“环保费改税”政策发挥了信号传递效应吗?——来自企业绿色治理的证据  

Does“Environmental Protection Fee-to-tax”Policy Play a Signal Transfer Effect?Evidence from Corporate Green Governance

作　　者：郭晓旭 张娆 GUO Xiao-xu;ZHANG Rao(School of Finance,Nanjing Agricultural University,Nanjing 210095,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《现代财经（天津财经大学学报）》2024年第5期79-94,共16页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金一般项目(18BGL085)。

摘　　要：“环保费改税”政策作为政府税收系统兼顾经济效益与生态效益的导向信号,是落实绿色低碳发展战略的具体行动。本文基于2014-2020年中国沪深A股企业数据,构建三重差分模型探究“环保费改税”政策能否发挥信号传递效应影响企业绿色治理。研究发现:“环保费改税”政策能够发挥“污染管制”信号和“减排激励”信号推动企业绿色治理。机制检验表明,“环保费改税”政策发挥信号传递效应吸引市场投资者关注企业环境信息,为企业获得绿色基金投资和绿色信贷支持,从而促进企业绿色治理;也能发挥信号传递效应激发管理层环保认知,降低企业绿色代理成本,进而对企业绿色治理产生促进作用。进一步研究发现,在低成本转嫁企业、公众环保意识较强的地区以及非国有企业中,“环保费改税”政策对企业绿色治理的促进作用更为明显。本文基于信号传递视角拓展了“环保费改税”政策的经济后果研究,为环境政策如何有效结合市场理论解决企业环境治理问题提供了新的思路,对于探索环境治理变革之路和推进生态文明建设具有启示意义。"Environmental protection fee-to-tax"policy,as the government tax system to take into account the economic and ecological benefits of the guidance signal,is the implementation of green low-carbon development strategy deployment of specific actions.Based on the data of Shanghai and Shenzhen A-share enterprises in China from 2014 to 2020,this paper constructs a tripledifference model to explore whether the policy of"environmental protection fee-to-tax"can exert signal transmission effect to affect corporate green governance.The study finds that the policy of"environmental protection fee-to-tax"can play a"pollution control"signal and"emission reduction incentive"signal to promote the green governance of enterprises.The mechanism test shows that the"environmental protection fee-to-tax"policy plays a signal transmission effect to attract market investors to pay attention to corporate environmental information,and to obtain green fund investment and green credit support for enterprises,so as to promote corporate green governance;It can also exert the signal transmission effect to stimulate the management's environmental protection awareness,reduce the cost of green agency for enterprises,and then promote the green governance of enterprises.Further research finds that in low-cost pass-through enterprises,areas with strong public awareness of environmental protection and non-state-owned enterprises,the"environmental protection fee-to-tax"policy has a more significant role in promoting corporate green governance.Based on the signal transmission perspective,this paper expands the research on the economic consequences of the policy of"environmental protection fee-to-tax",provides a new solution to effectively combine environmental policies with market theory to solve the problems of corporate environmental governance,and has enlightening significance for exploring the road of environmental governance reform and promoting the construction of ecological civilization.

关 键 词：“环保费改税”政策 企业绿色治理 信号传递效应 三重差分 

分 类 号：F812.42[经济管理—财政学] X322[环境科学与工程—环境工程]