An Study On The Influence Of Environmental Protection Tax On The Green Investment Of Heavily Polluting Enterprises

Ecological and environmental problems are not only related to the economic and social development of a country,but also closely related to the survival and development of the Chinese nation.With the development of the global economy,the extensive economic growth mode is unsustainable,replaced by the intensive economic development mode,namely green,environmental protection and economical development.In recent years,China has put forward and introduced many concepts and policies for green economy development,among which environmental protection tax is an important link.Since its introduction in 2018,the environmental protection tax has followed the principle of whoever pollutes pays,and taxed the discharge of taxable pollutants.Under the incentive of this policy,whether enterprises can more actively fulfill their social responsibilities,increase green investment,and then realize the purpose of environmental protection and green development is worth studying.The research content of this paper is to discuss the impact of heavily polluting enterprises after the introduction of environmental protection tax on the green investment of enterprises.In the theory section,this paper expounds the theories of environmental protection tax and green investment in heavily polluting enterprises,analyzes the influence mechanism of environmental protection tax on green investment,including the compensation effect,crowding out effect and the mechanism of the combination of environmental protection tax and the disclosure,scale and financing environment of green investment in heavily polluting enterprises.In terms of empirical analysis,this paper selected some listed heavy pollution enterprises in 2018-2021 for effective samples,establish a fixed effect model of environmental protection tax and heavy pollution enterprise green investment relationship,using lag phase explanatory variable,tool variable method,replace the explanatory variable and increase the robustness analysis,at the same time from the region,financing constraints and equity property heterogeneity analysis.Empirically shows that the environmental protection tax has a significant positive impact on the green investment of heavily polluting enterprises,and the impact has the heterogeneity of regions,heterogeneity of financing constraints and heterogeneity of equity nature.For regions with different levy standards,environmental protection tax affects the green investment of heavily polluting enterprises;financing constraint environment will affect the green investment scale of heavily polluting enterprises;for enterprises with different equity properties,environmental protection tax has different effects on the green investment of enterprises.On the basis of theoretical analysis and empirical analysis,in order to better play the green incentive role of environmental protection tax,this paper proposes the following suggestions:first,to raise the tax standard of environmental protection tax;second,to improve the preferential policies of environmental protection tax;third,to improve the quality and efficiency of environmental protection tax;and fourth,to improve the financing mechanism of green investment of enterprises.