How Environmental Taxation Drives Corporate Green Investment: Evidence from Innovation, Financing, and Heterogeneous Impacts of Pollution Intensity
環境税が企業のグリーン投資を促進する方法：イノベーション、資金調達、および汚染強度の不均一な影響からの証拠 (AI 翻訳)
Jingyi Li, Yongyu Wang
🤖 gxceed AI 要約
日本語
本研究は、2018年の中国環境保護税が企業のグリーン投資に与える影響を、2012～2023年のA株上場企業データと差分の差分法で分析。結果、環境税は重汚染企業のグリーン投資を有意に増加させ、その経路として革新効果と資金調達効果が確認された。特に汚染強度の高い企業で効果が顕著であり、環境税とグリーンファイナンスの統合による持続可能な発展への示唆を提供する。
English
This study examines the impact of China's 2018 Environmental Protection Tax on corporate green investment using a difference-in-differences model with A-share listed firm data from 2012 to 2023. The results show that the tax significantly increases green investment among heavy-polluting firms through innovation and financing channels. The effect is stronger for firms with higher pollution intensity, providing policy evidence for integrating environmental taxation with green finance to promote sustainable development.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の環境税政策の実証分析だが、日本の環境税や炭素税の設計にも示唆を与える。特に、汚染強度に応じた効果の差異は、日本企業のグリーン投資促進策を検討する際の参考となる。
In the global GX context
This paper provides robust empirical evidence from China on how environmental taxation can drive corporate green investment through innovation and financing channels. The findings are relevant to global discussions on carbon pricing and green finance integration, offering insights for policymakers designing market-based environmental regulations.
👥 読者別の含意
🔬研究者:Useful for understanding the mechanisms through which environmental taxes influence corporate green investment, particularly innovation and financing effects.
🏢実務担当者:Corporate sustainability teams can learn how environmental tax policies may affect their green investment strategies and the importance of innovation and financing channels.
🏛政策担当者:Provides evidence on the effectiveness of environmental taxation in promoting green investment, with implications for designing tax policies that complement green finance initiatives.
📄 Abstract（原文）
Environmental taxation, as a market-based regulatory instrument, has the potential to internalize pollution externalities while also promoting the shared goals of environmental protection and economic development. This study investigates the impact of China’s Environmental Protection Tax in 2018 on corporate green investment using a Difference-in-Differences (DID) model and a dataset of A-share listed businesses from 2012 to 2023. Our empirical results show that environmental taxation strongly increases green investment among heavy-polluting enterprises, a finding that holds significant across a range of robustness tests. According to mechanism analysis, the policy functions through two principal channels: an innovation effect that encourages technical upgrades and a financing effect that reduces information asymmetry and credit constraints. Furthermore, the policy has a threshold characteristic: enterprises with higher pollution intensity show more pronounced improvements in ESG performance and investment incentives. This paper gives policy evidence for integrating environmental taxation with green finance to enhance sustainable development, as well as theoretical insights and practical implications for accelerating business low-carbon transition under environmental regulation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.3390/su18104733first seen 2026-05-15 21:47:25
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