绿色税收优惠对企业ESG表现的影响研究  

The Impact of Green Tax Incentives on Enterprise ESG Performance

作　　者：杨全社[1] 李禹忱 Yang Quanshe;Li Yuchen(School of Public Finance and Taxaticn,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学财政税务学院,北京100070

出　　处：《工业技术经济》2024年第12期42-51,共10页Journal of Industrial Technology and Economy

摘　　要：完善支持绿色发展的财税政策是党的二十大报告中的重要议题,其中绿色税收优惠政策作为绿色财税领域的重大实践,可以通过间接补贴的方式引导企业在追求经济利益的同时兼顾环境、社会和公司治理(ESG)责任。本文以2012~2023年重污染行业A股上市公司为样本,研究绿色税收优惠政策对企业ESG表现的影响与作用机制。研究发现,绿色税收优惠政策能提升企业ESG表现;机制分析表明,绿色税收优惠政策能增加企业现金流、促进企业绿色技术创新,从而提升企业ESG表现;异质性分析表明,绿色税收优惠政策对企业ESG表现的正向作用在财务风险较高、机构投资者持股比例较低、处于东部地区的企业中更显著。研究结论表明,绿色税收优惠的制度设计,能够为企业践行ESG理念提供政策指引,从而实现经济发展与环境保护的协同共进。Improving fiscal and tax policies to support green development is an important issue in the report of the 20th CPC National Congress,among which green tax preferential policies,as a major practice in the field of green finance and taxation,can guide enterprises to pursue economic interests while taking into account environment,social responsibility and corporate governance(ESG)through indirect subsidies.This paper takes Chinese A-share heavily polluting industry listed companies from 2012 to 2023 as samples to study the impact and mechanism of green tax incentives on enterprise ESG performance.It is found that green tax incentives can improve the enterprise ESG performance.Further analyses find that green tax incentives can increase the cash flow,promote the green technology innovation,thus improve the ESG performance of enterprises.The positive effect of green tax incentives on enterprise ESG performance is more significant in enterprises with higher financial risk,lower shareholding ratio of institutional investors,and located in the eastern region.The research conclusion shows that the system design of green tax incentives can provide policy guidance for enterprises to practice the ESG concept,so as to realize the synergy between economic development and environmental protection.

关 键 词：绿色税收优惠 ESG表现 间接补贴 重污染企业 协同共进 现金流 绿色技术创新 低碳发展 

分 类 号：F812.42[经济管理—财政学] F272.5