Research On The Impact Of Environmental Protection Taxes And Fees On Enterprises’ Green Investment

At present,the Chinese economy is facing a crisis of transition from high-speed growth to high-quality development,but the problem of environmental pollution and ecological civilization is becoming more serious.Enterprises are consumers of resources and energy,as well as major producers of environmental pollution.The green investment behavior of enterprises will affect the economic performance of enterprises in the short term.Therefore,most enterprises do not take the initiative to carry out green investment and environmental pollution prevention and control,and require the government to impose certain regulatory pressure.Environmental protection taxes and fees are an important means for the government to intervene..So,will environmental taxes and fees force companies to make green investments? What are the theoretical mechanisms and empirical effects? Have the changes in China’s environmental protection tax system have different effects on corporate green investment? To answer this question,this article takes listed companies in the steel and textile industries as the main research objects to discuss the effects of environmental protection taxes and fees on corporate green investment and optimization strategies.The basic logic of this paper is: based on the research results of domestic and foreign scholars,explore how environmental protection taxes and fees affect the effect of corporate green investment from a theoretical and empirical level.The article first clarifies the concepts of environmental protection taxes and green investment,sorts out the evolution of my country’s environmental protection tax system,and analyzes the relevant theoretical basis,puts forward research hypotheses,and builds a benchmark model.Secondly,in the empirical part,based on my country’s 2010-2019 Shanghai and Shenzhen A-share steel and textile industry listed companies data,examine the impact of environmental protection taxes and fees on corporate green investment and its mechanism.In terms of variables,the explained variable is the amount of corporate environmental protection investment;the explanatory variable is environmental protection taxes,and the control variables are asset-liability ratio,equity concentration,enterprise scale,and return on assets.A multiple regression model is constructed to investigate the difference between environmental protection taxes and fees for the full sample.The nature of property rights and the impact of green investment by enterprises of different sizes.Finally,based on the empirical results,this article is summarized and corresponding policy recommendations are put forward.The study found that: environmental protection taxes and fees have a promoting effect on the green investment of enterprises.The higher the concentration of corporate equity,the more it will restrain the positive impact of environmental protection taxes and fees on corporate green investment.In the steel and textile industries,environmental protection taxes and fees have a greater impact on the green investment of non-state-owned enterprises than state-owned enterprises.Small-scale enterprises have a greater impact on green investment than large-scale enterprises.After the introduction of the Environmental Protection Tax Law in 2016,enterprises The level of green investment has improved even more.Finally,based on the empirical results,this article puts forward relevant recommendations at the corporate and government levels.At the corporate level,it should improve the shareholder’s shareholding structure,promote the diversification of investment entities,strengthen the awareness of environmental responsibility,and increase green investment;at the government level,the environment should be improved.Protect the tax law,strictly enforce the law,increase environmental supervision and penalties,increase financial support,and promote the progress of environmental protection technology.