政治关联、企业环境税负与环保投资——基于中国上市公司的经验研究  

Political Connections,Enterprise Environmental Tax Burden and Environmental Investment Based on the Empirical Research of China's Listed Companies

作　　者：王勇[1] 曹宇腾 WANG Yong;CAO Yuteng(School of Economics and Management,China University of Petroleum (East China),Qingdao, Shandong 266580, China)

机构地区：[1]中国石油大学(华东)经济管理学院,山东青岛266580

出　　处：《中国石油大学学报（社会科学版）》2022年第1期24-35,共12页Journal of China University of Petroleum (Edition of Social Sciences)

基　　金：山东省社会科学规划项目(19BYSJ42);中央高校基本科研业务费专项资金资助项目(20CX04006B)。

摘　　要：以2012—2019年沪深非金融类A股上市公司为研究对象,理论分析与实证检验企业环境税负对其环保投资的影响,并揭示政治关联对两者间关系的调节作用。研究发现,企业的环境税负显著地促进其环保投资,并且这一促进作用在政治关联企业更为显著。进一步研究发现,政治关联通过缓解企业的融资约束来影响企业环境税负与其环保投资的关系,并且在市场化进程比较低的地区该作用更为显著。政府在实行环境税的同时应配套积极的货币政策或财政政策,并且政策导向应结合各地市场化程度而异。Taking Shanghai and Shenzhen non-financial A-share listed companies from 2012 to 2019 as the research objects,this research conducts theoretical analysis and empirical tests on the impact of corporate environmental tax burden on their environmental investment and reveals the moderating role of political connection in their relationship.It is found that the environmental tax burden of enterprises significantly promotes their environmental investment and that this promotion effect is more significant in politically connected enterprises.Further research shows that political connection affects the relationship between corporate environmental tax burden and environmental investment by alleviating corporate financing constraints and that the effect is more significant in the regions with low marketization process.The study proposes that the government should implement the environmental tax policy together with active monetary policy or fiscal policy and that the relevant policy orientation should vary with the local marketization degree.

关 键 词：环境税负 环保投资 政治关联 融资约束 地区市场化进程 

分 类 号：F272.3[经济管理—企业管理]