税收激励能否赋能企业绿色治理？

车德欣¹　向海凌²　吴非³

（1. 广东金融学院金融科技工程技术开发中心；2. 广东金融学院金融与投资学院；3. 广东金融学院行为金融与区域实验室）

　　内容提要：基于中国经济绿色低碳转型的重大现实和政策需求，本文选取2007—2020年中国沪深A股上市公司数据，从政府“有形之手”的影响出发，实证检验税收激励对企业绿色治理的影响及其机制。研究结果显示，税收激励能够有效提升企业绿色治理动能。异质性检验发现，税收激励对于非国有企业、高科技企业的绿色治理具有显著驱动作用。机制检验显示，减税能够有效平滑风险、强化责任并激发绿色创新转型活力，这些改善都有助于企业绿色治理水平的提升。特别地，在地方政府对生态环境更加关注的情景中，税收激励能够发挥出更大的绿色治理驱动作用，并重点改善国有企业税收激励促进不足的问题，展现出了一定的结构性优化趋向。本文为理解政府税收工具的有效性和渠道机制提供了新的经验证据，对服务中国经济绿色低碳转型高质量发展具有重要启示。

　　

　　关键词：绿色低碳转型；税收激励；企业绿色治理；政府生态环境关注度；税收工具

　　

　　作者简介：车德欣，广东金融学院金融科技工程技术开发中心讲师，广州，510521；向海凌，广东金融学院金融与投资学院讲师，通信作者；吴非，广东金融学院行为金融与区域实验室助理研究员。

　　基金项目：国家自然科学基金青年科学基金项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”（72202046）；国家社会科学基金青年项目“财政科技支出对企业数字化转型的效应评估、机制分析与策略优化研究”（22CJY009）；教育部人文社会科学研究青年基金项目“银行数字化转型转型绩效评估与优化机制研究：基于大数据文本识别的微观证据”（22YJC790009）

　　引用格式：车德欣,向海凌,吴非.税收激励能否赋能企业绿色治理?[J].经济与管理研究,2023,44(9):3-21.DOI:10.13502/j.cnki.issn1000-7636.2023.09.001.

　　

　　

Can Tax Incentives Empower Corporate Green Governance?

CHE Dexin, XIANG Hailing, WU Fei

(Guangdong University of Finance, Guangzhou 510521)

　　

　　Abstract: With the gradual increase in economic growth, the problems of high pollution and high energy consumption caused by the traditional extensive mode are becoming increasingly severe. Given the current emphasis on promoting green, low-carbon, and circular economic development, exploring whether tax incentives can effectively empower corporate green governance and achieve quality and efficiency improvement will enable the government’s tax tools to serve the high-quality development of the real economy. It can also provide experience and support for building an environmental governance system with the government taking the lead and the business sector assuming the main responsibility and accelerating the construction of a green development mechanism.

　　Based on the significant reality and policy needs of China’s green and low-carbon economic transformation, this paper empirically examines the impact and mechanisms of tax incentives on corporate green governance from the perspective of the government’s visible hand, using the data of A-share listed companies in China from 2007 to 2020. The findings show that tax incentives can effectively enhance corporate green governance. Heterogeneity tests reveal that tax incentives drive the green governance of non-state-owned and high-tech enterprises. Mechanism tests indicate that tax cuts can effectively smooth risks, strengthen responsibilities, and stimulate green innovation and transformation vitality, thereby enhancing corporate green governance. Especially in the context of increasing attention to the ecological environment by local governments, tax incentives can considerably contribute to promoting green governance and addressing limitations in incentivizing state-owned enterprises.

　　The marginal contributions are as follows. First, it emphasizes more on the role of the government’s visible hand in corporate green governance through tax tools, different from the existing literature that focuses on market forces. This establishes an analysis paradigm of “tax incentives-corporate green governance”, which provides an extended interpretation of tax incentives from the perspective of optimizing the governance of micro-structural entities. Second, it elaborates on mechanisms from three perspectives, namely risk smoothing, responsibility reinforcement, and green innovation and transformation. It aims to enhance the understanding of the role of the government’s tax tools in corporate development. Third, it pays more attention to the optimization and combination of “tax incentives-government will” and explores the circumstances that allow for the maximization of special and targeted tax incentives for green development. This provides China’s wisdom for developing countries to find a suitable path towards green and low-carbon transformation.

　　Keywords: green and low-carbon transformation; tax incentive; corporate green governance; local governments’ attention to ecological environment; tax tool