Research On The Impact Of Environmental Protection Tax On Corporate Financial Performance From The Perspective Of Green Innovation

Environmental issues are closely related to the degree of economic and social development.With China’s per capita GDP exceeding US$10,000 in 2019,all sectors of society are paying more attention to the abuses caused by environmental pollution.“The Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and the 2035 LongTerm Goals” pointed out that it is necessary to accelerate the transformation of economic development mode,promote green and sustainable development,and increase the improvement of environmental quality.China began to implement the “Regulations on the Collection and Management of Pollutant Discharge Fees” in 2013,and the promulgation of the “Environmental Protection Law of the People’s Republic of China”in 2018 is an important measure for the supply-side reform of the tax system and a key path to promote the innovative development and green development of polluting enterprises.Therefore,whether the change from environmental protection fee to tax can promote the green innovation of polluting enterprises,achieve green development,and improve the financial performance of enterprises is a theoretical direction worthy of in-depth study.Green innovation is of great significance to the development of the national economy and environmental protection.Therefore,from the perspective of green innovation,it is very important to deeply explore the relationship between environmental protection fees and taxes and corporate financial performance.Based on the “Porter Hypothesis”,externality theory,technological innovation theory and other related theories,this paper sorts out the relationship between environmental protection tax,green innovation and corporate financial performance from the perspective of green innovation.Based on the panel data of heavily polluting companies in the stock market,an empirical analysis of the relationship between environmental protection tax,green innovation and corporate financial performance is carried out.On this basis,the impact of different property right companies and companies in different regions on environmental protection tax policies is carried out.Discuss and elaborate on the impact mechanism of green innovation between environmental tax and corporate financial performance.The empirical results show that:(1)Environmental protection tax has a significant positive impact on green innovation,and its promotion effect on green innovation is more obvious in state-owned enterprises and enterprises in the eastern region.(2)Green innovation can significantly improve corporate financial performance,and its effect on corporate financial performance is more significant in state-owned enterprises and enterprises in the eastern region.(3)Environmental protection tax can bring about the growth of corporate financial performance,and its promotion effect is more significant in state-owned enterprises and enterprises in the eastern region,but not significant in private enterprises and enterprises in the central and western regions.(4)Green innovation plays an intermediary role between environmental taxation and corporate financial performance,and it is more prominent in state-owned enterprises and enterprises in the eastern region.Finally,according to research hypotheses and empirical results,corresponding countermeasures are proposed from the government and enterprise levels.