环保费改税对企业绿色投资的影响研究——来自沪深两市上市公司的经验证据  

Research on the Impact of Environmental Protection Fee to Tax of Enterprise Green Investment-Empirical Evidence from Listed Companies on the Shanghai and Shenzhen Stock Markets

作　　者：唐洋 舒祎祎 TANG Yang;SHU Yi-yi(School of Economics,Management and Law,University of South China,Hengyang Hunan 421001)

机构地区：[1]南华大学经济管理与法学学院,湖南衡阳421001

出　　处：《湖南财政经济学院学报》2025年第1期36-49,共14页Journal of Hunan University of Finance and Economics

基　　金：湖南省自然科学基金面上项目“‘双碳’目标下环境规制对企业绿色投资的影响机制及推动路径研究”(项目编号:2023JJ30520)。

摘　　要：基于2018年1月1日实施的环保费改税政策这一自然实验,选取2014—2021年中国沪深两市上市企业为研究样本,采用双重差分法验证环保费改税对企业绿色投资的影响,研究结果表明:环保费改税对企业绿色投资产生正向影响,数字化转型在环保费改税与企业绿色投资关系中发挥正向调节作用,且该政策的实施对东部地区企业、西部地区企业、非国有企业、规模大企业以及融资约束大企业的绿色投资影响更加显著。上述结果表明环保费改税还需进一步优化,以促进企业绿色投资增加,从而实现企业绿色发展。Based on the natural experiment of the environmental protection fee to tax policy implemented on January 1,2018,this paper takes the A-share listed enterprises in China's Shanghai and Shenzhen cities as the research samples from 2014 to 2021,and adopts the double-difference method to verify the impact of the environmental protection fee to tax on the green investment of enterprises,and the results of the research show that the environmental protection fee to tax has a positive impact on the green investment of enterprises,and digital transformation plays a positive moderating role in the relationship between the environmental protection fee to tax and enterprise green investment,and the implementation of this policy has a more significant impact on the green investment of enterprises in the eastern region,enterprises in the western region,non-state-owned enterprises,large-scale enterprises and large enterprises with financing constraints.The above results indicate that the environmental fee to tax needs to be further optimized to promote the increase of green investment and realize the green development of enterprises.

关 键 词：环保费改税 企业绿色投资 数字化转型 

分 类 号：F230[经济管理—会计学]