税收激励与企业绿色转型——基于上市企业年报文本识别的经验证据  

Tax Incentives and Corporate Green Transformation——Empirical Evidence Based on Text Recognition of Listed Companies’Annual Reports

作　　者：吴非[1] 黎伟 Wu Fei;Li Wei

机构地区：[1]广东金融学院金融科技工程技术开发中心 [2]东莞理工学院经济与管理学院

出　　处：《财政研究》2022年第4期100-118,共19页Public Finance Research

基　　金：国家社科基金一般项目“高质量发展背景下货币政策工具组合对民营企业融资结构优化的调节效应研究”(19BJY248);广东省哲学社会科学规划青年项目“高质量发展背景下粤港澳大湾区金融科技创新的空间效应及其监管研究——基于广东省案例”(GD19YYJ06);广州市哲学社会科学规划羊城青年学人项目“企业金融化影响技术创新的异质特征、影响机制与治理——基于粤港澳大湾区案例”(2020GZQN44)。

摘　　要：税收政策是驱动企业发展转型的重要手段。本文借助上市企业年报文本信息(2007—2019年)刻画了企业绿色转型强度,并基于固定资产加速折旧政策这一“准自然实验”,实证检验税收激励与上市企业绿色转型的关系与机制。研究发现,固定资产加速折旧政策显著驱动了企业绿色转型,并实现了污染减排和绩效提升的双重效果。特别地,该政策在经济政策不确定性较低时期,以及低碳试点城市和国有企业组别中的转型驱动力更为显著。机制检验显示,固定资产加速折旧政策能够显著改善企业财务状况和财务行为,增强研发和绿色创新动力,改善企业内外部预期,这些都有助于企业绿色转型。拓展检验显示,固定资产加速折旧政策在企业绿色转型同群效应的叠加下,对目标企业的绿色转型带来了更大的驱动力,从而展现出了显著的正向溢出效果。本文为理解税收工具的有效性和作用机制提供了经验证据。Effective tax incentive policy is an important means to drive enterprise development and transformation.This paper uses the text information of listed companies’annual reports(2007-2019)to describe the intensity of green transformation of enterprises,and based on the quasi-natural experiment of the accelerated depreciation policy of fixed assets,empirically examines the relationship and mechanism between tax incentives and green transformation of listed companies.The study found that the accelerated depreciation policy of fixed assets significantly drove the green transformation of enterprises,and realized the dual fitting of pollution reduction and performance improvement.In particular,the policy’s transformational driving force for low-carbon pilot cities and state-owned enterprises is more pronounced during periods of low economic policy uncertainty.The mechanism test shows that the accelerated depreciation policy of fixed assets can significantly improve the financial situation and financial behavior,enhance R&D and green innovation dynamics,and improve the internal and external expectations of enterprises,all of which contribute to the green transformation of enterprises.The expansion test shows that the accelerated depreciation policy of fixed assets has brought a greater driving force to the green transformation of target enterprises under the superposition of the peer effect of green transformation of peer enterprises,thus showing a significant positive spillover effect.This paper provides empirical evidence for understanding the effectiveness and mechanism of action of government tax instruments.

关 键 词：税收激励 固定资产加速折旧政策 企业绿色转型 文本识别 溢出效应 

分 类 号：F812[经济管理—财政学]