税收优惠、环保投入与企业价值的内生性实证研究 ——以创业板化工企业为例

在新税率改革、企业面临资源环境问题日益突出大背景下，企业试图在享受优惠税率的同时，探寻环保投入与企业价值的最优关系。本文以创业板化工企业为研究对象，选取2013-2017年面板数据，基于多元线性回归模型，采用实证分析法，利用State13.00和Excel等工具，研究化工企业税收优惠、环保投入与企业价值三者的相互勾稽关系。实证结果表明：企业税收负担的减少，能提升企业价值；环保投入对近期企业价值有负面影响，但与后期企业价值出现正相关，且在滞后第五期时显著；在新优惠税率下，环保投入对企业价值的影响更为显著。研究结果为化工企业在税收优惠政策下，更好协调环保投入与企业价值的关系，提供借鉴意义。

The Endogenous empirical study of Tax preference,environmental protection input and enterprise value -- taking chemical enterprises as an example

Under the background of the new tax rate reform and the increasingly prominent resource and environmental problems faced by enterprises, enterprises try to explore the optimal relationship between environmental protection investment and enterprise value while enjoying preferential tax rates. Based on multiple linear regression model, this paper adopts empirical analysis method and USES State13.00, Excel and other tools to study the mutual relation between tax preference, environmental protection investment and enterprise value of chemical enterprises. The empirical results show that the reduction of corporate tax burden can enhance corporate value. The environmental protection investment has a negative effect on the enterprise value in the near term, but it is positively correlated with the enterprise value in the later period, and it is significant when it lags behind the fifth period. Under the new preferential tax rate, the impact of environmental investment on enterprise value is more significant. The research results provide reference for chemical enterprises to better coordinate the relationship between environmental protection investment and enterprise value under tax preferential policies.