学习与实践

设计有效的生态环境治理机制是处理好高质量发展与高水平保护的关键。环境保护税作为市场型环境规制工具，通过改变污染排放与治理的相对价格来影响企业的绿色投资决策。以2018年环境保护税改革作为外生冲击，构建三重差分识别框架，评估了环境保护税对企业绿色投资的激励效应，并考虑环境保护税与其他环境政策的协同治理效应。研究发现，环境保护税有效激励了企业绿色投资，对重污染企业的影响更为明显。这主要源于环境保护税改革激励了企业绿色创新并引致了更多的绿色投资需求，企业也相应获得了更多的环保补助。从激励效应的特征来看，该政策诱致了企业对源头治理和末端治理的策略性环保投资，激励了重污染企业更加注重源头治理。同时，该政策存在显著的异质性特征和协同效应，政策效果在国有企业、融资约束小的企业和税收征管力度强地区的企业表现得更为明显，并与碳排放权交易、大气污染防控、固定资产加速折旧、能效信贷和绿色金融改革等政策产生了良好的协同激励效应。

Designing an effective governance mechanism is the key to dealing with high-quality development and high-level protection. As a market-based environmental regulation tool,environmental protection tax can affect enterprises' green investment decisions by changing the relative price of pollution emissions and governance. Taking the environmental protection tax policy reform in 2018 as an exogenous shock,this paper constructs a triple differential identification framework,evaluates the incentive effect of environmental protection tax on corporate green investment,and considers the collaborative governance effect of environmental protection tax and other macro policies. The study finds that the environmental protection tax effectively stimulates the green investment of enterprises,and the impact on heavily polluting enterprises is more obvious. This is mainly due to the fact that the environmental protection tax reform stimulates the green innovation of enterprises and leads to more green investment demand,and enterprises also receive more environmental protection subsidies accordingly. From the perspective of the characteristics of the incentive effect,the policy induces enterprises to make strategic environmental protection investment in source control and end control,and encourages heavy polluting enterprises to pay more attention to source control.At the same time,the policy has significant heterogeneity and synergy characteristics. The policy effect is more obvious in state-owned enterprises,enterprises with small financing constraints and enterprises in areas with strong tax collection and management,and has a good synergistic incentive effect with policies such as carbon emission trading,air pollution prevention and control,accelerated depreciation of fixed assets,energy efficiency credit and green financial reform.