Research On The Impact Of Environmental Taxes On The Environmental Performance And Financial Performance Of Listed Companies In Heavy Pollution Industries

As mentioned in the 14th Five-Year Plan,China is committed to establishing a safe and effective environmental protection system,strengthening the control of air and water pollution emissions,promoting ecological transformation and forming ecological values.There is no doubt that green development has become a new requirement for current economic development.In the past period of high economic growth,China relied heavily on heavy industry to develop its economy,and the pollution problem became more and more serious.One of the most important causes of environmental problems is the pollution discharge of heavy pollution enterprises.However,since the transformation of the model from high speed to high quality development,it has become one of the important goals of the country to control pollution and win the battle of environmental protection.If we can correctly solve the emission and control problems of heavy pollution enterprises in the industry,the environmental management of our country will be able to develop to a higher level.However,considering the externality of environmental pollution,the market alone can not solve the problem and needs government intervention.It is necessary to use the "tangible hands" of Governments to regulate and correct the failure of the single market role.Therefore,as a market-based environmental supervision system,environmental tax has become an important factor affecting how heavy pollution companies control pollution.For the above reasons,it is meaningful to explore the relationship between environmental tax and environmental performance and financial performance of enterprises under the background of insisting on environmental governance.First of all,this paper reads and combs the literature on environmental tax,environmental performance and financial performance.Then,combined with the corresponding theories,such as Porter hypothesis,stakeholder theory,social responsibility theory,the content of this paper is analyzed at the theoretical level.And the mechanism of environmental tax is further analyzed.Based on the macro finance and taxation system and from the point of view of the micro enterprises in our country,this paper selects the data of the heavily polluted enterprises listed in Shanghai and Shenzhen A shares in China 2015-2019.Based on the previous research,this paper selects 13 indicators of environmental disclosure,collects the annual report notes,environmental responsibility reports and other environmental indicators published on other platforms,quantifies environmental performance and gets the latest data as of 2019.At the same time,the impact of environmental tax on environmental performance is investigated,and the impact of environmental tax on companies with different property rights is analyzed.Then,we analyze the influence of early environmental performance on later environmental performance.Then,it analyzes the influence of environmental tax on the financial performance of the company,and analyzes whether the environmental performance of the enterprise will have an impact on the financial performance of the enterprise under the environmental tax.The study found that: first,environmental tax can effectively promote the environmental performance of enterprises,but the early good environmental performance will not necessarily be maintained,the early good performance of enterprises in the later decline,indicating that for enterprises,More just to deal with the current end of governance,and did not improve the awareness of environmental protection.Second,the environmental tax has different effects on heavy pollution enterprises with different property rights,and the environmental performance of non-state-owned enterprises is better.Third,environmental tax can promote the financial performance of enterprises,and the improvement of environmental performance will also promote the performance of financial performance.In this regard,the government needs to constantly improve the structure of environmental tax and improve the elasticity of tax system.For enterprises,we should raise the awareness of environmental protection,actively carry out pollution control,want the society to transmit positive information,enhance its own value,and promote the development of enterprises themselves.