Environmental Taxes,Institutional Investors And Corporate Innovation

In recent years,with the frequent occurrence of air pollution and water pollution,the government and the public have paid more and more attention to environmental issues.However,due to environmental resources have the attributes of public goods,the problem of governance environment cannot be solved by market mechanisms,and it is necessary to rely on government forces for environmental regulation.As one of the effective means of environmental regulation,environmental protection tax can effectively control pollution discharge and reduce environmental pressure.However,whether the implementation of the environmental protection tax has a favorable impact on economic growth is highly controversial.Therefore,from the perspective of micro-enterprise,this paper uses the heavily polluting industry data of A-share listings in Shanghai and Shenzhen stocks from 2010 to 2016 to study the impact of environmental taxes on corporate innovation and the regulatory role of heterogeneous institutional investors.And the paper further analyzes the differences in the impact of property rights heterogeneity.The study finds that environmental taxes have a positive effect on corporate innovation.Pressure-resisting institutional investors play a positive role in regulating environmental taxes and corporate innovation.Pressure-sensitive institutional investors play a negative role in regulating environmental taxes and corporate innovation.By grouping enterprises according to property rights,the paper discovers that in state-owned enterprises,the environmental tax has a more significant effect on the innovation of enterprises.And the institutional investors in different attributes have different adjustments to the relationship between environmental taxes and corporate innovation.The regulatory role of institutional investors in non-state-owned holding companies is even more pronounced.