The Impact Of Environmental Tax Collection On Green Technology Innovation Of Enterprises

Along with the rapid economic growth to the high quality development stage,environmental pollution problem is becoming more and more serious,the government work report many times stressed the need to take "green economy"as the main hue of national economy development.How to promote polluting enterprises to transform traditional high-pollution production mode,guide them to carry out environmental protection production in strict accordance with the requirements of ecological protection,encouraging emission enterprises to carry out green technology innovation activities is the focus of our current attention.In order to achieve green and sustainable economic development,the CPC Central Committee and The State Council have been formulating and improving relevant environmental protection policies to guide enterprises to save energy and reduce emissions.Among them,the Environmental Protection Tax Law of the People’s Republic of China,which was officially implemented on January 1,2018,is a major measure of China’s green tax reform.The implementation of this law means that excessive emission of enterprises will be subject to stricter legal constraints.In order to explore the microeconomic consequences of its implementation,this paper takes Shanghai-Shenzhen A-share listed companies from 2015 to 2021 as research samples,relies on the institutional background of"pollutant discharge fee to tax",and uses the differential model(DID)to explore the impact mechanism of environmental tax levy on enterprises’ green technology innovation.Firstly,based on the micro perspective of enterprise green technology innovation,this paper empirically studies the governance effect of environmental tax levy policy on enterprise green technology innovation with the support of relevant theories such as externality theory,Pigovian tax theory,Porter hypothesis and information asymmetry theory.Secondly,based on the review of domestic and foreign references,the green technology innovation of enterprises is classified into inventor green technology innovation and utility model green technology innovation from the perspective of inventor green technology innovation and utility model green technology innovation,and the relationship between environmental tax collection and green technology innovation is refined.Then,we test the moderating effect of financing constraints,introduce financing constraints as a moderating variable,and verify whether the influence mechanism of enterprise financing constraints on environmental tax collection and green technology innovation promotes or weakens.The research and development intensity(R&D)of enterprises is introduced to verify whether it has an intermediary effect between pollutant emission fee and tax policy and enterprises’ green technology innovation.Finally,the differentiated impact of environmental tax on enterprises’ green technology innovation under different conditions is studied by grouping regression of property rights,enterprise size and market competition degree of enterprises.The results show that:(1)the implementation of pollutant discharge fee and tax policy significantly promotes the level of green technology innovation of enterprises,and the effect on the improvement of green technology innovation of utility models is more obvious;(2)Financing constraints have a negative regulatory effect on green technology innovation under the pollution fee and tax change policy,that is,the lower the level of corporate financing constraints,the stronger the promoting effect of environmental tax levy on corporate green technology innovation.(3)The heterogeneity study shows that the reverse effect of pollutant discharge fee and tax policy on enterprises’ green technology innovation is mainly reflected in state-owned enterprises,large-scale enterprises and enterprises with high market competition.The research conclusion provides empirical evidence for exploring the effect of emission fee change policy and driving factors of green technology innovation,and has practical guiding significance for perfecting our modern environmental governance system and improving the quality of ecological environment.Finally,based on the above research conclusions,this paper puts forward reasonable suggestions respectively from the perspectives of external government and enterprises themselves,hoping to provide new references for accelerating the green transformation and upgrading of polluting enterprises.Specific suggestions include:(1)optimize the structure of environmental tax system and build a more scientific and reasonable environmental tax system;(2)Standardize and improve the financing mechanism of enterprise green technology innovation to alleviate the financing dilemma of enterprises;(3)Enterprises should establish "green" production concept and implement green technology innovation strategy.