Environmental Protection Tax And Green Transformation Of Enterprises

Since reform and open policy,our economy has achieved rapid development,but with the extensive type of economy of high input,high consumption,high pollution led to the waste of land resources and ecological destruction problem is also increasingly serious.In order to implement and implement the new development concept,promote and improve the green,low-carbon and sustainable economic system,promote the high-quality development of the economy and society,achieve the "double carbon goal",and realize the long-term goal of socialist modernization of "fundamentally improving the ecological environment and basically realizing the goal of building a beautiful China" as scheduled,it is necessary to strengthen the macro-control of the government.Taxation is an important means to realize national macro-control and promote the healthy development of economy and society.As a market-based economic incentive environmental regulation,environmental protection tax can give full play to the role of market incentive,promote enterprises to reduce pollutant emissions and actively carry out green transformation.On the basis of mastering the Pigovian tax theory,sustainable development theory,Porter hypothesis and other basic theories,and summarizing the previous scholars’ research conclusions on the mechanism of environmental protection tax on enterprises’ green transformation,combined with the actual collection and management of environmental protection tax,This paper selects the annual financial data and annual reports of A-share manufacturing listed companies in Shanghai and Shenzhen stock markets during 2015-2020 for empirical research.With the quasi-natural experiment of "environmental protection tax reform",the green transformation of enterprises is taken as the explained variable,and the difference before and after the environmental protection tax reform is taken as the explanatory variable,the degree of green transformation of enterprises is measured by text recognition method,and a difference in difference model is built to test the specific difference of the degree of green transformation of enterprises in time,region and industry dimensions.And further explore and confirm the environmental protection tax on the green transformation of enterprise mechanism.The empirical study found that the environmental protection tax reform policy in2018 had a significant promoting effect on the green transformation of the sample enterprises.The conclusion passed the robustness test,and the heterogeneity factors of enterprises,such as enterprise ownership,enterprise pollution degree and enterprise debt maturity structure,had a significant impact on the policy effect.In addition,through the construction of a new empirical model,introducing variables such as corporate cash flow and environmental protection investment to replace the explained variables,it is found that environmental protection tax policy promotes the green transformation of enterprises,but also has the effect of crowding out and incentive.Drawing on the experience of the European Union,the United States and other developed countries and regions in using environmental protection tax to promote the green development of enterprises,for example,the establishment of a complete environmental protection tax system,the establishment of a special fund system of environmental protection tax revenue and a disclosure system of the use of environmental protection tax revenue,etc.,to realize the purpose of environmental protection tax to "protect and improve the environment".To sum up,optimizing environmental protection tax from the following aspects is conducive to attracting capital flow to greener and more environmentally friendly fields,and giving full play to the role of tax regulation in promoting the green transformation of enterprises.Including: scientific design of environmental protection tax system elements;Establish and improve the collection and administration system of environmental protection tax;Gradually improve the supervision mechanism for environmental tax revenue;Cultivate the internal driving force of enterprise green transformation;Strengthen the mode guidance of enterprise green transformation;Technical innovation to support enterprises’ green transformation.