Environmental protection fee‐to‐tax and enterprise innovation path selection: Incremental innovation or breakthrough innovation?
基于中国环保费改税政策，研究发现该政策通过增加企业融资约束显著促进了增量创新，且影响具有长期性，对创新效率和人工智能相关创新也有作用。
Abstract Based on China's unique environmental protection fee‐to‐tax policy, this article investigates the profound impact of changes in environmental regulations on enterprise innovation path selection. By employing the Difference‐in‐Differences (DID) method and a comprehensive dataset of Chinese enterprises, we find that the implementation of this policy significantly promotes incremental innovation. Further research reveals that the policy exerts its influence by increasing enterprise financing constraints. Additionally, the policy demonstrates a persistent, long‐term impact, influencing both innovation efficiency and the development of artificial intelligence–related innovation. Overall, these findings fill the research gap in understanding the relationship between environmental policies and enterprise innovation path selection.