LIU Yuanjing    Business School

ABSTRACT：In recent years, along with the continuous development of the economy,the ec ological environment destruction and excessive consumption of resources are incre asingly becoming a problem that no countries allow to ignore,and our country has gradually improved the understanding of environmental protection and concern.Gr een innovation is the core force and important support for promoting green develo pment and building a beautiful China. Environmental regulation is an important m eans and tool to encourage enterprises to take actions on environmental protection. The Environmental Protection Tax Law of the People's Republic of China (hereina fter referred to as the Environmental Protection Tax Law) was passed on Decemb er 25,2016 and officially implemented on January 1,2018. Environmental protectio n tax,as a market-based environmental regulation,is one of the most important env ironmental economic policies in China. As the main body of discharge of a large number of pollutants, heavy polluting enterprises are one of the main bodies that need to be restrained in environmental protection. Whether the environmental prote ction tax system can induce the green innovation of heavy polluting enterprises is a focus of attention and debate in the current academic circles and policy circles.

    Based on the externality theory, Pigouvian tax theory and Porter hypothesis t heory,this paper studies the relevant research results of domestic and foreign schol ars uses the relevant data of A-share listed companies in Shanghai and Shenzhen stock markets during 2015-2021 to build A differential model to analyze the impa ct of environmental protection tax on the green innovation performance of heavily polluting enterprises. This paper studies the moderating effect of government R&D subsidies on the relationship between the two,and further divides the green innovat ion performance of heavy polluting enterprises into substantive green innovation a nd strategic green innovation according to the different innovation motives,and stu dies which motivation environmental protection tax can affect the green innovation performance of heavy polluting enterprises. Further,according to property right natu re and enterprise scale, qualitative research is carried out. The results show that:(1) Environmental protection tax will promote the green innovation performance of heavy polluting enterprises. (2) Compared with substantive green innovation,enviro nmental protection tax has a more significant incentive effect on strategic green in novation. (3) Government R&D subsidies play a positive moderating role between environmental protection tax and green innovation performance of heavy polluting enterprises. (4) Compared with non-state-owned heavy polluting enterprises,environ mental protection tax has more obvious stimulation on the green innovation perfor mance of state-owned heavy polluting enterprises. (5)Compared with small-scale he avy polluting enterprises,environmental protection tax has more obvious stimulation on the green innovation performance of large-scale heavy polluting enterprises.Fina lly, based on theoretical and empirical research results, suggestions are proposed fr om two aspects: for enterprises, they should fully pay attention to tax related poli cies; Strengthen the emphasis on green innovation; Strengthen external cooperation to promote the output of green innovation achievements. On the government's side, it is necessary to strengthen tax collection and management, and fully leverage th e policy effects of environmental protection taxes; Strengthen and implement differ entiated environmental policies; Improve government R&D subsidy policies to ens ure the sustainability of government R&D subsidy policies; Timely tracking and e valuation, in line with policy innovation orientation.

Read the article here:       环境保护税对重污染企业绿色创新绩效的影响研究.pdf