经济与管理研究2025，Vol.46Issue(7)：58-73,16.DOI:10.13502/j.cnki.issn1000-7636.2025.07.004
"双碳"目标下减税降费促进了企业绿色低碳转型吗?
Does Tax and Fee Reduction Promote Corporate Green and Low-Carbon Transformation Under the"Dual Carbon"Goals?
摘要
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.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Key words
tax and fee reduction/green and low-carbon transformation/high-carbon heavy-polluting industry/environmental protection investment/investor attention/external supervision分类
管理科学引用本文复制引用
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):58-73,16.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) （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) （ESG）
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) （XRZ2023058）
