Xie Yizhang, Sun Huiying, Wu Jinglin, Li Lulu, Zhang Ying
Business School, Hunan Agricultural University, Changsha, 410125, China.
Business School, Hunan Agricultural University, Changsha, 410125, China.
J Environ Manage. 2025 Aug;390:126320. doi: 10.1016/j.jenvman.2025.126320. Epub 2025 Jun 30.
This study uses the implementation of the Environmental Fee-to-Tax Policies (EFTT) as a quasi-natural experiment to investigate its impact on green technology innovation (GTI) in the advanced manufacturing sector. Drawing on data from A-share listed firms in Shanghai and Shenzhen spanning 2011 to 2022, we apply a difference-in-differences (DID) method within this quasi-experimental setting. The results show the policy significantly boosts GTI. This effect is reinforced by local government subsidies, industry competition, media scrutiny, and executives' commitment to environmental goals. Crucially, we identify significant three-way interactions involving media attention: both the interactions of government subsidies with media attention, and industry competition with media attention, exhibit moderated moderating effects on the policy's impact. Heterogeneity analysis reveals that high-tech firms, companies in eastern regions, and those in resource-poor areas respond more strongly. These findings offer robust evidence from a quasi-natural experiment perspective. They provide valuable guidance for corporate green transformation strategies and inform the design of environmentally integrated tax reforms.
本研究将环境费改税政策（EFTT）的实施作为一项准自然实验，以考察其对先进制造业绿色技术创新（GTI）的影响。利用2011年至2022年沪深A股上市公司的数据，我们在这个准实验环境中应用了双重差分（DID）方法。结果表明，该政策显著促进了绿色技术创新。地方政府补贴、行业竞争、媒体监督以及高管对环境目标的承诺强化了这一效果。至关重要的是，我们识别出了涉及媒体关注的显著三重交互作用：政府补贴与媒体关注的交互作用，以及行业竞争与媒体关注的交互作用，均对政策影响呈现出调节性的调节效应。异质性分析表明，高科技企业、东部地区的企业以及资源匮乏地区的企业反应更为强烈。这些发现从准自然实验的角度提供了有力证据。它们为企业绿色转型战略提供了有价值的指导，并为环境综合税制改革的设计提供了参考。
