环保费改税与企业ESG信息披露——基于分析师关注和机构投资者持股的调节效应

The Impact of Reforming Environmental Protection Fees to Taxes and Corporate ESG Information Disclosure--Based on Moderating Effects of Analysts’Attention and Institutional Investors’Shareholdings

在我国立足发展新阶段、贯彻落实发展新理念的背景下,ESG信息披露已经引起全社会的普遍关注。基于2015—2020年沪深A股上市公司的样本数据,利用多期DID模型实证检验环保费改税对企业ESG信息披露的作用机理。研究发现:环保费改税能显著促进企业ESG信息披露;作为外部监督机制的分析师关注和机构投资者持股可以强化环保费改税对企业ESG信息披露的促进效果;环保费改税对营商环境好、行业竞争度低以及融资约束程度低的企业ESG信息披露促进作用更显著。

In the context of China’s new stage of development and the implementation of a new concept of development,ESG information disclosure has attracted widespread attention from the whole society.Based on the background of the implementation of the Environmental Protection Tax Law of the People’s Republic of China,this paper empirically examines the mechanism of the reform of environmental fees to taxes on corporate ESG information disclosure using a multi-period DID model based on the sample data of A-share listed companies in Shanghai and Shenzhen from 2015 to 2020.The results show that the reform of environmental protection fees to taxes can significantly promote the ESG information disclosure of enterprises.The mechanism inspection found that analysts and institutional investors,as external supervision mechanisms,can strengthen the promotion effect of the reform of environmental protection fees to taxes on enterprise ESG information disclosure.Further analysis also found that the reform of environmental fees to taxes has a significant impact on ESG disclosure for companies with good business environment,low industry competition and low financing constraints This paper not only enriches the study of the micro effects of the reform of environmental fees to taxes on enterprises,but also provides an important reference for enterprises to achieve green and high-quality development.