环境规制影响企业税收规避吗?--基于新《环保法》实施的准自然实验  

Does Environmental Regulation Affect Corporate Tax Avoidance?Based on a Quasi-natural Experiment of New Environmental Protection Law

作　　者：刘志远[1] 官小燕[2] LIU Zhiyuan;GUAN Xiaoyan(School of Business,Nankai University,Tianjin 300071,China;Department of Economics and Management,North China Electric Power University,Baoding 071000,China)

机构地区：[1]南开大学商学院,天津300071 [2]华北电力大学经济管理系,河北保定071000

出　　处：《审计与经济研究》2024年第1期85-94,共10页Journal of Audit & Economics

基　　金：国家社会科学基金重点项目(20AGL011)。

摘　　要：作为重要的命令控制型环境规制工具,新《环保法》实施对企业经营产生了广泛的影响。以2010-2020年我国A股上市公司为样本,利用新《环保法》这一外生冲击事件,采用双重差分模型检验环境规制对企业税收规避的影响。结果表明,环境规制趋严促使企业提高税收规避程度。机制检验表明,环境规制导致企业融资约束程度和经营风险增加。进一步分析发现,环境规制与税收规避的正相关关系主要存在于融资难度较高和经营压力较大的企业,新《环保法》实施情境下的企业避税行为提升了财务业绩和企业价值。研究结论提供了微观企业如何应对宏观环境规制的经验证据,为政府部门结合税收政策优化环境政策提供了参考。As an important command controlled environmental regulation tool,the implementation of the new environmental protection law has had a wide impact on the operation of enterprises.Taking China's A-share listed companies from 2010 to 2020 as the sample and using the exogenous impact event of new environmental protection law,this paper empirically tests the impact of environmental regulation on cor-porate tax avoidance by DID model.The results show that stricter environmental regulation encourages enterprises to increase tax avoidance.The mechanism test shows that environmental regulation leads to greater financial constraint and operation risk.Further analysis shows that the positive relationship between environmental regulation and tax avoidance mainly exists in enterprises with high financing difficulty and operating pressure.Corporate tax avoidance under the implementation of new environmental protection law improves the financial perform-ance and firm value.This study provides empirical evidence of how micro-enterprises respond to macro-environmental regulation,and pro-vides reference for the government to optimize environmental policies combined with tax policies.

关 键 词：环境规制 税收规避 新《环保法》 融资约束 经营风险 财务业绩 

分 类 号：F275.5[经济管理—企业管理]