【摘要】 面对日趋强化的资源环境约束,企业绿色转型迫在眉睫。环境税作为经济激励型环境规制,是一种推进企业绿色转型的最有效的经济诱导制度安排,为当前研究的前沿。本文立足于宏观财税政策与微观企业行为互动的视角,以合法性理论和交易成本理论为基础,基于2008—2016年中国沪深A股工业上市公司的经验证据,考察了环境税对企业绿色转型的影响及其机制。研究发现:①环境税会有效地倒逼企业绿色转型,即当环境税的税负水平提高时,企业绿色转型程度也会随之提高。②环境税对企业绿色转型的倒逼效应存在异质性,即环境税对企业绿色转型的倒逼效应主要体现在民营企业、高市场化程度地区企业、低融资约束企业以及高信息透明度企业中,在国有企业、低市场化程度地区企业、高融资约束企业以及低信息透明度企业中表现并不显著。③环境税倒逼企业绿色转型的渠道在于,环境税通过提高企业合法性压力和增加企业成本粘性,进而有效地倒逼企业绿色转型。这意味着,在现阶段政府通过提高环境税税率、增加执法刚性、降低行政干预等手段提高企业环境税的实际税负,可以有效地倒逼企业绿色转型,但为了更好地实现环境税的倒逼效应,政府需要进一步地改革和完善环境税的税制结构、税率设计、征管模式等税制要素来提高环境税制度的弹性。同时,政府需要深化国有企业改革,完善市场化建设以及建立绿色投融资渠道,使环境税的倒逼效应更加有效;企业应当提高信息透明度,积极地进行绿色转型以响应环境税的合法性压力和成本粘性效应,实现可持续发展。更多还原

【Abstract】 Faced with the increasingly strengthened constraints of resource and environment,the green transformation of enterprises is imminent. As an economic incentive-type environmental regulation, environmental tax is the most effective economic-inducing institutional arrangement to promote the green transformation of enterprises,and is the frontier of current research. Based on legitimacy theory and transaction cost theory,the present research pays attention to the interaction between macro fiscal and taxation policies and micro company behaviors,and takes advantage of the data collected from China’s Shanghai and Shenzhen A-share listed industrial companies from 2008 to 2016 to investigate the effect and its mechanism of the environmental tax on the green transformation in companies. The empirical analysis uncovers three arguments. First,the environmental tax has a backward forcing effect on companies’ green transformation,which means that heavier tax burden leads to higher transformation level. Second,the backward forcing effect indicates different patterns referring to heterogeneity,which means that,the effect is significant in the private companies,the companies located in regions with developed market,the companies with lower financing constraints,or the companies with higher information transparency. On the contrary,the effect is not significant in the state-owned enterprises,the companies located in regions with undeveloped market,the companies with higher financing constraints,or the companies with lower information transparency.Finally,the approach for the environmental tax to backward forcing companies’ green transformation is strengthening the legitimacy pressure and increasing the cost stickiness of companies. The conclusions above reveal that the government can effectively promote companies’ green transformation by different policies,such as raising the environmental tax rate,increasing the law enforcement and cutting down the administrative intervention. Furthermore,in order to realize the forced effect better,the governments should reform and improve the factors embedded in tax system to make the environmental tax more flexible,such as tax structure,tax rate design and tax collection and management model. Simultaneously,the governments need to deepen the reform of state-owned enterprises,improve the orientation and construction of market and establish a convenient investment and financing channels to enhance the forced effect of the environmental tax. Moreover,companies should increase the information transparency and promote the green development to respond to the legitimacy pressure and cost stickiness of the environmental tax for the future sustainable development.更多还原