WANG Hao    School of Economics

ABSTRACT

With the rapid growth of China 's economy, environmental problems are becoming more and more prominent. In order to consolidate and realize the sustainable development and green development of the economy, the intensity of environmental regulation policies have also increased. How does the environmental regulation policy have an effect, and whether it can help achieve a win-win situation of environmental protection and economic development, the school has not yet formed a unified conclusion. This paper takes the ' Environmental Protection Tax Law of the People 's Republic of China ', which came into force on January 1,2018, as the policy research object, and discusses the effect and mechanism of environmental regulation policies on the economic performance of heavily polluting enterprises.

Based on the Porter hypothesis, externality theory, corporate social responsibility theory and information asymmetry theory, this paper puts forward research hypotheses, selects the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2021, and uses the difference-in-difference method and the mediating effect test model to study the environmental protection tax law as an environmental regulation policy. The impact of external shocks on the economic performance of heavily polluting enterprises and whether technological innovation has played a mediating effect between the two.

The results show that the environmental tax policy effectively promotes the economic performance of heavily polluting enterprises, and technological innovation plays an intermediary role in the relationship between the two. Further research analyzes the impact of environmental regulation policies on enterprises with different property rights and different financing capabilities. It is found that environmental regulation policies have a greater role in promoting the economic performance of state-owned enterprises and a smaller role in promoting the economic performance of enterprises with low financing capabilities. Finally, from the perspective of government and enterprises, this paper provides policy recommendations for the improvement of future environmental policies and the future development of enterprises.

The research in this paper studies the impact of environmental regulation policies on corporate economic performance from a micro perspective to evaluate the implementation effect of environmental protection tax laws. To a certain extent, it enriches the relevant research on environmental regulation and corporate performance, provides theoretical basis for further environmental legislation and other related policies, and provides empirical evidence for studying how to achieve a win-win situation between economic development and ecological protection.

Read the article here:     环境规制政策对重污染企业经济绩效的影响研究.pdf