环境保护税何以促进企业能源转型

摘要/Abstract

摘要： 能源转型是世界各国应对气候变化的重要方式，而市场型环境规制政策是推动能源转型的重要工具。本文以2018年中国环境保护税（简称环保税）改革为准自然实验，利用中国上市公司数据，采用三重差分方法揭示环保税对企业能源转型的影响及其作用机理。研究发现，在污染物征收标准提高的地区，环保税实施能够显著促进污染型企业能源转型。经过一系列稳健性检验后，上述结果依然成立。机制分析表明,环保税的能源转型效应主要通过调整化石能源消费结构和提升绿色创新能力来实现。异质性分析发现，环保税对企业能源转型的促进作用在资源丰裕度高、财政压力大的地区以及资产负债率低的企业中更为明显。此外，本文进一步的经济效应分析发现，环保税在促进企业能源转型的同时还能提升企业的财务绩效和全要素生产率。本文研究结果为进一步完善环保税等市场型环境规制政策提供了重要启示。

关键词: 环境保护税, 企业能源转型, 经济效应

Abstract: Energy transition is a crucial approach for countries worldwide to address climate change, and market-based environmental regulation policies are vital tools to promote energy transition. Using China’s Environmental Protection Tax (EPT) reform in 2018 as a quasi-natural experiment, this paper utilizes the data of China’s listed companies and employs a difference-in-differences-in-differences method to reveal the impact of EPT on corporate energy transition and its underlying mechanisms. The findings show that in regions where pollutants are taxed at a higher rate, the implementation of EPT significantly promotes the energy transition of pollution-intensive enterprises. This result remains robust after a series of robustness checks. Mechanism analysis indicates that the energy transition effect of EPT is mainly achieved by adjusting the fossil energy consumption structure and enhancing green innovation capabilities. Heterogeneity analysis finds that EPT’s promotional effect on corporate energy transition is more pronounced in regions with high resource abundance and high fiscal pressure, as well as in enterprises with low asset-liability ratios. Furthermore, the analysis of economic effects in this paper reveals that besides promoting corporate energy transition, EPT also improves firms’ financial performance and total factor productivity. The findings of this paper provide important insights for further improving market-based environmental regulation policies such as EPT.

Key words: environmental protection tax, corporate energy transition, economic effects

俞剑, 汪蓉, 周奕多, 杨龙见. 环境保护税何以促进企业能源转型[J]. 管理评论, 2026, 38(10): 36-48.

Yu Jian, Wang Rong, Zhou Yiduo, Yang Longjian. How does Environmental Protection Tax Promote Corporate Energy Transition?[J]. Management Review, 2026, 38(10): 36-48.

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