环境税对企业绿色转型的倒逼效应研究
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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。
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.
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.
引文
[1]中国社会科学院工业经济研究所课题组,李平.中国工业绿色转型研究[J].中国工业经济,2011(4):5-14.
[2]CARRARO C,GALEOTTI M,GALLO M. Environmental taxation and unemployment:some evidence on the ‘double dividend hypothesis’in Europe[J]. Journal of public economics,1996,62(1-2):141-181.
[3]NERUDOVA D,DOBRANSCHI M. Double dividend hypothesis:can it occur when tackling carbon emissions?[J]. Procedia economics&finance,2014(12):472-479.
[4]范庆泉,周县华,张同斌.动态环境税外部性、污染累积路径与长期经济增长——兼论环境税的开征时点选择问题[J].经济研究,2016(8):116-128.
[5]ALEXEEV A,GOOD D H,KRUTILLA K. Environmental taxation and the double dividend in decentralized jurisdictions[J]. Ecological economics,2016,122:90-100.
[6]毕茜,于连超.环境税的企业绿色投资效应研究——基于面板分位数回归的实证研究[J].中国人口·资源与环境,2016,26(3):76-82.
[7]梁伟,朱孔来,姜巍.环境税的区域节能减排效果及经济影响分析[J].财经研究,2014,40(1):40-49.
[8]秦昌波,王金南,葛察忠,等.征收环境税对经济和污染排放的影响[J].中国人口·资源与环境,2015,25(1):17-23.
[9]KESIDOU E, DEMIREL P. On the drivers of eco-innovations:empirical evidence from the UK[J]. Research policy,2012,41(5):862-870.
[10]QI G,ZENG S,CHIMING T,et al. Stakeholders’influences on corporate green innovation strategy:a case study of manufacturing firms in China[J]. Corporate social responsibility&environmental management,2013,20(1):1-14.
[11]彭星,李斌.不同类型环境规制下中国工业绿色转型问题研究[J].财经研究,2016,42(7):134-144.
[12]LEE C W. The effect of environmental regulation on green technology innovation through supply chain integration[J].International journal of sustainable economy,2010,2(1):92-112.
[13]CHAKRABORTY P,CHATTERJEE C,BELL M,et al. Does environmental regulation indirectly induce upstream innovation? new evidence from India[J]. Research policy,2017,46(5):939-955.
[14]李婉红,毕克新,孙冰.环境规制强度对污染密集行业绿色技术创新的影响研究——基于2003—2010年面板数据的实证检验[J].研究与发展管理,2013,25(6):72-81.
[15]贾军,张伟.绿色技术创新中路径依赖及环境规制影响分析[J].科学学与科学技术管理,2014(5):44-52.
[16]申晨,贾妮莎,李炫榆.环境规制与工业绿色全要素生产率——基于命令-控制型与市场激励型规制工具的实证分析[J].研究与发展管理,2017,29(2):144-154.
[17]涂正革,谌仁俊.排污权交易机制在中国能否实现波特效应?[J].经济研究,2015(7):160-173.
[18]BOVENBERG A L,DE MOOIJ R A. Environmental tax reforms and endogenous growth[J]. Journal of public economics,1997,63(59):1259-1265.
[19]黄清煌,高明.中国环境规制工具的节能减排效果研究[J].科研管理,2016,37(6):19-27.
[20]FELDER S, SCHLEINIGER R. Environmental tax reform:efficiency and political feasibility[J]. Ecological economics,2002,42(1-2):107-116.
[21]SUCHMAN M C. Managing legitimacy:strategic and institutional approaches[J]. Academy of management review,1995,20(3):571-610.
[22]LI D,HUANG M,REN S,et al. Environmental legitimacy,green innovation,and corporate carbon disclosure:evidence from CDP China 100[J]. Journal of business ethics,2016(1):1-16.
[23]OLIVER C,HOLZINGER I. The effectiveness of strategic political management:a dynamic capabilities framework[J]. Academy of management review,2008,33(2):496-520.
[24]王金南.环境税收政策及其实施战略[M].北京:中国环境科学出版社,2006:1-2.
[25]于连超,张卫国,毕茜.环境执法监督促进了企业绿色转型吗?[J].商业经济与管理,2019(3):61-43.
[26]JOHNSEN T,PHILLIPS W,CALDWELL N,et al. Centrality of customer and supplier interaction in innovation[J]. Journal of business research,2006,59(6):671-678.
[27]HILL C W. Cooperation,opportunism,and the invisible hand:Implications for transaction cost theory[J]. Academy of management review,1990,15(3):500-513.
[28]CANNON J N. Determinants of‘sticky costs’:an analysis of cost behavior using United States air transportation industry data[J].Accounting review,2014,89(5):1645-1672.
[29]胡华夏,洪荭,李真真,等.成本粘性刺激了公司研发创新投入吗?[J].科学学研究,2017,35(4):633-640.
[30]HECHT-NIELSEN R. Theory of the backpropagation neural network[M]. Orlando FL USA:Harcourt Brace&Co.,1989:593-605.
[31]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2017:3-5.
[32]HADLOCK C,PIERCE J. New evidence on measuring financial constraints:moving beyond the KZ Index[J]. Review of financial studies,2010,23(5):1909-1940.
[33]王亚平,刘慧龙,吴联生.信息透明度、机构投资者与股价同步性[J].金融研究,2009(12):162-174.
[34]BARON R M,KENNY D A. The moderator-mediator variable distinction in social psychological research:concept strategic and statistical considerations[J]. Journal of personality&social psychology,1986,51:1173-1182.
[35]DAN W. Cost behavior and analysts’ earnings forecasts[J].Accounting review,2010,85(4):1441-1471.
