An Empirical Study On The Impact Of Environmental Protection Tax On The Competitiveness Of Chemical Enterprises

Today,the process of economic globalization is accelerating.The complex external environment makes enterprises realize that blindly expanding economic production will only waste more resources,which will aggravate the crisis faced by society in the face of resource shortage and environmental damage.In the past,companies only focused on maximizing profits.Obviously,this short-sighted behavior ignored the huge social costs caused by pollution.Companies should take the initiative to undertake environmental protection obligations,improve resource utilization efficiency,and pay attention to energy conservation and emission reduction.The six-year discussion on environmental protection tax was finally introduced in 2018.The impact of environmental protection tax on enterprises,especially the impact on heavily polluting enterprises,is of more research significance.Compared with other industries,the chemical industry,as a heavily polluting industry,should bear more responsibility for environmental protection.Therefore,this article focuses on the impact of the environmental protection tax on the chemical industry.One of the most important indicators for measuring an enterprise is its competitiveness,and because the information contained in the competitiveness is relatively comprehensive,the impact of environmental protection taxes on enterprises is converted into the impact of environmental protection taxes on enterprise competitiveness.In this paper,the current situation,macro and micro effects of environmental protection tax and the impact of environmental protection tax on enterprise competitiveness are reviewed.Next,the related theories of externality theory,double dividend theory,public product theory and enterprise competitiveness are summarized.In addition,the company’s competitiveness is further subdivided into three categories: economic indicators,technological innovation indicators,and human capital,and the impact and mechanism of environmental protection tax on these three indicators are analyzed separately.The impact of environmental protection taxes on the competitiveness of enterprises is essentially the use of the double dividends released by environmental protection taxes.Studies have shown that the collection of environmental protection taxes can not only play a role in energy conservation and emission reduction,but also promote technological innovation of enterprises,tap the internal potential of enterprises,and thus improve enterprises.Competitiveness.Then,we selected 81 listed companies in China’s chemical industry as samples,put forward the principle of constructing an enterprise competitiveness index system,and designed a set of 11 evaluation indicators based on the characteristics of chemical companies.The evaluation system consists of five aspects,which are respectively Enterprise scale capability index,profitability index,operation capability index,R & D innovation capability index,human capital index.The factor analysis method is used to calculate the comprehensive score of enterprise competitiveness.First,use the characteristics of the original index feature value greater than 1 to determine the public factor;then combine the principal component score coefficient table to calculate the public factor score,and use the variance contribution ratio to calculate the comprehensive score.Finally,according to the ranking results of competitiveness,the status quo of the competitiveness development of chemical enterprises is deeply analyzed.Furthermore,an empirical analysis method is used to study the impact of environmental protection tax on the competitiveness of chemical companies.Descriptive analysis of independent variables and dependent variables is performed first,and then the correlation analysis method is used to examine the correlation between environmental protection tax and enterprise competitiveness.The panel data regression method studies the impact of environmental protection tax on corporate competitiveness.Due to the short implementation time of the environmental protection tax,only one year of data can be obtained,so this paper draws on the scope of foreign collection and combines China’s actual situation,using sewage charges,river management fees and levee fees and other taxes as the substitute variables for the first three years of environmental tax implementation.Analyzing the implementation of relevant taxes and levies from 2015 to 2018,after the environmental protection tax was formally levied,the tax burden has decreased compared with the previous three years.It can be seen that,in fact,the levy of environmental protection tax is not to increase financial revenue,but to promote the transformation of enterprises and the development of environmental protection economy.Therefore,this paper further uses the OLS model to study the impact of environmental protection tax on corporate competitiveness.The empirical results show that the collection of environmental protection tax has a positive impact on the competitiveness of enterprises.However,because the model is affected by heteroscedasticity,this paper revises the model and uses the weighted least squares estimation model to further verify that the environmental protection tax has a significant positive impact on the competitiveness of enterprises.It can be inferred that the double dividend effect and innovation compensation effect of environmental protection tax exist.However,the positive impact of environmental protection tax on the competitiveness of enterprises is within a certain range.The tax amount should not be excessive.It is necessary to find a balance between the increased environmental protection costs and the double dividends released.Finally,the results of the study show that the collection of environmental protection taxes has caused the company to face many challenges,including the squeeze of corporate profitability,the challenge of internal management of the company,and the dilemma faced by companies in adjusting their industrial structure.According to the above analysis and the challenges facing the company,further policy recommendations are proposed.These policy recommendations mainly include increasing environmental protection investment and installing environmental monitoring equipment;strengthening the secondary recycling of waste,establishing a new plant to consider environmental protection factors;centralized pollutant disposal,Compliance with emission standards is reasonable;improve governance levels and reduce production costs;establish a green industrial chain;establish a special environmental management department;strengthen employee training and internal coordination,and introduce new energy sources,promote enterprise technological innovation,eliminate backward production capacity,and encourage mergers and reorganizations.