanghai and Shenzhen stock markets from 2012 to 2017 were selected as samples to study the impact of environmental taxation on green investment of enterprises.In the second group,A-share enterprises closely related to consumption tax in Shanghai and Shenzhen stock markets were selected as samples to study the impact of consumption tax on green investment of enterprises separately.The regression results of the first group of samples show that the impact coefficient of environmental tax on the green investment of enterprises in heavy polluting industries is significantly positive.At the same time,the regression results of heterogeneity analysis show that the environmental tax has a significant promoting effect on the green investment of enterprises only in state-owned enterprises,while for non-state-owned enterprises,it is the total assets of enterprises that have a significant promoting effect on their green investment.The regression results of the second group of samples show that the effect coefficient of consumption tax on green investment of enterprises is also significantly positive.This paper draws the following conclusions: First,environmental tax is conducive to the green investment of enterprises in heavy polluting industries.At the same time,we also find that,in addition to environmental tax,the scale of enterprise assets and the nature of profit and loss will promote the green investment of enterprises.Second,compared with non-state-owned enterprises,green investment of state-owned enterprises is more sensitive to environmental tax,and environmental tax significantly promotes green investment of state-owned enterprises.On the contrary,green investment in non-state-owned enterprises is more affected by the size of enterprises.Third,for enterprises that pay the consumption tax,the consumption tax does have a significant effect on promoting green investment.This paper puts forward the following policy suggestions: First,optimizing the environmental tax system and strengthening the collection and management of environmental tax system have positive significance for environmental protection in China.Second,we should continue to improve the regulatory role of various types of environmental tax within the scope of environmental tax connotation and complete the transformation of "green".Third,policy makers should improve the tax system and optimize the market to guide green investment.Fourth,in the future,it may be possible to separate the tax items closely related to environmental protection from consumption tax,and combine them with other polluting products into a new pollution product tax,so as to carry out comprehensive management from the perspective of environmental protection.