Research On The Impact Of The Environmental Protection Tax Law On Green Innovation Of Enterprises

Since the 18 th National Congress of the Communist Party of China,the construction of ecological civilization has been incorporated into the overall layout of the "five-in-one",and the development concept of "green water and green mountains are golden mountains and silver mountains" has been put forward.General Secretary Xi Jinping attaches great importance to pollution control in accordance with the law,repeatedly emphasizing: "Protect the ecological environment with the most stringent system and the strictest rule of law." The "Environmental Protection Tax Law" implemented in 2018 is an important measure to implement ecological civilization thought and rule of law thought.As the core of realizing the dual welfare of economic development and environmental protection,green innovation is considered to be one of the effective tools to solve the dilemma of economic growth and environmental pollution,and plays an important role in the sustainable development of enterprises.As China’s first single-line tax law aimed at environmental protection and embodying the "green tax system",the Environmental Protection Tax Law has greater mandatory force and binding force than the previous sewage fee system,and has made indispensable contributions to the promotion of ecological civilization construction,which can effectively reduce pollution emissions and improve the ecological environment,but as a new tax,it will also increase the cost of enterprises,whether it will affect the green innovation investment of enterprises,the existing research has not yet reached a consistent conclusion.Based on this,this dissertation takes China’s Shanghai and Shenzhen A-share non-financial listed companies from 2007 to 2021 as a research sample,and investigates the impact relationship and mechanism between the implementation of the "Environmental Protection Tax Law" and corporate green innovation.The research finds that: 1.The implementation of the "Environmental Protection Tax Law" has significantly promoted the green innovation of enterprises,and through the robustness tests such as propensity score matching,placebo test,excluding the impact of green credit policy,changing the sample time window and changing the model,it is proved that the conclusion has strong robustness;2.The test results of the mechanism of action show that the implementation of the "Environmental Protection Tax Law" mainly promotes green innovation of enterprises by alleviating corporate financing constraints and increasing the level of corporate risk-taking;and the relationship between "Environmental Protection Tax Law" and corporate green innovation;3.Further analysis found that: compared with the small-scale group of enterprises,enterprises in the start-up period,turbulent period and recession period,in large-scale enterprises,enterprises in the growth stage and mature stage,the implementation of the "Environmental Protection Tax Law" has a positive impact on the green innovation of enterprises.The conclusions of the study enrich the relevant research on the economic effects of the implementation of the "Environmental Protection Tax Law" policy at the theoretical level,provide microscopic evidence for the effect of greening the tax system from the perspective of green innovation,and provide a possible theoretical support for the "Porter effect" hypothesis;In terms of practice,it provides empirical evidence for improving corporate tax awareness,environmental responsibility,and compliance with the "Environmental Protection Tax Law" to reduce emissions and reduce pollution,thereby realizing green innovation and development of enterprises,and for the government to further improve the green tax system and promote green innovation of enterprises through legal means.