Research On The Impact Of Environmental Protection Tax On Corporate Sustainable Developmen

How to achieve the coordinated development of economic society and ecological environment is an important issue that has long troubled people all over the world.China’s 14 th Five-Year Plan clearly proposes to "implement sustainable development strategies,improve the coordination mechanism in the field of ecological civilization,build an ecological civilization system,promote comprehensive green transformation of economic and social development,and build a beautiful China".The environmental protection tax currently levied in China is inherited from the sewage charge system,and as the first single line of tax in China that specifically reflects green attributes,its positive incentive effect on the level of sustainable development of Chinese enterprises is very important.On the one hand,environmental protection tax can promote technological innovation and upgrading,reduce pollutant emissions,and improve the development quality and core competitiveness of enterprises by adjusting the market behavior of microeconomic subjects;on the other hand,environmental protection tax can also promote the low-carbon and green development of the economy and society,promote the establishment of a sound environmental governance system,promote the comprehensive green transformation of economic and social development,and achieve the goal of beautiful China,thus Coordinate to promote high level of ecological environment protection and high quality economic development.China formally introduced environmental protection tax on January 1,2018,about four years ago,and it is urgent to explore whether the environmental protection tax has really achieved the double dividend effect of promoting economic growth and protecting the ecological environment,and whether further improvements and refinements are needed.This paper adopts a research method combining empirical and normative analysis,focusing on whether the environmental protection tax introduced in 2018 has a positive impact on the level of sustainable development of Chinese enterprises and exploring its impact mechanism.In the research process,the ESG system,which has a more "green" connotation,is used as an evaluation index to measure the sustainability level of enterprises.The first part of the paper presents the background and significance of the study,summarizes and compares the relevant literature and research results on environmental protection tax and its relationship with corporate sustainable development,and introduces the research content,significance,innovation and shortcomings of the paper.The second part defines the concepts used in the study and the underlying theories with guiding significance.The third part introduces the historical changes of China’s environmental protection tax system and the problems of the current environmental protection tax,and on this basis,the theoretical analysis and research hypotheses are presented on the mechanism of the role of environmental protection tax in influencing the sustainable development of enterprises through three dimensions: environmental,social and governance.In the fourth part of the article,based on the panel data of listed companies from Shanghai and Shenzhen Stock Exchanges from 2014 to 2021,the impact of the policy change from sewage charges to environmental protection tax on the sustainable development level of listed companies is evaluated using the DID method,using the Environmental Protection Tax Law,which officially came into effect on January 1,2018,as a policy external shock.The empirical results show that the introduction of the environmental protection tax has a significant positive effect on the improvement of corporate sustainability,and the effect is heterogeneous in terms of corporate ownership,corporate size,corporate life cycle,and region.Finally,based on the findings of the above empirical analysis and the current situation and shortcomings of China’s current environmental protection tax system,this paper puts forward the following suggestions: gradually expanding the scope of environmental protection tax levy;optimizing the structure of environmental protection tax rates;improving the green tax system to form a long-term mechanism for environmental protection;standardizing the fiscal and tax revenue and expenditure system for environmental protection and playing the role of tax guidance;improving the ESG disclosure and evaluation system and vigorously promoting the ESG The concept of ESG should be promoted.