“双碳”目标下减税降费促进了企业绿色低碳转型吗？

孔晓旭¹　罗山琦²　贾辰歌¹

（1.首都经济贸易大学；2.中央财经大学）

内容提要：在“双碳”目标背景下，探讨减税降费政策的实施能否有效激励企业绿色低碳转型对推动可持续发展具有重要意义。本文基于2010—2021年中国高碳重污染行业A股上市公司的面板数据，采用文本分析法和熵值法构建企业绿色低碳转型指标，实证分析减税降费对企业绿色低碳转型的影响。研究结果表明，减税降费能够促进企业绿色低碳转型，企业环保投资和投资者关注在其中发挥机制作用。在外部监管不足的情况下，政府可以通过减税降费政策激励企业进行绿色低碳转型，其中国有企业和规模较大的企业对减税降费政策更为敏感。本文的研究丰富了政府减税降费政策对企业绿色低碳转型影响的相关研究，为实现“双碳”目标提供了经验证据和政策启示。

关键词：减税降费；绿色低碳转型；高碳重污染行业；环保投资；投资者关注；外部监管

作者简介：孔晓旭，首都经济贸易大学经济学院副教授、博士生导师，北京，100070；罗山琦，中央财经大学经济学院硕士研究生，北京，100081；贾辰歌，首都经济贸易大学工商管理学院助理研究员，通信作者。

基金项目：国家社会科学基金项目“‘双碳’目标下碳信息披露体系设计与效果研究”（22&ZD145）；北京市教育委员会科研计划项目“‘双碳’战略下北京市国有企业混合所有制改革对环境、社会、治理（ESG）绩效的影响研究”（SM202310038013）；首都经济贸易大学新入职青年教师科研启动基金项目“‘双碳’战略下国有企业践行ESG理念的机制与路径研究”（XRZ2023058）

引用格式：孔晓旭,罗山琦,贾辰歌.“双碳”目标下减税降费促进了企业绿色低碳转型吗?[J].经济与管理研究,2025,46(7):58-73.

Does Tax and Fee Reduction Promote Corporate Green and Low-Carbon Transformation Under the “Dual Carbon” Goals?

KONG Xiaoxu¹, LUO Shanqi², JIA Chenge¹

(1. Capital University of Economics and Business, Beijing 100070;

2. Central University of Finance and Economics, Beijing 100081)

Abstract: As a crucial macro-control measure of the government, tax and fee reduction policies play a pivotal role in guiding corporate behavior and optimizing resource allocation. Against the backdrop of China’s “dual carbon” goals (carbon peaking and carbon neutrality), exploring whether tax and fee reduction policies can effectively accelerate corporate green and low-carbon (GLC) transformation not only provides valuable insights into and support for achieving these goals but also holds profound implications for promoting sustainable economic development. Therefore, this paper focuses on the comprehensive tax and fee incentives derived from these policies. Using a sample of A-share listed companies in China’s high-carbon heavy-polluting industries from 2010 to 2021, it constructs a multi-dimensional evaluation index system for corporate GLC transformation and empirically examines the impact of tax and fee incentives on such transformation and its mechanisms, further investigating the heterogeneous effects of firm characteristics.

The findings reveal that tax and fee reduction policies can accelerate corporate GLC transformation, with stronger incentives correlating with higher transformation levels. These results remain valid after addressing endogeneity concerns and conducting robust tests. Mechanism analyses indicate that tax and fee reduction policies promote transformation through two channels: indirectly subsidizing corporate cash flows, thereby freeing up idle capital for increased environmental protection investment, and attracting greater investor attention via signaling effects, thereby incentivizing firms to prioritize GLC development to maintain investor confidence. Furthermore, a significant substitution effect exists between tax and fee reduction policies and external supervision. When external supervision is inadequate, tax and fee incentives can compensate by positively driving GLC transformation. Heterogeneity analyses show that state-owned enterprises and larger firms exhibit greater sensitivity to these policies, resulting in more pronounced transformation outcomes.

The potential contributions are threefold. First, this paper investigates the roles of three external stakeholders—the government, investors, and the public—in shaping corporate GLC transformation, revealing the substitution effect between policy incentives (tax reduction) and administrative penalties (external supervision). This provides a novel perspective on the mechanisms of tax and fee policies at the firm level. Second, by isolating the impact of other policies and government subsidies, it highlights the effectiveness of tax and fee reduction policies, enriching research on the determinants of corporate GLC transformation. Third, it integrates textual analysis, entropy weighting, and ESG evaluation frameworks to construct a comprehensive evaluation index system for GLC transformation, systematically capturing firms’ responsiveness to the “dual carbon” goals.

Keywords: tax and fee reduction; green and low-carbon transformation; high-carbon heavy-polluting industry; environmental protection investment; investor attention; external supervision

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