证券市场导报Issue(6)：14-24,11.
纾困以求诚:税收激励对企业"漂绿"的治理效应研究
摘要
Abstract
Effectively governing corporate greenwashing is an important safeguard for achieving the strategic goals of carbon peaking and carbon neutrality.Existing research mostly emphasizes the role of external constraints—such as mandatory regulation and external oversight—in curbing corporate greenwashing,while paying relatively little attention to policy incentives.The value-added tax(VAT)credit refund reform covers industries such as chemical raw materials,electronic information,and pharmaceuticals,as well as power grid enterprises,and substantially overlaps with industries in which greenwashing is prevalent.Taking the VAT credit refund reform as a representative case and using a sample of A-share companies listed on the Shanghai and Shenzhen stock exchanges that engage in environmental information disclosure,this study finds that the tax incentive policy significantly inhibits corporate greenwashing.The underlying mechanisms operate through two channels:first,the policy alleviates corporate financing constraints,thereby reducing firms'incentive to obtain external financing through greenwashing strategies;second,it enhances management's confidence in the firm's future development prospects,leading them to place greater emphasis on sustainable development strategies and to increase substantive environmental protection investment.Further analysis indicates that the inhibitory effect of the credit refund reform on corporate greenwashing is more pronounced for firms located in regions with stronger environmental regulation,firms in polluting industries,and capital-intensive and larger firms;moreover,the inhibitory effect of the reform on greenwashing helps to improve the quality of corporate information disclosure and reduce ESG rating divergence.This study enriches the literature on how tax incentives affect the behavior of micro-level firms and offers implications for the practical governance of corporate greenwashing.关键词
税收激励/漂绿/增值税留抵退税改革/融资约束/环保投资Key words
tax incentives/greenwashing/VAT credit refund reform/financing constraints/environmental protection investment分类
管理科学引用本文复制引用
曹兆英,梁日新,齐保垒..纾困以求诚:税收激励对企业"漂绿"的治理效应研究[J].证券市场导报,2026,(6):14-24,11.基金项目
国家自然科学基金面上项目"股票发行注册制改革、财务信息披露质量与资源配置效率"(项目编号:72172116)、国家社会科学基金重点项目"高质量审计的供求机制与审计失败治理研究"(项目编号:24SGB022) （项目编号:72172116）
