税制绿色化与绿色投资者进入——来自《环境保护税法》实施的证据  

Tax Greening and the Entry of Green Investors:Evidence from the Implementation of the Environmental Protection Tax Law

作　　者：刘毛桃 方徐兵 应望江[1] Liu Maotao;Fang Xubing;Ying Wangjiang(School of Public Economics and Management,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Business,Nanjing Normal University,Nanjing 210023,China)

机构地区：[1]上海财经大学公共经济与管理学院,上海200433 [2]南京师范大学商学院,江苏南京210023

出　　处：《外国经济与管理》2025年第1期38-53,共16页Foreign Economics & Management

基　　金：上海财经大学研究生创新基金资助项目(CXJJ-2023-364)。

摘　　要：本文以《环境保护税法》作为税制绿色化的准自然实验,构建双重差分模型,系统考察税制绿色化如何影响绿色投资者进入。研究发现,《环境保护税法》的实施有助于吸引企业绿色投资者进入,这一促进效应在外部信息环境和融资环境较好、拥有环保背景高管、内部控制质量较高的样本企业中更为明显。降低政府环保补助、强化媒体监督与关注、增加企业环境投资、提高环境信息披露水平是《环境保护税法》促进企业绿色投资者进入的重要渠道。进一步分析发现,绿色投资者进入对企业绿色创新水平、绿色全要素生产率和ESG水平均存在正向影响,同时也对企业经济效益产生了积极影响,提高了企业盈利能力和全要素生产率。本文为探究税制绿色化能否推动企业绿色发展的文献提供了新证据,丰富和拓展了税制绿色化的微观政策效应研究,同时也从绿色投资者视角为推动企业实现经济与环境的双重效益提供了有益参考。This paper uses the Environmental Protection Tax Law as a quasi-natural experiment for tax greening and constructs a DID model to systematically examine how tax greening affects the entry of green investors.The study finds that the implementation of the Environmental Protection Tax Law helps attract green investors to enterprises,and this promotion effect is more pronounced in sample enterprises with better external information environments and financing environments,environmentallysavvy executives,and higher quality of internal controls.Reducing government environmental subsidies,strengthening media supervision and attention,increasing corporate environmental investment,and improving the level of environmental information disclosure are important channels through which the Environmental Protection Tax Law promotes the entry of green investors into enterprises.Further analysis reveals that the entry of green investors has a positive impact on corporate green innovation,green TFP,and ESG standards,while also positively affecting corporate economic benefits and enhancing the level of corporate profitability and TFP.This paper provides new evidence for the research on whether tax greening can boost corporate green development,enriches the study of the micro-policy effect of tax greening,and also offers useful references from the perspective of green investors for promoting enterprises to achieve dual economic and environmental benefits.

关 键 词：《环境保护税法》 税制绿色化 绿色投资者 政府环保补助 环境信息披露 

分 类 号：F270[经济管理—企业管理]