Research On The Impact Of Environmental Protection Fee-to-Tax Reform Policy On Sustainable Development Performance Of Enterprises

Our economy develops rapidly,but the problems of environmental pollution and resource use efficiency are also produced.In 1982,The State Council issued an administrative regulation requiring the collection of pollution fees on polluting enterprises.Although this regulation has played an important role in controlling pollution and improving the environment,a series of problems arising from adapting to the modern environmental governance system have gradually emerged.Under the strategic deployment of high-quality economic development,the Chinese government attaches more and more importance to environmental protection,and various environmental protection laws and regulations have been promulgated and improved.In view of this,the Standing Committee of the 12 th National People’s Congress promulgated the Environmental Protection Tax Law of the People’s Republic of China on December 25,2016,which was officially implemented on January 1,2018,and Environmental Protection Fee-to-Tax reform policy was officially implemented.Its original intention is to force and encourage enterprises to control pollution and produce environmentally friendly products,thus improving the sustainable development capacity of enterprises.Enterprises are the main tax targets of environmental protection tax.How effective the implementation of Environmental Protection Fee-to-Tax reform policy is on enterprises’ sustainable development performance and whether it can achieve the dual effects of pollution reduction and profit growth have become issues worthy of attention,which need to be tested with large samples.This paper uses difference-in-difference model to test the impact of Environmental Protection Fee-to-Tax reform policy on sustainable development performance of enterprises,and analyzes the realization path of Environmental Protection Fee-to-Tax reform policy on sustainable development performance.In this paper,the relevant studies on the effect of Environmental Protection Fee-to-Tax reform policy are enriched,and the relevant studies on sustainable development performance are expanded,and to a certain extent,the empirical evidence is provided for the further improvement and promotion of our environmental protection policy.On the basis of sorting out the existing studies,this paper comprehensively measures the performance of sustainable development from the two aspects of environmental social responsibility performance and economic performance,and studies the following questions: What are the effects of Environmental Protection Fee-to-Tax reform policy after implementation? What is the mechanism of Environmental Protection Fee-toTax reform policy on the sustainable development performance of enterprises? Whether there are differences in the sustainable development performance of enterprises with different scales,different property rights,different legal environments and different economic environments?The results show that:(1)Environmental Protection Fee-to-Tax reform policy can improve the sustainable development performance of enterprises;(2)Environmental investment plays an intermediary role in the relationship between Environmental Protection Fee-to-Tax reform policy and sustainable development performance of enterprises;(3)Compared with small-scale enterprises,Environmental Protection Fee-to-Tax reform policy has a more obvious effect on the sustainable development performance of large-scale enterprises;Compared with state-owned enterprises,Environmental Protection Fee-to-Tax reform policy has a more obvious role in improving the sustainable development performance of non-stateowned enterprises;Compared with enterprises with weak external legal environment,Environmental Protection Fee-to-Tax reform policy has a more obvious role in improving the sustainable development performance of enterprises with strong external legal environment;Compared with enterprises with poor external economic environment,Environmental Protection Fee-to-Tax reform policy has a more obvious role in improving the sustainable development performance of enterprises with good external economic environment.The main innovations of this paper are as follows:(1)To explore the impact of environmental policies on sustainable development performance,providing a new perspective for the study of economic consequences of Environmental Protection Fee-to-Tax reform policy;(2)It enriches the relevant research on the impact of internal and external factors on corporate sustainable development performance.There are still some shortcomings in this paper:(1)The study sample does not include unlisted enterprises;(2)The macro policy effect of the environmental protection tax policy is not investigated.