| Green development is an important part of the five-sphere integrated development strategy proposed by China,and it is an inevitable trend to follow the path of scientific development.With the need of economic development and environmental governance,China’s green tax policy is increasingly valued.Enterprise is not only the consumption of resources and energy body,making the main force of environmental pollution,as the foundation,through the study of previous scholars,thesis try to explore the environmental protection from the perspective of micro enterprise tax and fees and what kind of relationship between enterprise green investment,green environmental protection tax would affect enterprise decision-making,let the green investment? What is the theoretical transmission mechanism? What is the empirical effect? In order to answer these questions,thesis uses the data of a-share polluting enterprises in Shenzhen and Shanghai stock markets from 2013 to 2019 as samples to evaluate the effect of environmental protection taxes and fees on enterprises’ green investment,and puts forward policy optimization.Thesis mainly carries on the following several works.Firstly,the concept of environmental taxes and fees and green investment is clarified.Based on the research results of domestic and foreign scholars,the evolution of China’s environmental taxes and fees system is sorted out,and how environmental taxes and fees affect enterprises’ green investment is analyzed from the theoretical level.Secondly,in the empirical part,based on the data of a-share polluting enterprises in Shenzhen and Shanghai stock markets from 2013 to 2019,the fixed effect model is used to analyze the impact of environmental protection tax and fee system on enterprises’ green investment and its mechanism.The empirical results show that the impact of environmental protection tax and fee system on enterprises’ green investment in heavily polluted industries is significantly positive.The regression results of heterogeneity analysis show that environmental protection taxes and fees only promote the green investment of stateowned enterprises.The conclusions are as follows: first,environmental taxes and fees can promote the green investment of enterprises in heavy pollution industries.At the same time,we also find that in addition to environmental taxes and fees,enterprises’ asset scale and profitability will promote enterprises’ green investment.Secondly,environmental taxes and fees affect state-owned enterprises to a greater extent than private ones,and environmental taxes and fees can significantly promote green investments by state-owned enterprises.Thirdly,environmental taxes and fees have different effects on green investment of enterprises of different sizes,and have a greater impact on large-scale enterprises.This puts forward policy suggestions: First,further optimize the structure of environmental tax system.Improve the unreasonable design of tax items and tax rates,highlight the heterogeneity of environmental tax system’s impact on enterprises’ green investment.Second,strengthen government supervision and deepen cross-departmental collaboration.The collection and management of environmental tax and the use of tax revenue involve multiple levels of government,tax authorities and environmental protection departments,which can only ensure the implementation of policies through coordination.Third,improve the design of enterprise green investment evaluation system,for example,select more reasonable indicators,add weights according to the importance of indicators,and add targeted incentive and disciplinary measures for enterprises with differences in environmental credit.Fourthly,strengthen the management and application of enterprise green investment evaluation system.Strengthen incentives and punishments to make them mandatory,and strengthen cooperation and data exchange between environmental protection and tax authorities,and encourage the active participation of market players. |
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