市场型环境规制与旅游企业投资效率——来自环境税改革的微观证据  

Market-based environmental regulation and investment efficiency of tourism enterprises:micro-evidence from environmental tax reform

作　　者：王雨晨 郭瑞 杨世航 WANG Yuchen;GUO Rui;YANG Shihang(College of International Tourism and Public Administration,Hainan University,Haikou,Hainan 570228,China;China Mobile Communications Group Jiangsu Co.,Ltd.Yancheng Branch,Yancheng,Jiangsu 224000,China)

机构地区：[1]海南大学国际旅游与公共管理学院,海南海口570228 [2]中国移动通信集团江苏有限公司盐城分公司,江苏盐城224000

出　　处：《内江师范学院学报》2024年第12期69-78,共10页Journal of Neijiang Normal University

基　　金：国家自然科学基金项目(72462016);江苏省研究生科研与实践创新计划项目(KYCX23_3004);海南省研究生创新科研课题项目(Qhys2023-203)。

摘　　要：市场型环境规制在提高旅游企业投资效率,促进旅游经济与生态环境高质量发展过程中具有重要政策意义.以2010-2022年中国A股上市旅游公司为样本,使用双重差分法,从微观视角切入,检验了环境税改革对旅游企业投资效率的影响.结果显示:环境税改革能够促进旅游企业投资效率;环境税改革能够通过减少旅游企业融资约束,从而降低信息不对称和代理成本,进而促进旅游企业投资效率.考虑到企业性质与特征的异质性发现,环境税改革对旅游企业投资效率的促进作用主要体现在非国有企业以及高数字化转型企业.上述结果对进一步完善环境税改革以及提高旅游企业投资效率具有实践意义.Market-based environmental regulations have important policy significance in improving the investment efficiency of tourism enterprises and promoting high-quality development of tourism economy and ecological environment.This article takes the listed tourism companies in China’s A-share market from 2010 to 2022 as samples,uses the difference-in-differences method,and tests the impact of environmental tax reform on the investment efficiency of tourism enterprises from a micro perspective.The results show that environmental tax reform can promote the investment efficiency of tourism enterprises.Environmental tax reform can reduce financing constraints for tourism enterprises,thereby reducing information asymmetry and agency costs,and promoting the investment efficiency of tourism enterprises.Considering the heterogeneity of enterprise nature and characteristics,it is found that the promoting effect of environmental tax reform on the investment efficiency of tourism enterprises is mainly reflected in non-state-owned enterprises and high digital transformation enterprises.The above results can provide practical significance for further improving environmental tax reform and improving the investment efficiency of tourism enterprises.

关 键 词：市场型环境规制 环境税改革 旅游企业投资效率 融资约束 

分 类 号：F590[经济管理—旅游管理] F810[经济管理—产业经济]