The Influence Of Environmental Protection Fee To Tax On Enterprise TFP

The report pointed out the need to improve total factor productivity and accelerate the implementation of innovation-driven strategy,indicating that China should shift its economic growth to the track of total factor productivity-driven under the new normal and realize the improvement of economic quality,efficiency and upgrading.At the same time,the state has set a new direction for ecological progress,promoting synergy and efficiency in reducing pollution and carbon emissions,and promoting all-round green transformation of social development.The Environmental Protection Tax Law of the People’s Republic of China,which took effect on 2018,is an important measure of China’s tax reform.The policy will play an important role in "pollution reduction".However,the effect of environmental regulation on enterprises is limited,and it becomes more important to force and drive enterprises to increase innovation in environmental protection and environmental governance.In addition,the improvement of enterprises’ total factor productivity is the basis of economic growth.Therefore,this thesis studies the influence of "Environmental protection fee to tax" on enterprises’ total factor productivity from the perspective of Technological innovation.This paper firstly reviews the relevant literature and theoretical basis,and then puts forward the corresponding mechanism and research hypothesis on the possible path of environmental protection investment from the perspective of constraint and incentive effect.Finally,the "Environmental protection fee to tax" was taken as a quasi-natural experiment,and the data from China’s A-share listed companies in Shanghai and Shenzhen in 2015 to 2020 by using difference in difference method.And use the mediation effect test model to test the mechanism of Technological innovation.In addition,dynamic effect,robustness and heterogeneity were also tested.In the further study,the triple difference model is used to test the effect on the financial performance and market value of enterprises through improving total factor productivity.This paper draws the following conclusions: First,the policy has a significant positive effect on enterprise TFP,and it is still significant;Secondly,the policy can promote enterprises to increase Technological innovation,and then improve TFP;Third,the influence is more obvious in the state-owned enterprises and capital intensive enterprises.Fourthly,the policy can significantly improve financial performance and market value by improving TFP of enterprises.Fifth,there is an alternative relationship between the policy combination of environmental tax and carbon emission trading.Finally,some useful suggestions are put forward.As for the government,firstly,it should continue to promote the reform process,and more clearly define the tax object,tax scope and tax standard;Secondly,the environmental protection department and the tax department should perform their respective duties,effectively supervise the pollution discharge of enterprises,ensure that the environmental tax is collected on time and in full amount.Finally,it is necessary to pay attention to the different property rights and the response of different industries to policy changes,strengthen the supervision of non-state-owned enterprises,and focus on capital-intensive enterprises.As far as enterprises are concerned,firstly,enterprises need to take active measures,not only through tax payment and terminal management,but also need to carry out technological upgrading and innovation.Secondly,enterprises should clear that the policy can improve their financial performance and market performance by improving their TFP.Environmental factors must be considered as a key factor when making strategic decisions.Finally,the enterprise should actively disclose the countermeasures of the policy to convey positive information of environmental protection to the capital market and the public.