摘要
企业ESG表现所倡导的长期价值理念与短期财务压力之间存在的张力,引发了关于其是否诱发税收激进行为的重要讨论。基于2017—2022年A股上市公司数据,运用双向固定效应模型实证检验了ESG表现与税收激进行为的关系。研究发现:ESG表现与税收激进行为呈现显著正相关关系,这一结论在经过工具变量法、变量替换以及样本周期扩展等一系列稳健性检验后依然成立;机制分析表明,数字化转型是ESG表现影响税收激进行为的重要传导渠道,同时企业经营风险在二者关系中表现出显著的遮掩效应——尽管ESG表现本身具有风险缓释作用,但通过激发税收激进策略反而会放大经营风险;异质性分析发现,上述效应在非高科技企业、制造业企业以及非国有企业中尤为突出。
The tension between the long-term value concept advocated by corporate ESG performance and the short-term financial pressure has sparked important discussions on whether it induces tax-driven behaviors.Based on the data of A-share listed companies from 2017 to 2022,an empirical test was conducted using the two-way fixed effects model to examine the relationship between ESG performance and tax-driven behaviors.The study found that ESG performance and tax-driven behaviors show a significant positive correlation,and this conclusion remains valid after a series of robustness tests such as instrumental variable method,variable substitution,and sample period extension.Mechanism analysis indicates that digital transformation is an important transmission channel for ESG performance to influence tax-driven behaviors.Meanwhile,enterprise operating risks show a significant masking effect in the relationship between the two,although ESG performance itself has a risk-mitigating effect,stimulating tax-driven strategies will instead amplify operating risks.Qualitative analysis reveals that these effects are particularly prominent in non-high-tech enterprises,manufacturing enterprises,and non-state-owned enterprises.
作者
杨志银
宁雅璠
YANG Zhiyin;NING Yafan
出处
《商业经济》
2026年第1期147-151,155,共6页
Business & Economy
基金
2018年国家社科基金项目:全面落实公平竞争审查制度的激励约束机制优化创新研究的阶段性研究成果(18BFX146)
2019年度贵州财经大学人才引进项目:研发投入、企业绩效与经济增长的阶段性研究成果(XJ19117)。
关键词
企业ESG表现
税收激进行为
耐心资本
企业韧性
合规性避税
corporate ESG performance
tax-driven behaviors
patient capital
enterprise resilience
compliance tax avoidance
