Study On The Impact Of Environmental Fiscal Expenditure On Industrial Structure Adjustment

Environmental adjustment of industrial structure is an important guarantee for realizing sustainable development of economy and society and efficiency improvement. The external feature and the cost of transformation need to be supported by public finance in this adjustment process. Environmental fiscal expenditure is an important policy tool to improve the direction of environmental friendly in promoting industrial structure. Accurately understanding the mechanism of environmental and economic effects of environmental fiscal expenditure can be used for decision making in formulating and implementing environmental taxation policies and in promoting industrial structure adjustment.Summarizing the connotation and characteristics, categories and functions of environmental fiscal expenditure and concluding the explanation of the impact of environmental fiscal expenditure on the industrial structure based on the existing literature. The article divides the environmental finance expenditure into three categories from the angle of means: pollution control investment, subsidy and green purchase, and analysis mechanism of environmental finance expenditure on the industrial structure adjustment from the point of view of resource allocations,correction of externality, and adjusting the transaction costs.In the empirical research section, the article studies on the influence of environmental fiscal expenditure on industrial structure by using empirical verification and case evidence. At the macro level, the research overcomes the problems of environmental friendly industrial structure index construction and data collection. taking industry as main research object, using polluting industrial structure share ratio shifts to reflect the direction of the environmental friendly industrial structure change from the opposite, and then carrying on empirical verification by means of GMM. As to the micro aspect, taking 58 listed companies which focus in operating environmental protection business as the study object, and then testing the effect of the subsidies and supports level on environmental protection business scale of listed companies by using fixed effects regression model with the panel data.Furthermore, this paper takes the transformation and upgrading of traditional polluting paper industry of Fuyang as researching case, analyzing the influence of the environmental fiscal expenditure on the adjustment of industrial structure.In the end, the paper puts forward policy suggestions on improving theefficiency of environmental finance expenditure from the four dimensions of green investment, green subsidies, public service platform and the improvement of environmental protection supervision.