环境保护费改税能抑制企业金融化吗——基于《环境保护税法》实施的准自然实验

当代财经 ›› 2022, Vol. 0 ›› Issue (2): 127-137.

环境保护费改税能抑制企业金融化吗——基于《环境保护税法》实施的准自然实验

于连超¹, 谢鹏², 刘强³, 毕茜⁴

1.兰州大学管理学院,甘肃兰州 730000;
2.武汉大学经济与管理学院,湖北武汉 430072;
3.浙江大学经济学院,浙江杭州 310058;
4.西南大学经济管理学院,重庆 400715

收稿日期:2021-09-21 修回日期:2021-12-10 出版日期:2022-02-15 发布日期:2022-02-22
通讯作者: 于连超,兰州大学讲师,博士,主要从事环境会计与财务管理研究,联系方式lianchaoy@sina.com;
作者简介:谢鹏,武汉大学博士研究生,主要从事财务管理研究;刘强,浙江大学特聘副研究员,博士,主要从事资本市场与财务会计研究;毕茜,西南大学教授,博士生导师,主要从事环境会计与财务管理研究。
基金资助:
国家社会科学基金项目“环境保护费改税与工业企业绿色转型协调的政策设计与支撑体系研究”（17BJY060）; 国家自然科学基金项目“独立董事‘纵向联结'研究：成因、治理机制与经济后果”（72102209）

Can the Reform of Environmental Protection Fee to Tax Suppress Corporate Financialization? A Quasi-Natural Experiment Based on the Implementation of the Environmental Protection Tax Law

YU Lian-chao¹, XIE Peng², LIU Qiang³, BI Qian⁴

1. Lanzhou University, Lanzhou 730000;
2. Wuhan University, Wuhan 430072;
3. Zhejiang University, Hangzhou 310058;
4. Southwest University, Chongqing 400715, China

Received:2021-09-21 Revised:2021-12-10 Online:2022-02-15 Published:2022-02-22

摘要/Abstract

摘要： 环境保护费改税标志着由政府主导的排污费制度转向了以市场为主导的环境税制度,那么这个改变能否抑制企业金融化并促进实体经济高质量发展呢?以2018年《环境保护税法》实施为契机并以2015—2020年中国沪深A股上市公司为样本,使用双重差分法探讨了环境保护费改税对企业金融化的影响。研究发现：环境保护费改税能够显著抑制企业金融化,且当市场制度较好和媒体监督较强时,环境保护费改税对企业金融化的抑制作用更强。进一步的中间机制分析发现：环境保护费改税抑制企业金融化的机制在于环境保护费改税使企业提高了环保投资和研发投资。

关键词: 环境保护费改税, 环境保护税法, 企业金融化, 环保投资, 研发投资

Abstract: The reform of environmental protection fee to tax marks a shift from a government-led pollution discharge fee system to a market-oriented environmental tax system; then can this change suppress corporate financialization and promote the high-quality development of the real economy? Taking the implementation of the Environmental Protection Tax Law in 2018 as an opportunity and China's A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2020 as samples, this article explores the impact of the reform of environmental protection fee to tax on corporate financialization by using a double-difference approach. The findings show that the reform of environmental protection fee to tax can significantly inhibit corporate financialization; when the market system is better and the media supervision is stronger, the reform of environmental protection fee to tax has a more significant inhibitory effect on corporate financialization. The results of further intermediate mechanism analysis show that the mechanism of the reform of environmental protection fee to tax in inhibiting corporate financialization lies in that it can help enterprises to increase environmental protection investments and R&D investments.

Key words: the reform of environmental protection fee to tax, Environmental Protection Tax Law, corporate financialization, environmental protection investment, R&D investment;

中图分类号:

F275.1

于连超, 谢鹏, 刘强, 毕茜. 环境保护费改税能抑制企业金融化吗——基于《环境保护税法》实施的准自然实验[J]. 当代财经, 2022, 0(2): 127-137.

YU Lian-chao, XIE Peng, LIU Qiang, BI Qian. Can the Reform of Environmental Protection Fee to Tax Suppress Corporate Financialization? A Quasi-Natural Experiment Based on the Implementation of the Environmental Protection Tax Law[J]. Contemporary Finance & Economics, 2022, 0(2): 127-137.

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