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Abstract：
This study investigates the practical effects of adopting the environmental protection tax (EPT) policy on corporate performance in China. The analysis uses the Difference in Differences (DID) approach based on a quasi-natural experiment scenario. The findings indicate there is a negative impact of implementing the EPT policy on the financial performance of corporations, and the conclusion remains unchanged despite exhaustive robustness testing. The negative impact can be partly attributed to corporate technology innovation inputs. Meanwhile, enterprise property rights, pollution, and technical levels also substantially influence the implementation effect of the legislation. However, implementing this policy has improved corporations\' environmental performance and established its efficacy in enhancing their sustainable capabilities. This study comprehensively explores the impact of environmental control legislation on business performance, spanning financial, environmental, and social dimensions. Corresponding findings offer valuable insights into how firms react to environmental legislation and adjust to the external environment. Meanwhile, it also provides an objective reference for the comprehensive green transformation.
摘要：
本研究调查了在中国采用环境保护税（EPT）政策对公司绩效的实际影响。分析使用基于准自然实验场景的差异（DID）方法。调查结果表明，实施EPT政策对公司财务业绩有负面影响，尽管进行了详尽的稳健性测试，但结论保持不变。负面影响可以部分归因于企业技术创新投入。同时,企业产权，污染,和技术水平也在很大程度上影响着立法的实施效果。然而,实施这项政策改善了企业的环境绩效，并确立了其在增强其可持续能力方面的效力。这项研究全面探讨了环境控制立法对企业绩效的影响，跨越金融，环境,和社会维度。相应的发现为企业如何对环境立法做出反应并适应外部环境提供了宝贵的见解。同时,也为全面绿色转型提供了客观参考。
