绿色税制改革影响企业ESG表现——基于企业成本视角  

Green Tax Reform Affects ESG Performance of Enterprises——Based on the Perspective of Enterprise Cost

作　　者：舒泰一 赵田田 万谍[1] 李艳[2] Shu Taiyi;Zhao Tiantian;Wan Die;Li Yan(School of Finance(School of Zheshang Asset Management),Zhejiang Gongshang University,Hangzhou 310018,China;Pan-Asian Business School,Yunnan Normal University,Kunming 650032,China)

机构地区：[1]浙江工商大学金融学院(浙商资产管理学院),杭州310018 [2]云南师范大学泛亚商学院,昆明650032

出　　处：《工业技术经济》2024年第6期61-70,共10页Journal of Industrial Technological Economics

基　　金：云南师范大学研究生科研创新基金项目“绿色金融与碳排放效率耦合协调的时空分异及响应”(项目编号:YJSJJ23-B21);国家社会科学基金一般项目“注册制推行对A股主要定价因子的影响研究”(项目编号:21BJY265)。

摘　　要：提高重污染企业ESG表现是实现我国企业绿色高质量发展的重要来源。从本质上讲,ESG能有效衡量企业绿色转型的程度,绿色税制改革会降低企业成本,进而促使重污染企业绿色转型。本文基于2015~2022年沪深A股上市公司数据研究发现,绿色税制改革能够通过降低企业的税收负担、权益资本成本和债权融资成本,进而提升重污染企业的ESG表现。进一步分析表明,绿色税制改革对重污染企业ESG的促进效应在融资约束高的企业、非国有企业和地区法治环境好的企业中更为突出;绿色税制改革能够通过提升企业ESG水平进而提高企业绩效,降低其短债长用与破产风险。这些结果表明,绿色税制改革能够有效降低企业成本,助推重污染企业绿色高质量发展。本文拓展了绿色税制改革政策效应的相关研究,并从企业成本视角为重污染企业绿色转型提供了有益参考。Improving the ESG performance of heavy polluting enterprises is an important source to realize the green and highquality development of Chinese enterprises.In essence,ESG can effectively measure the degree of green transformation of enterpri⁃ses.Green tax reform will reduce the cost of enterprises and promote the green transformation of heavily polluting enterprises.Based on the data of Shanghai and Shenzhen A-share listed companies from 2015 to 2022,this paper finds that green tax reform can im⁃prove the ESG performance of heavily polluting enterprises by reducing the tax burden,equity capital cost and debt financing cost of enterprises.Further analysis shows that the promotion effect of green tax reform on ESG of heavily polluting enterprises is more prominent in enterprises with high financing constraints,non-state-owned enterprises and enterprises with good regional legal envi⁃ronment.Green tax reform can improve the performance of enterprises by improving the level of ESG,and reduce the risk of shortterm debt and bankruptcy.These results show that the green tax reform can effectively reduce the cost of enterprises and promote the green and high-quality development of heavy polluting enterprises.This paper expands the relevant research on the policy effect of green tax reform,and provides a useful reference for the green transformation of heavy polluting enterprises from the perspective of enterprise cost.

关 键 词：绿色税制改革 ESG 高质量发展 税收负担 债务融资成本 权益资本成本 

分 类 号：F272[经济管理—企业管理] F275.2[经济管理—国民经济]