Research On The Impact Of Environmental Tax On Total Factor Productivity Of Enterprise

China proposed the dual carbon target in 2020,further clarifying its emphasis on environmental protection.So in order to adapt to the current context,enterprises will gradually begin green transformation.In the stage of weak environmental regulations,in order to achieve economic growth,enterprises do not pay attention to the treatment of pollutants and directly discharge them into the environment.However,as environmental regulations gradually become stronger,enterprises must invest in pollution control,which will inevitably have an impact on their financial performance.Therefore,enterprises must find a balanced development between the two,while protecting the environment and maximizing economic growth,in order to achieve sustainable development for Chinese enterprises.In 2018,China introduced an environmental protection tax,which imposed environmental constraints on enterprises,thereby promoting their transformation and upgrading.However,the collection of environmental protection taxes will increase the economic burden on enterprises and have a certain impact on their future development.This article explores the relationship between environmental tax and total factor productivity,and analyzes different regions,administrative levels,and property rights to explore whether the impact of environmental tax is heterogeneous.Finally,analyze the mediating variables through which environmental protection taxes act on enterprises.This article selects data from listed companies in Shanghai and Shenzhen(2012-2020)as research samples.Firstly,it analyzes theoretical foundations such as Pigou’s theory,Porter’s hypothesis,double dividend hypothesis,and public goods and resources theory.Then,it further analyzes the impact of environmental taxes on total factor productivity of enterprises from the perspectives of compensation and substitution effects.Then,the development process of environmental protection tax was sorted out,and the practical situation of environmental protection tax was analyzed in depth.Finally,the current problems of environmental protection tax were analyzed.This paper adopts fixed effect model and mesomeric effect model to empirically study the impact and mechanism of environmental protection tax on enterprise total factor productivity.The results indicate that:(1)Environmental taxes can significantly promote the improvement of total factor productivity.(2)The impact of environmental protection tax on total factor productivity is heterogeneous,with a policy effect on non-state-owned enterprises greater than that of state-owned enterprises,a policy effect on the eastern region greater than that of the central and western regions,and a policy effect on provincial capital cities greater than that of non provincial capital cities.(3)The impact of environmental taxes on total factor productivity has three pathways,namely technological innovation,financial performance,and asset structure.In this paper,the fixed effect model is used for the main regression test,and the mesomeric effect model is used for the mechanism test.