School of Economics and Management, Taiyuan University of Technology

为检验环境保护税对重污染企业绿色创新的影响,以及高管股权激励在二者关系中的调节作用,研究以中国A股工业上市公司2014—2021年的面板数据为样本,运用双重差分模型和调节效应模型进行分析。研究发现,与非重污染企业相比,环境保护税显著提升了重污染企业绿色创新;高管股权激励在环境保护税影响重污染企业绿色创新中起负向调节作用,即高管股权激励削弱了环境保护税对重污染企业绿色创新的促进关系;异质性分析发现,在国有企业、大规模企业和环保税税额标准提高地区企业中,环境保护税对重污染企业绿色创新的促进作用更加显著。结果表明政府应当继续加强环境保护税法等环境规制建设,企业应当制定合适的高管股权激励制度,进而推动重污染企业绿色创新。

To test the effect of environmental protection tax on green innovation of high-polluting enterprises, and the moderating effect of executive equity incentive on the relationship between environmental protection tax and green innovation of high-polluting enterprises, this paper took the panel data ofChina’ s A-share industrial listed companies from 2014 to 2021 as samples, and made analysis by usingthe difference-in-differences( DID) model and the moderating effect model. It is found that comparedwith enterprises that do not cause high pollution, environmental protection tax significantly improves thegreen innovation of high-polluting enterprises; that executive equity incentive has a negative moderatingeffect on the impact of environmental protection tax on green innovation of high-polluting enterprises,that is, executive equity incentive weakens the promotion relationship of environmental protection tax togreen innovation of high-polluting enterprises. Heterogeneity analysis shows that in state-owned enterprises, large-scale enterprises and enterprises in regions with higher environmental protection tax standards, the promotion effect of environmental protection tax on the green innovation of high-polluting enterprises is more significant. The results indicate that the government should continue to strengthen theconstruction of environmental regulations such as environmental protection tax law, enterprises shouldformulate appropriate executive equity incentive system, and thus promote high-polluting enterprisesgreen innovation.

山西省哲学社会科学专项课题“山西推进‘两山七河一流域’生态修复治理研究”(2022YD048);山西省哲学社会科学专项课题“山西省气候投融资体系建设”(2022YD047)