摘要
税收政策是推动绿色低碳发展的重要工具。本文以2010年对第三方节能服务公司实施的税收优惠政策为冲击,分析该政策对用能企业低碳转型和节能服务公司发展的影响及机制。研究发现,该政策显著提升了用能企业的能源效率。机制表明,该政策通过降低节能服务公司的税负与融资约束,激励其加大研发投入;同时,该政策还改变了用能企业的节能策略,由第三方节能服务机构提供的节能服务进一步使得用能企业减少外购设备进行自主节能减排,进而节省外购固定资产投资成本,缓解了用能企业融资约束并激励了研发创新。异质性表明,政策主要通过提升煤炭利用效率实现节能,而非推动能源结构清洁化,其效应在大规模、非国有和强融资约束企业中更为明显,在政府与公众环境关注度高以及碳减排压力大的地区更为突出。拓展性分析显示,用能企业污染与碳排放显著下降,节能服务公司全要素生产率提高,但其自身能耗未受影响。本文为通过税收政策推动节能减排并促进环境治理专业化提供了重要的政策启示。
This paper examines a 2010 tax incentive policy targeting third-party Energy Service Companies(ESCOs).Using matched data from the National Tax Survey and the 2007-2014 Enterprise Pollution Database,we apply an intensity difference-in-differences approach to assess the policy's effects on energy conservation,emissions reduction,industrial specialization,and collaborative environmental governance.We find that the policy significantly improved the energy efficiency of energy-consuming firms.Mechanism analysis shows that the tax incentives reduced the tax burden and eased financing constraints for ESCOs,thereby stimulating greater R&D investment.At the same time,energy-consuming firms increasingly adopted specialized energy services and reduced in-house equipment investment,leading to lower fixedasset expenditures,eased financing constraints,and enhanced innovation incentives.Heterogeneity analysis indicates that the policy effect was mainly driven by improved coal efficiency.The effect was more pronounced among large-scale,non-state-owned,and financially constrained firms,as well as in regions with high governmental and public environmental awareness and high pressure to reduce carbon emissions.Further analysis shows that the policy contributed to reduced pollution emissions by energy-consuming firms and increased total factor productivity of ESCOs,without raising their own energy consumption.This study contributes to the literature in three ways.First,it expands the understanding of how tax policies facilitate green transition by highlighting their role in fostering environmental cooperation and industrial specialization.Second,it reveals the complete transmission mechanism of tax incentives from both supply and demand perspectivesby cultivating the ESCO market and altering the technological behavior of energy users-while providing new evidence on how policy interventions mitigate information asymmetry and contract enforcement challenges.Third,it underscores the synergistic role of an effective market and proactive government in driving the green transformation across industries.Our findings offer important policy implications:China should strengthen the green orientation of its value-added and corporate income tax systems,enhance the incentives and coordination functions of tax policies,actively develop the third-party energy service market,and promote greater specialization and socialization of environmental governance.Under the carbon neutrality goal,a collaborative market-government governance mechanism should be established to facilitate the sustained growth of green and low-carbon industries.
作者
祁毓
黄纪强
陈建伟
徐彦坤
QI Yu;HUANG Jiqang;CHEN Jianwei;XU Yankun(Zhongnan University of Economics and Law,430073;Xiangtan University,411105;University of International Business and Economics,100105;South-Central Minzu University,430074)
出处
《财贸经济》
北大核心
2025年第11期34-50,共17页
Finance & Trade Economics
基金
国家自然科学基金面上项目“促进绿色转型的财政激励机制设计:央地关系和政企关系联动视角”(72173136)
国家自然科学基金青年项目“绿色信贷与环境信用联动对企业绿色转型的影响:机制、效应与制度优化”(72103208)
国家社会科学基金重点项目“劳动力市场灵活性与进口竞争的劳动力再配置效应研究”(22AJL006)。
关键词
税收激励
第三方节能服务公司
环境合作
能源效率
Tax Incentives
Third-party Energy-Saving Service Companies
Environmental Cooperation
EnergyEfficiency
