Research On The Implementation Effect Of Environmental Protection Tax On Listed Chemical Companies In China

In the new era,China advocates exploring new economic growth points through innovation,accelerating the transformation of economic development mode,protecting and improving the environment during development,and realizing high-quality economic development.With the concentrated environmental problems caused by industrial development,agricultural production and urbanization,green development has been brought into the modern economic development system,and it is an important way to lead high-quality economic development and solve environmental pollution problems.Chemical industry is the foundation of China’s national economic development because of its intensive capital and technology,huge volume and long value chain.At the same time,because of its complex production process,many pollution production links,large pollution discharge and difficult recycling,it brings great challenges to China’s environmental governance.The characteristics of high energy consumption and heavy pollution require the chemical industry to actively explore green,low-carbon,clean,efficient,safe and environment-friendly production processes and pollution treatment technologies."Green development" has become the general trend of the vigorous development of the chemical industry in the future.In December,2016,China promulgated the first separate tax law to promote ecological sustainable development,the Environmental Protection Tax Law of the People’s Republic of China,which incorporated environmental protection into the legal system in the form of taxation,which has a milestone significance for the development of environmental protection.Under the policy guidance and tax pressure,whether the chemical industry can take the initiative to reduce pollution emissions and transform to "green chemical industry" is a question worthy of further study and demonstration.This paper selects A-share listed companies in chemical industry from 2010 to 2019 as the research object,and based on the double dividend theory,explores the specific implementation effect of environmental protection tax on China’s chemical industry from two aspects: environmental protection and enterprise green technology innovation.On this basis,environmental protection investment is introduced between environmental protection tax and enterprise green technology innovation,the intermediary role of environmental protection investment is explored,and the specific mechanism between environmental protection tax and enterprise green technology innovation is clarified.Finally,the threshold regression model is used to explore the threshold effect between environmental protection tax and environmental protection investment.The main conclusions are as follows: First,there is a double threshold between environmental protection tax and environmental quality.With the increase of environmental protection tax rate,industrial sulfur dioxide emissions show a general trend of first increasing and then decreasing.China’s environmental protection tax rate is just before the first threshold value,and environmental protection tax has not yet played an environmental protection role in China’s chemical enterprises;Secondly,environmental protection tax will inhibit the green technological innovation of chemical enterprises in China,and environmental protection investment will play an intermediary role between environmental protection tax and enterprise green technological innovation,that is,environmental protection tax will inhibit enterprise green technological innovation by inhibiting environmental protection investment.China’s environmental protection tax failed to achieve "double dividend".Thirdly,environmental protection tax has a single "threshold effect" on environmental protection investment,which will inhibit environmental protection investment before and after the threshold,and the inhibition will weaken after crossing the threshold.At present,the tax rate of environmental protection tax in China’s chemical industry is still at a low level,which has obvious inhibitory effect on environmental protection investment.Finally,in view of the above research conclusions,some relevant policy suggestions are put forward,such as raising the tax rate of environmental protection,formulating the incentive supporting policies of green technology innovation,improving the environmental awareness of enterprises,and improving the guarantee mechanism of tax system.