Research On The Impact Of Environmental Protection Fee-to-tax Reform On The Level Of Green Technology Innovation Of Enterprise

The 14 th Five-Year Plan takes sustained and healthy economic development as one of the main goals and puts forward higher strategic requirements for green development.At present,our country is in the critical period of transformation from extensive development model to intensive development model.If we want to realize the high-quality development of the economy,we cannot leave the guidance of the green idea and the drive of innovation factors,the innovation and application of green technology become the trend.As a new policy with a short duration,the environmental protection tax policy,which was fully implemented on January 1,2018,has been placed high hopes by all sectors of the society because of its ability to stimulate enterprises’ green innovation through the "internalization" of external costs theoretically,and achieve the environmental protection goal of effective emission reduction.So,can the policy of changing environmental protection fees and taxes effectively improve the level of green technology innovation of enterprises and "escort" the green development of enterprises? The effect of its policy implementation remains to be tested.Based on the above background,this paper firstly reviews the existing research results and reviews the related literature.Secondly,the basic concept and connotation of environmental protection tax and green technology innovation are introduced.On the basis of the relevant theoretical research of environmental protection tax,the mechanism of environmental protection fee change affecting green technology innovation is systematically analyzed.Then,the status quo of environmental protection fee tax policy and green technology innovation is analyzed,and relevant data of Shanghai and Shenzhen A-share listed companies from 2015 to 2020 are selected as research samples.The differences-in-differences model is constructed for empirical analysis,and finally the following conclusions are drawn:(1)Environmental protection tax can significantly improve the level of green technology innovation of enterprises,and its incentive effect on substantive innovation is much higher than that on strategic innovation.(2)The incentive effect of environmental protection tax on green technology innovation is mainly realized through increasing its own research and development investment.Under stronger regulatory pressure,enterprises tend to obtain funds needed for R&D investment through internal resource element integration rather than external financing,and leverage green technology innovation under the "leverage effect" of R&D investment.(3)In non-state-owned enterprises,non-heavy polluting industries and small-scale samples,environmental protection tax can effectively encourage enterprises to carry out green technology innovation,especially substantive innovation,but it has no obvious incentive effect in state-owned enterprises;It can significantly stimulate strategic innovation in heavily polluting industries;In the sample of large-scale enterprises,it can significantly stimulate green technology innovation and substantive innovation,but the incentive degree is not as good as that of small-scale enterprises.Based on the empirical research results,this paper gives the following suggestions from the two perspectives of policy optimization and tax collection and administration:(1)raise the overall tax rate level to ensure a reasonable tax rate structure;(2)Strengthen policies to benefit enterprises and give full play to the combination of policies;(3)Improve the positive and negative incentive standards and establish a two-way incentive mechanism;(4)Improve the co-governance and sharing mechanism to improve the efficiency of tax collection and administration.