税收政策、融资约束与企业绿色发展

Tax Policies,Financing Constraints and Green Development of Enterprises

选取2012—2021年沪深A股上市公司数据,检验税收政策与企业绿色发展的关系与机制。研究发现,税收政策对企业绿色发展有正向促进作用,在税收政策影响企业绿色发展的路径上,融资约束起到中介作用。此外,异质性检验结果显示,税收政策对国有企业与重污染企业绿色发展促进作用更强,且税收政策对执法刚性强地区的企业绿色发展促进作用更强。

Select data from A-share listed companies in Shanghai and Shenzhen from 2012 to 2021 to test the relationship and mechanism between tax policies and green development of enterprises.Research has found that tax policies have a positive promoting effect on green development of enterprises,and financing constraints play a mediating role in the path of tax policies affecting green development of enterprises.In addition,the heterogeneity test results show that tax policies have a stronger promoting effect on the green development of state-owned enter⁃prises and heavily polluting enterprises,and tax policies have a stronger promoting effect on the green develop⁃ment of enterprises in areas with strong law enforcement rigidity.