Zhang Chenqing, Law School

 Abstract: To empirically study the impact of changing environmental protection fees to taxes on the sustainable development of green finance. Method: Using the data of A-share listed companies in the manufacturing industry from 2018 to 2022 as the research sample, the GMM dynamic panel model was used to analyze the impact of environmental protection fees and taxes on corporate financialization. Single root tests and Hasman tests were used for the main variables. Result: For the development level of green finance, the change of environmental protection fees to taxes has a significant positive impact effect; The regression coefficient of cash holding ratio on the development level of green finance is significantly negative. In China's manufacturing stock market, the lower the capital holding, the higher the capitalization of funds. The regression coefficient of enterprise size on the development level of green finance is significantly positive. The larger the enterprise size, the higher the level of financialization it has. The regression coefficient between management efficiency and the development level of green finance is significantly positive. The regression coefficient between the main business profit margin and executive equity incentives and the development level of green finance is negative. Compared with companies with low levels of financialization, companies with higher levels of financialization have a greater impact on financial scale, cash holding ratio, operating efficiency, and main business profit margin. With the increasing tax burden on A-share listed companies in the manufacturing industry, their level of green financialization will gradually increase.

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  【可持续发展】环境保护费改税对地区绿色金融可持续发展影响研究.pdf