环保“费改税”与与企业商业信用融资——来自《环境保护税法》实施的准自然实验  

Environmental Protection"Fee to Tax"and Corporate Trade Credit Financing——Evidence from a Quasi-natural Experiment of the Implementation of Environmental Protection Tax Law

作　　者：罗进辉[1] 郭星颖 胡明生 LUO Jinhui;GUO Xingying;HU Mingsheng

机构地区：[1]厦门大学管理学院 [2]湖南大学工商管理学院

出　　处：《财务研究》2025年第2期87-103,共17页Finance Research

基　　金：国家社科基金重大项目(22ZDA045)。

摘　　要：环境保护税改革是我国推进税制绿化和环保制度建设的重要一环,本文基于2018年排污费改为环境保护税(简称环保“费改税”)的准自然实验,运用双重差分模型考察环境规制市场化改革对企业商业信用融资的潜在积极影响及其作用机制。研究发现,相比非重污染企业,环保“费改税”实施后重污染企业的商业信用融资水平显著提高,而且该结论经过一系列稳健性测试后依然成立。机制检验发现,环保“费改税”通过提高企业绿色投资和吸引外部治理主体关注两个渠道,进而提高了重污染企业获得的商业信用融资水平。异质性分析表明,环保“费改税”的积极融资效应在国有企业、高议价能力企业、征收标准平移地区企业以及高信息透明度企业中表现得更强。此外,本文还发现环保“费改税”后重污染企业的银行贷款水平显著提升而质押贷款占比显著降低,表明环保“费改税”的积极融资效应在银行贷款方面也同样存在。Environmental protection tax reform is an important part of China's promotion of the greening of the tax system and the construction of the environmental protection system.This paper employs the"Difference in Difference"model to investigate the potential positive impact of the environmental regulation market-based reform on corporate trade credit financing and the mechanism based on the quasi-natural experiment of China's pollutant discharge fee to environmental protection tax(referred to as the environmental protection"fee to tax")in 2018.The study finds that the level of corporate trade credit increases significantly after the implementation of environmental protection"fee to tax"as to heavily polluting companies,and the conclusion still holds after a series of robustness tests.The mechanism test reveals that environmental protection"fee to tax"increases the level of corporate trade credit financing obtained by heavily polluting enterprises through increasing enterprises'environmental protection investment and attracting the attention of external governance bodies.The heterogeneity analysis indicates that the positive financing effect of environmental regulation market-based reform is stronger among state-owned firms,firms with high bargaining power,firms in regions with parallel movement for levy rates and firms with high information transparency.In addition,the study finds that the level of bank loans for heavily polluting firms increased significantly while the proportion of pledged loans decreased significantly after the environmental protection"fee to tax"reform,suggesting that the positive financing effect of environmental regulation market-based reform also holds for formal bank credit.

关 键 词：环境规制 市场化改革 环保“费改税” 商业信用融资 

分 类 号：F275[经济管理—企业管理]