[36]原毅军,谢荣辉.环境规制的产业结构调整效应研究——基于中国省际面板数据的实证检验[J].中国工业经济,2014(8):57-69.
[2]CARRARO C,GALEOTTI M,GALLO M. Environmental taxation and unemployment:some evidence on the ‘double dividend hypothesis’in Europe[J]. Journal of public economics,1996,62(1-2):141-181.
[3]NERUDOVA D,DOBRANSCHI M. Double dividend hypothesis:can it occur when tackling carbon emissions?[J]. Procedia economics&finance,2014(12):472-479.
[4]范庆泉,周县华,张同斌.动态环境税外部性、污染累积路径与长期经济增长——兼论环境税的开征时点选择问题[J].经济研究,2016(8):116-128.
[5]ALEXEEV A,GOOD D H,KRUTILLA K. Environmental taxation and the double dividend in decentralized jurisdictions[J]. Ecological economics,2016,122:90-100.
[6]毕茜,于连超.环境税的企业绿色投资效应研究——基于面板分位数回归的实证研究[J].中国人口·资源与环境,2016,26(3):76-82.
[7]梁伟,朱孔来,姜巍.环境税的区域节能减排效果及经济影响分析[J].财经研究,2014,40(1):40-49.
[8]秦昌波,王金南,葛察忠,等.征收环境税对经济和污染排放的影响[J].中国人口·资源与环境,2015,25(1):17-23.
[9]KESIDOU E, DEMIREL P. On the drivers of eco-innovations:empirical evidence from the UK[J]. Research policy,2012,41(5):862-870.
[10]QI G,ZENG S,CHIMING T,et al. Stakeholders’influences on corporate green innovation strategy:a case study of manufacturing firms in China[J]. Corporate social responsibility&environmental management,2013,20(1):1-14.
[11]彭星,李斌.不同类型环境规制下中国工业绿色转型问题研究[J].财经研究,2016,42(7):134-144.
[12]LEE C W. The effect of environmental regulation on green technology innovation through supply chain integration[J].International journal of sustainable economy,2010,2(1):92-112.
[13]CHAKRABORTY P,CHATTERJEE C,BELL M,et al. Does environmental regulation indirectly induce upstream innovation? new evidence from India[J]. Research policy,2017,46(5):939-955.
[14]李婉红,毕克新,孙冰.环境规制强度对污染密集行业绿色技术创新的影响研究——基于2003—2010年面板数据的实证检验[J].研究与发展管理,2013,25(6):72-81.
[15]贾军,张伟.绿色技术创新中路径依赖及环境规制影响分析[J].科学学与科学技术管理,2014(5):44-52.
[16]申晨,贾妮莎,李炫榆.环境规制与工业绿色全要素生产率——基于命令-控制型与市场激励型规制工具的实证分析[J].研究与发展管理,2017,29(2):144-154.
[17]涂正革,谌仁俊.排污权交易机制在中国能否实现波特效应?[J].经济研究,2015(7):160-173.
[18]BOVENBERG A L,DE MOOIJ R A. Environmental tax reforms and endogenous growth[J]. Journal of public economics,1997,63(59):1259-1265.
[19]黄清煌,高明.中国环境规制工具的节能减排效果研究[J].科研管理,2016,37(6):19-27.
[20]FELDER S, SCHLEINIGER R. Environmental tax reform:efficiency and political feasibility[J]. Ecological economics,2002,42(1-2):107-116.
[21]SUCHMAN M C. Managing legitimacy:strategic and institutional approaches[J]. Academy of management review,1995,20(3):571-610.
[22]LI D,HUANG M,REN S,et al. Environmental legitimacy,green innovation,and corporate carbon disclosure:evidence from CDP China 100[J]. Journal of business ethics,2016(1):1-16.
[23]OLIVER C,HOLZINGER I. The effectiveness of strategic political management:a dynamic capabilities framework[J]. Academy of management review,2008,33(2):496-520.
[24]王金南.环境税收政策及其实施战略[M].北京:中国环境科学出版社,2006:1-2.
[25]于连超,张卫国,毕茜.环境执法监督促进了企业绿色转型吗?[J].商业经济与管理,2019(3):61-43.
[26]JOHNSEN T,PHILLIPS W,CALDWELL N,et al. Centrality of customer and supplier interaction in innovation[J]. Journal of business research,2006,59(6):671-678.
[27]HILL C W. Cooperation,opportunism,and the invisible hand:Implications for transaction cost theory[J]. Academy of management review,1990,15(3):500-513.
[28]CANNON J N. Determinants of‘sticky costs’:an analysis of cost behavior using United States air transportation industry data[J].Accounting review,2014,89(5):1645-1672.
[29]胡华夏,洪荭,李真真,等.成本粘性刺激了公司研发创新投入吗?[J].科学学研究,2017,35(4):633-640.
[30]HECHT-NIELSEN R. Theory of the backpropagation neural network[M]. Orlando FL USA:Harcourt Brace&Co.,1989:593-605.
[31]王小鲁,樊纲,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2017:3-5.
[32]HADLOCK C,PIERCE J. New evidence on measuring financial constraints:moving beyond the KZ Index[J]. Review of financial studies,2010,23(5):1909-1940.
[33]王亚平,刘慧龙,吴联生.信息透明度、机构投资者与股价同步性[J].金融研究,2009(12):162-174.
[34]BARON R M,KENNY D A. The moderator-mediator variable distinction in social psychological research:concept strategic and statistical considerations[J]. Journal of personality&social psychology,1986,51:1173-1182.
[35]DAN W. Cost behavior and analysts’ earnings forecasts[J].Accounting review,2010,85(4):1441-1471.
[36]原毅军,谢荣辉.环境规制的产业结构调整效应研究——基于中国省际面板数据的实证检验[J].中国工业经济,2014(8):57-69.
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