Hanli Wu;Yuxin Xiong;

• 1:School of Management
• 2: Northwest University of Political Science and Law

Abstract：

In response to increasingly prominent environmental issues, the Chinese government has legislated the imposition of an environmental protection tax, ensuring a smooth transition from “fee payment” to “tax payment” based on the principle of “tax burden shift.” Using micro-level data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022, this study examines the impact of this policy change on corporate ESG investment and its underlying mechanisms. The findings indicate that the implementation of the environmental protection fee-to-tax reform incentivizes firms to engage in ESG investments. Moreover, the increase in public environmental awareness and the intensification of regulatory penalties are two key channels through which this reform influences corporate ESG investment. These conclusions remain robust after a series of validation tests. Additionally, the impact of the reform is more pronounced for non-state-owned enterprises, non-heavy polluting firms, and companies operating in regions with stronger environmental regulations. Furthermore, the reform not only promotes corporate ESG investment but also contributes to firm-level total factor productivity and macro-level industrial structural transformation and upgrading. These findings aim to provide theoretical insights for high-quality economic growth and serve as a decision-making reference for improving the environmental tax system.

Key Words：

Abstract:

Keywords:

Foundation: 国家社会科学基金西部项目,高碳企业“漂绿”的组态效应及靶向监管研究(项目编号：23XGL001)的资助

Authors: Hanli Wu;Yuxin Xiong;

