摘要
本文基于环保税立法改革事件,从财务杠杆操纵角度考察了环保税实施对排污企业产生的非预期效应。研究发现,环保税改革显著提高了企业的杠杆操纵程度。且这一结果主要是因增加企业创新压力、遵循成本和形成企业融资劣势所致。进一步分析发现,财务杠杆高、融资约束严重、所处地区信贷供给水平低和环境治理严格的企业,在环保税改革后杠杆操纵动机更强;然而,这在扩大贷款规模的同时增加了潜在风险。本文从企业财务杠杆操纵视角为环保税实施产生的非预期效应提供了新的证据,也为“双碳”目标下如何防止企业虚假降杠杆提供了政策启示。
Based on the legislative reform of environmental protection tax,this paper examines the unintended effect of environmental protection tax on the emission enterprises from the perspective of financial leverage manipulation.The study finds that the environmental tax reform significantly increased the degree of corporate leverage.This result is mainly due to the increase of enterprise innovation pressure,compliance costs and the formation of corporate financing disadvantages.Further analysis shows that enterprises with high financial leverage,severe financing constraints,low credit supply and strict environmental governance in their regions have stronger motivation to manipulate leverage after the environmental tax reform.However,such behavior increases the size of the loan and potential risk at the same time.This paper provides new evidence for the unintended effect of the implementation of the Environmental Protection Tax Law from the perspective of enterprise financial leverage manipulation,it also provides policy inspiration for how to prevent enterprises from deleveraging under the target of“carbon peak and neutrality targets”.
作者
王洋洋
邓晨芳
Wang Yangyang;Deng Chenfang
出处
《会计研究》
北大核心
2023年第5期122-136,共15页
Accounting Research
基金
国家自然科学基金项目(72362023)
江西省社会科学基金项目(23GL31)
江西省研究生创新专项资金项目(YC2022-B126)
江西财经大学“A类”学科创新团队项目(资本市场财务行为创新团队)的支持
关键词
环保税
非预期效应
杠杆操纵
财务风险
Environmental Tax
Unintended Effects
Leverage Manipulation
Financial Risk
