Study On The Influence Of Environmental Protection Tax On Green Investment Of Enterprises

In the new era,the Fourteenth Five-Year Plan has put forward stricter standards for ecological protection and green development,and the state has put more emphasis on the solution of environmental problems when formulating relevant policies,so as to comprehensively lead the national economy towards high-quality development.As the main force of economic development,enterprises should also play an important role in environmental governance.Therefore,heavy polluting enterprises with higher emissions should comply with the new requirements of the new era and actively pursue sustainable green development.The ecological environment has the special attribute of public goods,so enterprises naturally have the problem of insufficient green investment,which needs the guidance of regulatory tools.As an important policy tool of the government,tax policy is conducive to promoting enterprises to make green investment.Based on the above background and analysis,the research logic of this thesis is as follows: firstly,it combs the research results of domestic and foreign scholars on how environmental taxes and fees affect the green investment of enterprises;secondly,it clarifies the concept and evolution process of pollution charges,environmental taxes and green investment of enterprises;introduces the relevant theoretical basis such as external theory,Porter hypothesis and stakeholder theory;then selects the panel data of heavily polluting listed companies in Shanghai and Shenzhen A shares from 2014 to 2021,The empirical analysis is carried out by establishing a fixed effect model.To further explore the relationship between environmental protection tax and enterprise investment.At last,the following conclusions are reached:(1)The impact of environmental taxes and fees on green investment of enterprises is positive and has enterprise heterogeneity.Compared with non-state-owned enterprises,the green investment of state-owned enterprises will be more sensitive to environmental taxes and fees,and compared with foreign-funded enterprises,environmental taxes and fees are more intense to the green investment of non-foreign-funded enterprises;(2)After the implementation of the Environmental Protection Tax Law in 2018,on the basis of the pollutant discharge fee system,it has become more scientific,reasonable and rich,and the level of green investment of enterprises has been greatly improved.Based on the above theoretical analysis and empirical results,this thesis gives policy recommendations from different perspectives from the government,enterprise and social levels:(1)The government should further optimize and improve the environmental protection tax law,take into account the heterogeneity of the nature of enterprise property rights when formulating environmental protection regulations and preferential policies,and rely on modern information means to strengthen tax collection and management,and strictly enforce tax laws;(2)Enterprises should abide by the relevant provisions of environmental protection policies,establish a high sense of responsibility,consciously increase green investment,promote continuous innovation of environmental protection technology,and improve their competitive advantages.