环境税的企业绿色投资效应研究——基于面板分位数回归的实证研究  

Relationship Between Environmental Taxes and Enterprise Green Investment Behavior:A Panel Quantile Regression Approach

作　　者：毕茜[1,2] 于连超[1] 

机构地区：[1]西南大学经济管理学院,重庆400716 [2]俄勒冈州立大学应用经济系,美国俄勒冈州97330

出　　处：《中国人口·资源与环境》2016年第3期76-82,共7页China Population,Resources and Environment

基　　金：国家社会科学基金项目"中国企业环境责任信息披露制度研究"(编号:10XGL001);重庆哲学社会科学项目"重庆市农业环境管理体系和新型农业经营主体协同构建的机制与模式研究"(编号:2014YBGL130)

摘　　要：企业绿色投资有助于我国企业建立良好的社会声誉,实现企业的可持续发展。本文试图从环境税的角度,探讨环境税对企业绿色投资的边际效应是正向还是负向?环境税对企业绿色投资效应是否具有异质性?本文运用我国重污染行业上市公司的2008-2013年的经验数据,用分位数回归的研究方法对环境税的企业绿色投资效应进行了研究。分位数回归方法相比普通最小二乘法回归,分位数能够更全面的描述自变量对于因变量的变化范围以及条件分布形状的影响;分位数回归方法与最小二乘法使用残差平方和为最小化的目标函数相比,不易受到极端值的影响,估计结果更为稳健。研究发现:环境税对企业绿色投资的边际效应为正向并具有异质性,表现在:1从平衡面板的固定效应模型估计结果来看,环境税对企业绿色投资投资额的影响是正向的,换句话说,在其他因素不变的情况下,随着环境税额的不断提高,企业绿色投资额也会随之提高;2从面板分位数回归的估计结果来看,环境税对企业绿色投资的边际效应为正向并具有异质性,即低分位企业的环境税绿色投资效应为正,但并不显著;高分位企业的环境税绿色投资效应为正,但呈递减趋势;中间分位企业的环境税绿色投资效应为正,并呈递增趋势。本文研究结果的启示是:1环境税的出台具有积极的意义;2环境税的相关法律制定要注意因企业制宜,考虑企业承担能力的同时兼顾效率和公平。本文研究结果为环境税的出台提供了证据支持、为完善环境税的设计提供了经验证据。Enterprise green investment assists China＇ s enterprises in improving their environmental sustainability and international reputation. The present article examines the marginal effects on enterprise green investment of China＇ s enviromnental tax structure. In particular, it asks： Do environmental taxes have a positive or negative effect on green investment？ And, are these green investment effects uniform or heterogeneous across firm categories？ Environment tax effects on enterprise green investment are estimated with quantile regression methods, drawing on the companies listed among China＇ s heavy-pollution industries in the 2008 -2013 periods. For this purpose, the quantile regression method is compared with ordinary least squares regression （ OLS ）. The quantile approach is more flexible than OLS is in representing the effects on the dependent variable of changes in the independent variables. It particular, it allows for the separate influences of conditional distribution shapes on statistical outcomes. Because OLS is comparatively insensitive to regression effects near the extreme values of the data, quantile regression is the more accurate and more robust when effects near the extremes differ from those near the center. In general, it is found that an environmental tax＇ s marginal effects on enterprise green investment are positive, but differ widely across enterprise sub-samples. In a fixed-effects OLS model, an environmental tax is observed to have a broadly positive impact on enterprise green investment. In other words, holding factors other than the environmental tax constant, enterprise green investment rises continuously with a rise in the environmental tax. In a quantile regression model, the environmental tax also has positive effects on green investment, but in magnitudes that differ across the sub-groups of firms employed in the analysis. And to be specific ： ①Among firms with relatively low green investment, the environmental tax＇ s green investment effects are positive but

关 键 词：环境税 企业绿色投资 面板分位数回归 

分 类 号：X196[环境科学与工程—环境科学] F272.3[经济管理—企业管理]