The Impact Of Environmental Protection Tax On Corporate Green Investment

At present,our country is in the critical period of transformation from rapid economic development to high quality development,aiming at realizing the unification of growth and development,growth mode and development mode.The most essential characteristics of the innovation,reproduction,ecology,fine and high benefit exist.Now our serious environmental pollution and resource waste and the high quality development are different.In order to better achieve high-quality economic development,it is imperative to reduce environmental pollution and protect the ecological environment.As micro-subjects of pollution emission,heavy polluting enterprises are crucial to environmental protection.However,environmental governance requires capital input and will reduce the vested interests of enterprises.In this context,the Environmental Protection Tax Law with rigid law enforcement was formally introduced in 2018.Its fundamental purpose is to effectively improve environmental quality and compel enterprises to make green investment with the high tax cost caused by pollution discharge.Then,can environmental protection tax significantly influence enterprises’ green investment? In addition,several years after the implementation of environmental protection tax,as the system,the system is more mature and perfect,how about this impact? Based on this,this paper takes heavily polluting listed companies as the object to discuss the impact of environmental protection tax on enterprises’ green investment in the new era and relevant policy suggestions in the future.The research idea of this paper is as follows: on the basis of fully studying the relevant domestic and foreign literature,sorting out the relevant theoretical analysis,according to the current environmental protection tax implementation situation,put forward the tax burden pain,public opinion concerns two influence mechanisms,analyze how the environmental protection tax affects the corporate green investment in the practical and theoretical level.Then,from domestic and foreign perspectives,the development and evolution of environmental protection tax and enterprise green investment as well as the current implementation status are analyzed.In the empirical part,descriptive statistics,correlation analysis,baseline regression,robustness test,influence mechanism test and heterogeneity test are used to analyze the empirical results,and the conclusion is drawn that the current environmental protection tax has a significant positive impact on the green investment of heavy polluting enterprises.According to the results of mechanism impact test,environmental protection tax can significantly positively influence enterprises’ green investment through two mechanisms: tax burden pain and public attention.According to the heterogeneity test before and after the implementation of environmental protection tax in different scales,different regions and before and after the implementation of environmental protection tax,the results show that environmental protection tax significantly positively promotes the green investment of enterprises in small scale,eastern and central regions and after the implementation of the environmental protection tax Law in 2018.In order to further optimize the impact of environmental protection tax on enterprises’ green investment,relevant suggestions are put forward from the government and enterprises.