摘要
环境规制制度变革会对微观企业行为产生影响。本文以环保"费"改"税"政策实施作为自然实验,以2009~2018年中国A股重污染行业上市公司为研究样本,研究环保"费"改"税"政策实施对企业创新投入的影响。研究发现,环保"费"改"税"政策实施后,企业创新投入显著降低。检验其作用机理发现,环保"费"改"税"政策的实施通过提高企业的融资约束程度和经营风险,以及降低企业的业绩表现进而降低了企业创新投入。进一步研究发现,环保"费"改"税"政策的实施对企业创新投入的抑制作用主要体现在地区税收征管较强、规模较小的企业及民营企业中。本文的结果对决策者在决定新法规时权衡经济福利损失与环境质量改善之间的关系具有指导意义。
Environmental regulation reforms shall change the behavior of enterprises.Using a sample of A-share listed companies from industries that cause heavy pollution in China over the period of 2009 to 2018,this paper examines the effect of the environmental regulation reforms that shift environmental"charges"to"taxes"on enterprises’innovation investments.Our result shows that enterprises’innovation investments reduce significantly after the environmental regulation shift.The reduction in innovation investments can be attributed to lower enterprise operating performance that results from higher degrees of financing constraints and operating risk.Further investigations reveal that the reduction in innovation investments concentrates in small or private enterprises or those located in areas with strict regulation enforcement.These results have policy implications for future environmental regulation reforms in that new regulations should better tradeoff improved environment with economic welfare.
作者
孙雪娇
甦叶
Xuejiao Sun;Ye Su(Business School,Tianjin University of Finance&Economics,Tianjin,China 300222)
出处
《当代会计评论》
2020年第2期57-86,共30页
Contemporary Accounting Review
基金
天津市哲学社会科学规划项目“柔性税收征管与企业融资约束:需求、关系、机理和后果”(TJGL18-010)的资助
关键词
环保“费”改“税”
创新投入
融资约束
经营风险
from environmental protection"charges"to"taxes"
innovation investments
financing constrains
operating risk
作者简介
通讯作者:孙雪娇,副教授,E-mail:sunxuejiao8053@163.com;甦叶,博士研究生,E-mail:suyesuye1234@163.com。
