复旦大学硕士学位论文 开征环境保护税对我国重污染企业盈利能力的影响 Abstract Reform and opening-up has opened the door to the rapid growth of China's economy, meanwhile it also has accelerated the industrialization of China. In the past twenty year, China's economy has made remarkable achievements. However, with the development of economy growth, China's environmental pollution and ecological damage are increasingly serious. China has the world's largest population, but today the demographic dividend is disappearing. Therefore, the task of economic development and environmental protection is more arduous. As a developing country, China not only to develop the economy, but also responsible for the international affairs. Hence, we must realize the green economy and optimize the industrial structure. Simultaneousl we ought to pay more attention to ecological balance and environmental protection Facing the pressure of international environmental protection, we should also protect the environment and fight against pollution In the background of the imminent introduction of environmental tax, this paper studies the impact of environmental tax on profitability from the enterprise point of view. Firstly, this paper analyzes the economic effects of environmental tax based on economic theory, including partial equilibrium analysis, double dividend analysis and extended analysis. Secondly, this paper analyzes the present situation of China's heavy polluting enterprises, meanwhile compares the pollution charges and environmental tax Then, this paper analyzes the influence mechanism between environmental tax and profitability on account of production cost, technical innovation and investment. Finally this paper selects the 111 heavy polluting enterprises in A-share market, and establishes the fixed effect model. Through empirical analysis of panel data between 2010 and 2015 the results show that: 1)there is a significant positive correlation between environmental tax and profitability. 2) There is an inverted U relationship between labor input and profitability. 3)Capital structure and profitability of China's heavy polluting enterprises show a significant negative relationship Key words: Environmental tax; Profitability; Fixed effect model Technology innovation; Heavy polluting enterprises CLC number: F812 42复旦大学硕士学位论文 开征环境保护税对我国重污染企业盈利能力的影响 Abstract Reform and opening-up has opened the door to the rapid growth of China's economy, meanwhile it also has accelerated the industrialization of China. In the past twenty year, China's economy has made remarkable achievements. However, with the development of economy growth, China's environmental pollution and ecological damage are increasingly serious. China has the world's largest population, but today the demographic dividend is disappearing. Therefore, the task of economic development and environmental protection is more arduous. As a developing country, China not only to develop the economy, but also responsible for the international affairs. Hence, we must realize the green economy and optimize the industrial structure. Simultaneously， we ought to pay more attention to ecological balance and environmental protection. Facing the pressure of international environmental protection, we should also protect the environment and fight against pollution. In the background of the imminent introduction of environmental tax, this paper studies the impact of environmental tax on profitability from the enterprise point of view. Firstly, this paper analyzes the economic effects of environmental tax based on economic theory, including partial equilibrium analysis, double dividend analysis and extended analysis. Secondly, this paper analyzes the present situation of China’s heavy polluting enterprises, meanwhile compares the pollution charges and environmental tax. Then, this paper analyzes the influence mechanism between environmental tax and profitability on account of production cost, technical innovation and investment. Finally, this paper selects the 111 heavy polluting enterprises in A-share market, and establishes the fixed effect model. Through empirical analysis of panel data between 2010 and 2015, the results show that: 1) there is a significant positive correlation between environmental tax and profitability. 2) There is an inverted U relationship between labor input and profitability. 3) Capital structure and profitability of China’s heavy polluting enterprises show a significant negative relationship. Key words: Environmental tax; Profitability; Fixed effect model ; Technology innovation; Heavy polluting enterprises CLC number：F812.42