References：

• 陈羽桃，冯建.2020.企业绿色投资提升了企业环境绩效吗——基于效率视角的经验证据[J].会计研究，(1):179-192.Chen Y T,Feng J.2020.Do corporate green investments improve environmental performance?evidence from the perspective of efficiency[J].Accounting Research,(1):179-192.(in Chinese) 陈璇，钱维.2018.新《环保法》对企业环境信息披露质量的影响分析[J].中国人口·资源与环境，28(12):76-86.Chen X,Qian W.2018.Effects of the new environmental protection law on the quality of companies' environmental information disclosure[J].China Population,Resources and Environment,28(12):76-86.(in Chinese) 范庆泉，储成君，高佳宁.2020.环境规制、产业结构升级对经济高质量发展的影响[J].中国人口·资源与环境，30(6):84-94.Fan Q Q,Chu C J,Gao J N.2020.Effect of environmental regulation and industrial structure upgrading on high-quality economic development[J].China Population,Resources and Environment,30(6):84-94.(in Chinese) 郭吉涛，梁爽.2021.数字经济对中国全要素生产率的影响机理：提升效应还是抑制效果?[J].南方经济，(10):9-27.Guo J T,Liang S.2021.The impact mechanism of the digital economy on China's total factor productivity:An uplifting effect or a restraining effect?[J].South China Journal of Economics,(10):9-27.(in Chinese) 黄勃，李海彤，江萍，等.2022.战略联盟、要素流动与企业全要素生产率提升[J].管理世界，38(10):195-211.Huang B,Li H T,Jiang P,et al.2022.Strategic alliance,factor flow and firm total factor productivity growth[J].Journal of Management World,38(10):195-211.(in Chinese) 金友良，谷钧仁，曾辉祥.2020.“环保费改税”会影响企业绩效吗?[J].会计研究，(5):117-133.Jin Y L,Gu J R,Zeng H X.2020.Does “environmental protection fees replaced with environmental protection taxes” affect corporate performance?[J].Accounting Research,(5):117-133.(in Chinese) 李虹，邹庆.2018.环境规制、资源禀赋与城市产业转型研究——基于资源型城市与非资源型城市的对比分析[J].经济研究，53(11):182-198.Li H,Zou Q.2018.Environmental regulations,resource endowments and urban industry transformation:Comparative analysis of resource-based and non-resource-based cities[J].Economic Research Journal,53(11):182-198.(in Chinese) 李青原，肖泽华.2020.异质性环境规制工具与企业绿色创新激励——来自上市企业绿色专利的证据[J].经济研究，55(9):192-208.Li Q Y,Xiao Z H.2020.Heterogeneous environmental regulation tools and green innovation incentives:Evidence from green patents of listed companies[J].Economic Research Journal,55(9):192-208.(in Chinese) 李子豪，袁丙兵.2019.空间关联和门槛效应的地方政府环境治理研究——基于廉洁度视角的考察[J].中国软科学，(10):61-69.Li Z H,Yuan B B.2019.Government environmental governance research from spatial correlation and threshold effect:Based on the perspective of integrity[J].China Soft Science,(10):61-69.(in Chinese) 林伯强.2022.碳中和进程中的中国经济高质量增长[J].经济研究，57(1):56-71.Lin B Q.2022.China's high-quality economic growth in the process of carbon neutrality[J].Economic Research Journal,57(1):56-71.(in Chinese) 刘金科，肖翊阳.2022.中国环境保护税与绿色创新：杠杆效应还是挤出效应?[J].经济研究，57(1):72-88.Liu J K,Xiao Y Y.2022.China's environmental protection tax and green innovation:Incentive effect or crowding-out effect?[J].Economic Research Journal,57(1):72-88.(in Chinese) 刘荣增，何春.2021.环境规制对城镇居民收入不平等的门槛效应研究[J].中国软科学，(8):41-52.Liu R Z,He C.2021.Study on the threshold effect of environmental regulation on income inequality of urban residents[J].China Soft Science,(8):41-52.(in Chinese) 卢洪友，刘啟明，徐欣欣，等.2019.环境保护税能实现“减污”和“增长”么?——基于中国排污费征收标准变迁视角[J].中国人口·资源与环境，29(6):130-137.Lu H Y,Liu Q M,Xu X X,et al.2019.Can environmental protection tax achieve ‘reducing pollution’ and ‘economic growth’?based on the change perspective of China's sewage charges[J].China Population,Resources and Environment,29(6):130-137.(in Chinese) 鲁晓东，连玉君.2012.中国工业企业全要素生产率估计：1999—2007[J].经济学(季刊),11(2):541-558.Lu X D,Lian Y J.2012.Estimation of total factor productivity of industrial enterprises in China:1999—2007[J].China Economic Quarterly,11(2):541-558.(in Chinese) 任胜钢，郑晶晶，刘东华，等.2019.排污权交易机制是否提高了企业全要素生产率——来自中国上市公司的证据[J].中国工业经济，(5):5-23.Ren S G,Zheng J J,Liu D H,et al.2019.Does emissions trading system improve firm's total factor productivity:Evidence from Chinese listed companies[J].China Industrial Economics,(5):5-23.(in Chinese) 孙豪，桂河清，杨冬.2020.中国省域经济高质量发展的测度与评价[J].浙江社会科学，(8):4-14,155.Sun H,Gui H Q,Yang D.2020.Measurement and evaluation of the high-quality of China's provincial economic development[J].Zhejiang Social Sciences,(8):4-14,155.(in Chinese) 孙文浩，张杰.2021.减税有利于何种高新技术企业创新——基于人才结构的视角[J].