Research On The Impact Of Environmental Protection Tax Reform On Eco-Investing Of Heavy Pollution Enterprises

In recent years,China has focused on promoting high-quality economic development,but the problem of ecological environmental pollution has become increasingly apparent,hindering China’s exploration of sustainable paths.Due to the problems of low legislative level,imperfect supervision mechanism,and lower environmental pollution costs for enterprises than treatment costs,the pollution discharge fee system can no longer adapt to China’s economic development situation.On January 1,2018,China officially implemented the Environmental Protection Tax Law of the People’s Republic of China,which is intended to increase the mandatory and binding force on environmental pollution behaviors,restrain enterprises’ environmental pollution behaviors,encourage enterprises to actively participate in environmental governance,and increase green investment of enterprises,so as to further promote the construction of ecological civilization and achieve green development more effectively.Therefore,it is of great significance to study the effectiveness of environmental protection tax and the impact on green investment of high-polluting enterprises in China.This paper focuses on the policy reform of the Environmental Protection Tax Law of the People’s Republic of China implemented in 2018,first expounds the concepts of environmental protection tax,green investment and high-polluting enterprises,puts forward research hypotheses and conducts mechanism analysis based on the theory of externality,double dividend and legality,sorts out the institutional change process from pollution discharge fee to environmental protection tax,and analyzes the current situation of environmental protection tax collection and implementation.In the empirical analysis part,a double difference model is established from A-share listed enterprises with high pollution from 2012 to 2020 to study the impact of environmental protection tax on green investment of high-polluting enterprises,and further analyze the policy effect through heterogeneity analysis and regulatory effect analysis,and conduct robustness tests to ensure the accuracy of the results.It is found that: first,the introduction of environmental protection tax has a positive effect on the green investment behavior of high-polluting enterprises;Second,through heterogeneity analysis,it is concluded that among high-polluting enterprises,environmental protection taxes have a greater positive effect on green investment of large-scale enterprises than small-scale enterprises.The positive effect of environmental protection tax on green investment of highly polluting enterprises in the western region is less than that of enterprises in the eastern and central regions.Third,through the analysis of the moderating effective is concluded that media attention will enhance the positive promotion effect of environmental protection tax on green investment by highly polluting enterprises.Based on the empirical results,this paper puts forward the following suggestions:first,deepen the reform of environmental protection tax policy from the perspective of tax scope,tax standard and tax incentives;Second,improve the collaborative supervision capacity of environmental protection departments and tax authorities;Third,the enthusiasm of enterprises for green investment and independent innovation should be taken into account,and the environmental protection tax revenue obtained should be reasonably planned and distributed;Fourth,give full play to the role of the media in guiding enterprises’ green investment behavior.