ABSTRACT This paper examines investment responses to emission taxes and the role of tax incidence in passing on tax burdens. Using private firms from Spain and the introduction of an emission tax in 2013 in the Autonomous Community Valenciana, we show that investments decline in response to the emission tax. Importantly, this investment decline does not depend on the level of pollution but on economic factors related to tax incidence. Investments in firms operating in highly competitive markets, firms with low pricing power, and firms with low financial flexibility are the most affected by environmental taxes. We generalize the investment findings using the introduction of carbon taxes in France and Ireland in a stacked difference-in-differences design. Overall, our results indicate that emission taxes affect not only polluters but also other firms and stakeholders such as suppliers, customers, and consumers depending on the relative elasticities of supply and demand. Data Availability: Data are available from the sources cited in the text. JEL Classifications: H22; H23; H32; G31.

中文翻译：

---

排放税和资本投资：税收发生率的作用


摘要本文探讨了投资对排放税的反应以及税收归宿在转嫁税收负担中的作用。通过使用西班牙的私营企业以及 2013 年巴伦西亚自治区引入排放税，我们发现投资因排放税而下降。重要的是，投资下降并不取决于污染程度，而是取决于与税收归属相关的经济因素。对在竞争激烈的市场中运营的企业、定价能力低的企业以及财务灵活性低的企业的投资受环境税的影响最大。我们通过堆叠双重差分设计在法国和爱尔兰引入碳税来概括投资结果。总体而言，我们的结果表明，排放税不仅影响污染者，还影响其他企业和利益相关者，如供应商、客户和消费者，具体取决于供需的相对弹性。数据可用性：数据可从文中引用的来源获得。 JEL 分类：H22； H23； H32； G31。