环境保护税与高耗能上市企业财务绩效研究  

Research on Environmental Protection Tax and Financial Performance of Highly Polluting Listed Enterprises

作　　者：年子仪 吴潇 俞洋 NIAN Ziyi;WU Xiao;YU Yang(Business School,University of Birmingham,Birmingham B152TT,United Kingdom;School of Science,Harbin Institute of Technology,Shenzhen 518055,China;College of Economics and Management,Henan Agricultural University,Zhengzhou 450046,China)

机构地区：[1]英国伯明翰大学商学院,英国伯明翰B152TT [2]哈尔滨工业大学(深圳)理学院,广东深圳518005 [3]河南农业大学经济与管理学院,河南郑州450046

出　　处：《华北水利水电大学学报（社会科学版）》2024年第4期47-59,共13页Journal of North China University of Water Resources and Electric Power(Social Science Edition)

基　　金：河南省重点研发与推广专项(212400410457);河南省政府决策研究招标课题(2023JC038)。

摘　　要：环境保护税(EPT)作为引导高耗能企业改善生态环境的关键政策工具,备受社会关注,分析环境保护税实施的效果及作用,对贯彻国家绿色发展战略,实现高耗能产业高质量发展具有重要意义。利用2013—2022年中国A股3个高耗能行业(包括采矿业,制造业,电力、热力、燃气及水生产和供应业)的上市企业数据,采用双重差分模型评估分析环境保护税对高耗能企业财务绩效的影响,通过回归分析、调节效应分析和异质性分析得出研究结论:第一,环境保护税实施对高耗能上市企业绩效具有积极作用;第二,研发支出对环保税政策和高耗能上市企业的财务绩效的调节作用有限;第三,当考虑企业规模、控制性质和行业差异时,环境保护税政策显著提升了大型企业、非国有企业、采矿业和制造行业企业的财务绩效。研究进一步建议:通过建立实施分级税制系统、差异化的税收策略,对小企业的财务激励和搭建信息共享与合作平台等措施,鼓励高耗能企业践行绿色发展理念,加快绿色转型,在绿色发展和环境保护之间实现协同发展。The Environmental Protection Tax(EPT)has attracted considerable attention as a key policy tool to guide high-energy-consuming enterprises in improving the ecological environment.Analysing the implementation effects and roles of the EPT is of great significance for implementing the national strategy of green development and achieving high-quality development in high-energy-consuming industries.This study utilises data from listed companies in three high-energy-consuming industries in the A-share market in China from 2013 to 2022,including mining,manufacturing,and the production and supply of electricity,heat,gas,and water.Using a double-difference model,the relationship between the EPT and the financial performance of high-energy-consuming enterprises is analysed.The research conclusions are drawn through robustness analysis,adjustment effect analysis,and heterogeneity analysis.First,the implementation of the EPT has a positive impact on environmental protection and corporate performance.Second,it encourages and supports enterprises to invest in research and development of environmental protection technologies.Third,it encourages and urges high-energy-consuming enterprises to accelerate green transformation.The study further recommends implementing measures such as establishing a tiered tax system,differentiated tax strategies,strengthening financial incentives for small enterprises,and creating information sharing and cooperation platforms.These measures aim to encourage high-energy-consuming enterprises to embrace the concept of green development,accelerate green transformation,and achieve a win-win synergy between green development and environmental protection.

关 键 词：环境保护税 企业财务绩效 高耗能企业 研发支出 双重差分 

分 类 号：F812.42[经济管理—财政学]