财政研究，(8):107-120.Sun W H,Zhang J.2021.What kind of high-tech enterprises can benefit from the tax reduction—Based on perspective of the talent structure[J].Public Finance Research,(8):107-120.(in Chinese) 王桂军，曹平.2018.“营改增”对制造业企业自主创新的影响——兼议制造业企业的技术引进[J].财经研究，44(3):4-19.Wang G J,Cao P.2018.The effect of ‘to replace business tax with VAT’ on the indigenous innovation of manufacturing enterprises:With some implications for technical introduction of manufacturing enterprises[J].Journal of Finance and Economics,44(3):4-19.(in Chinese) 汪明月，李颖明，王子彤.2022.异质性视角的环境规制对企业绿色技术创新的影响——基于工业企业的证据[J].经济问题探索，(2):67-81.Wang M Y,Li Y M,Wang Z T.2022.Heterogeneity analysis of the impact of environmental regulation on green technology innovation of enterprises—Based on large sample data of industrial enterprises in China[J].Inquiry into Economic Issues,(2):67-81.(in Chinese) 王晓祺，郝双光，张俊民.2020.新《环保法》与企业绿色创新：“倒逼”抑或“挤出”?[J].中国人口·资源与环境，30(7):107-117.Wang X Q,Hao S G,Zhang J M.2020.New environmental protection law and corporate green innovation:Forcing or forcing out?[J].China Population,Resources and Environment,30(7):107-117.(in Chinese) 王贞洁，王惠.2022.低碳城市试点政策与企业高质量发展——基于经济效率与社会效益双维视角的检验[J].经济管理，44(6):43-62.Wang Z J,Wang H.2022.Low-carbon city pilot policy and high quality development of enterprises:From the perspective of economic efficiency and social benefit[J].Business and Management Journal,44(6):43-62.(in Chinese) 温忠麟，张雷，侯杰泰，等.2004.中介效应检验程序及其应用[J].心理学报，36(5):614-620.Wen Z L,Zhang L,Hou J T,et al.2004.Testing and application of the mediating effects[J].Acta Psychologica Sinica,36(5):614-620.(in Chinese) 吴育辉，田亚男，陈韫妍，等.2022.绿色债券发行的溢出效应、作用机理及绩效研究[J].管理世界，38(6):176-190.Wu Y H,Tian Y N,Chen Y Y,et al.2022.The spillover effect,mechanism and performance of green bond issuance[J].Journal of Management World,38(6):176-190.(in Chinese) 许东彦，林婷，张国建.2022.环境规制对绿色技术扩散的影响[J].中南财经政法大学学报，(5):147-160.Xu D Y,Lin T,Zhang G J.2022.The impact of environmental regulation on the diffusion of green technology[J].Journal of Zhongnan University of Economics and Law,(5):147-160.(in Chinese) 徐业坤，马光源.2019.地方官员变更与企业产能过剩[J].经济研究，54(5):129-145.Xu Y K,Ma G Y.2019.Local officials' turnover and enterprises' overcapacity[J].Economic Research Journal,54(5):129-145.(in Chinese) 杨柳勇，张泽野，郑建明.2021.中央环保督察能否促进企业环保投资?——基于中国上市公司的实证分析[J].浙江大学学报(人文社会科学版),51(3):95-116.Yang L Y,Zhang Z Y,Zheng J M.2021.Does central government environmental inspection promote firm environmental protection expenditure?Evidences from listed companies in China[J].Journal of Zhejiang University (Humanities and Social Sciences),51(3):95-116.(in Chinese) 伊志宏，陈欣，田柳.2022.公众环境关注对企业绿色创新的影响[J].经济理论与经济管理，42(7):32-48.Yi Z H,Chen X,Tian L.2022.The effect of public environmental concerns on corporate green innovation[J].Economic Theory and Business Management,42(7):32-48.(in Chinese) 张成，陆旸，郭路，等.2011.环境规制强度和生产技术进步[J].经济研究，46(2):113-124.Zhang C,Lu Y,Guo L,et al.2011.The intensity of environmental regulation and technological progress of production[J].Economic Research Journal,46(2):113-124.(in Chinese) Abadie A,Diamond A,Hainmueller J.2010.Synthetic control methods for comparative case studies:Estimating the effect of California's tobacco control program[J].Journal of the American Statistical Association,105(490):493-505. Liang H,Wang Z T,Niu R K.2023.Does environmental regulations promote the green transformation of high polluters?[J].Applied Economics Letters,30(7):927-931. Porter M E,Van der Linde C.1995.Toward a new conception of the environment-competitiveness relationship[J].Journal of Economic Perspectives,9(4):97-118. Rubashkina Y,Galeotti M,Verdolini E.2015.Environmental regulation and competitiveness:Empirical evidence on the Porter Hypothesis from European manufacturing sectors[J].Energy Policy,83(1):288-300. Wang H,Mamingi N,Laplante B,et al.2003.Incomplete enforcement of pollution regulation:Bargaining power of Chinese factories[J].Environmental and Resource Economics,24(3):245-262.
• (1)实验组:河北、江苏、山东、河南、湖南、四川、重庆、贵州、海南、广西、山西、北京;对照组:湖北、浙江、福建、吉林、安徽、江西、陕西、甘肃、新疆、西藏、宁夏、青海、内蒙古、黑龙江、云南、辽宁、天津、上海、广东。 (2)“税负平移”是指从收取环境保护排污费改为征收环境保护税,这一过程中总体上不增加负担,征收对象等都与现行排污费保持一致。 (3)重污染行业为:冶金、化工、石化、煤炭、火电、建材、造纸、酿造、制药、发酵、纺织、制革和采矿业等。