How Does Environmental Protection Tax Affect Corporate Environmental Investment? Evidence from Chinese Listed Enterprises

被引：23

作者：

Cheng, Zhice ^{[1
,2
]}

Chen, Xinyuan ^{[2
]}

Wen, Huwei ^{[1
,2
]}

机构：

[1] Nanchang Univ, Res Ctr Cent China Econ & Social Dev, Nanchang 330031, Jiangxi, Peoples R China

[2] Nanchang Univ, Sch Econ & Management, Nanchang 330031, Jiangxi, Peoples R China

来源：

SUSTAINABILITY | 2022年 / 14卷 / 05期

关键词：

environmental protection tax; environmental investment; substitution effect; financing constraint; quasi-natural experiment; PRODUCTIVITY; TECHNOLOGY; PERFORMANCE; IMPACT;

D O I：

10.3390/su14052932

中图分类号：

X [环境科学、安全科学];

学科分类号：

08 ; 0830 ;

摘要：

This study mainly investigates the nexus of environmental protection tax and corporate environmental investment using a quasi-natural experiment and the difference-in-difference method. On the basis of 422 Chinese listed enterprises from 2012 to 2020, empirical results show that environmental protection tax has significantly reduced corporate environmental investment in China. In terms of mechanism, environmental protection tax inhibits corporate environmental investment through the financing constraints and the substitution effect of innovation investment. In terms of heterogeneity, environmental protection tax has a significant inhibitory effect on environmental investment for large firms, state-owned firms, and firms located in cities with strict regulations and economically developed cities. Environmental protection tax has a negative effect on corporate environmental investment, mainly through direct effect, innovation substitution effect, and financing inhibition effect.

引用

页数：22

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