经济学报2025，Vol.12Issue(2)：173-191,19.
环保费改税对企业ESG投资的影响研究
The Impact of Environmental Protection Fee-to-Tax Reform on Corporate ESG Investment
摘要
Abstract
In response to increasingly prominent environmental issues,the Chinese government has legislated the imposition of an environmental protection tax,ensuring a smooth transition from"fee payment"to"tax payment"based on the principle of"tax burden shift."Using micro-level data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2022,this study examines the impact of this policy change on corporate ESG investment and its underlying mechanisms.The findings indicate that the implementation of the environmental protection fee-to-tax reform incentivizes firms to engage in ESG investments.Moreover,the increase in public environmental awareness and the intensification of regulatory penalties are two key channels through which this reform influences corporate ESG investment.These conclusions remain robust after a series of validation tests.Additionally,the impact of the reform is more pronounced for non-state-owned enterprises,non-heavy polluting firms,and companies operating in regions with stronger environmental regulations.Furthermore,the reform not only promotes corporate ESG investment but also contributes to firm-level total factor productivity and macro-level industrial structural transformation and upgrading.These findings aim to provide theoretical insights for high-quality economic growth and serve as a decision-making reference for improving the environmental tax system.关键词
环保费改税/ESG投资/公众环境关注度/产业结构升级分类
生物科学引用本文复制引用
吴汉利,熊雨欣..环保费改税对企业ESG投资的影响研究[J].经济学报,2025,12(2):173-191,19.基金项目
本研究受国家社会科学基金西部项目,高碳企业"漂绿"的组态效应及靶向监管研究(项目编号:23XGL001)的资助. （项目编号:23XGL001）
