Study On The Impact Of Environmental Protection Fee Reform On Total Factor Productivity Of Enterprises

To promote the realization of the two-carbon goal,we should not only exert the role of microeconomic subjects,but also ensure the correct direction of economic operation through macroeconomic policies.In order to protect and improve the environment,achieve environmental protection goals,promote the development of environmental protection cause,and promote the construction of an ecological civilization society,the pollution discharge fee tax reform was also promoted in 2018,and environmental protection tax came into being.Environmental protection tax plays an important role in the realization of "double dividend" effect,especially "emission reduction effect",and the research on its realization of green technology innovation is also quite large.Enterprises are the implementors of the implementation of relevant national policies.However,in the process of implementing environmental protection tax,enterprises will be encouraged to reduce the emission of pollutants,but also increase the cost of pollution control.At present,most studies focus on the perspective of environmental regulation,and no consistent conclusion has been reached on the impact of environmental regulation policies on total factor productivity.That is to say,on the one hand,environmental regulation may have promoting or inhibiting effect on total factor productivity,and on the other hand,the impact of environmental protection tax on total factor productivity is uncertain.Therefore,this paper takes the introduction of environmental protection tax as a policy impact to explore its impact on the total factor productivity of enterprises.At the same time,it explores the impact of environmental protection tax on total factor productivity of enterprises from the perspectives of different regions and the nature of enterprises.This has a certain practical significance for better promoting the collection of environmental protection tax,which is conducive to the transformation and upgrading of enterprises to improve competitiveness and production capacity,and is of great significance for promoting our high-quality economic development and green transformation.This paper mainly uses literature analysis and empirical analysis to study the impact of environmental protection fee and tax change on total factor productivity of enterprises.First of all,the literature on environmental protection tax,total factor productivity and their impacts at home and abroad is reviewed.It is found that there are few studies on the impact of environmental protection tax on enterprises’ total factor productivity,which confirms the necessity of this paper’s topic selection.Secondly,the paper analyzes the historical evolution of environmental protection fee tax change,the current situation of environmental protection fee(tax)revenue and the current situation of enterprise total factor productivity.Based on the theory of externality,Pigouvian tax,Porter’s hypothesis and the theory of double dividend effect,the paper makes clear the theoretical basis of the impact of environmental protection tax on enterprise total factor productivity,and lays the foundation for the hypothesis and empirical test below.Then,taking the introduction of environmental protection tax as A policy impact,PSM-DID model was adopted for empirical analysis based on the data of A-share listed enterprises from 2013 to 2020,and empirical test was conducted from the correlation mechanism test and heterogeneity analysis,and the following conclusions were drawn: First,environmental protection tax promotes the improvement of total factor productivity of enterprises.Whether it is technological innovation from the perspective of input or output,it proves that environmental protection tax promotes total factor productivity by forcing enterprises to make technological innovation.In addition,the equity nature,governance structure,financial characteristics and other related indicators will also have an impact on the total factor productivity of enterprises.At the same time,environmental protection tax can optimize the efficiency of resource allocation and promote the total factor productivity of enterprises.Secondly,based on the empirical test from the perspective of regional heterogeneity,it can be seen that environmental protection tax has the strongest promoting effect on the total factor productivity of enterprises in the western region,the second promoting effect on enterprises in the eastern region,and the promoting effect on enterprises in the central region is not obvious.Thirdly,based on the empirical test from the perspective of enterprise nature heterogeneity,it can be seen that compared with non-state-owned enterprises,environmental protection tax has a more significant positive impact on the total factor productivity of state-owned enterprises.Finally,according to the empirical results,aiming at the current situation of environmental protection tax and the problems of enterprise development,this paper puts forward some policy suggestions for promoting the improvement of enterprise total factor productivity and promoting the environmental protection tax better and continuously.