经济
激励
刺激(心理学)
能源税
高效能源利用
税收抵免
意外后果
货币经济学
经济衰退
税收优惠
公共经济学
税制改革
宏观经济学
市场经济
心理学
政治学
法学
电气工程
心理治疗师
工程类
作者
Yijia Song,Xitao Li,Ruoxi Liu,Xin Peng
摘要
Abstract In light of the economic recession in the post‐pandemic era, countries have implemented a wide array of fiscal stimulus measures as a means of addressing the prevailing economic challenges but often neglect to consider the consequences of these stimuli on the environment. Therefore, it is crucial for the government to take environmental considerations into economic stimulus packages, aiming to achieve a sustainable “green recovery.” Using China's value‐added tax (VAT) reform as a quasi‐natural experiment, we find that VAT incentives have significantly improved the firm's energy efficiency through factor substitution and technological progress, indicating that tax incentives are beneficial to economic stimulus and energy saving. In addition, we find that energy market distortions play a significant negative moderating role, which weakens energy efficiency gained from the VAT incentives. Furthermore, heterogeneity analysis shows that the improvement of energy efficiency is concentrated in non‐state, high‐capital intensity, and high financing‐dependent firms. According to our findings, policymakers should have a thorough understanding of the potential of tax incentives for investment as a policy tool for achieving a “green recovery” as long as the energy market is efficient.
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