中国环境保护税对企业ESG绩效的影响——供应链集中度的调节效应

The Impact of China’s Environmental Protection Tax on Corporate ESG Performance—The Modulating Effect of Supply Chain Concentration

摘要: 本文基于2018年环保费改税的准自然实验，探究绿色税制改革对企业主动承担社会责任，提高ESG绩效的影响。选取2013~2023沪深A股24,663家上市企业为样本，通过双重差分法分析探明环保税改革对企业ESG绩效的影响及作用机制。研究结果表明，环保税改革显著提高了企业ESG绩效。进一步分析发现，缓解融资约束是环保税提高企业ESG绩效的重要机制，且供应链集中度环保税的促进效应起到调节作用。客户集中度对环保税改革和企业ESG绩效之间的关系起显著的正向调节作用，而供应商集中度削弱环保税对企业ESG绩效的促进效果。

Abstract: Based on the quasi-natural experiment of China’s Environmental Protection Tax (EPT) reform in 2018, this study examines how the green tax reforms influence corporate social responsibility, and enhance ESG performance. All empirical analyses are based on 24,663 listed companies in Shanghai and Shenzhen A-shares from 2013 to 2023, this study employs a difference-in-differences approach to examine the impact of EPT reform on corporate ESG performance and mechanisms. The study shows that EPT reform enhances corporate ESG performance significantly. Further analysis indicates that alleviating financing constraints serves as a crucial mechanism of the EPT promotional effects, while supply chain concentration moderates EPT effect. Customer concentration exerts a significant positive moderating influence on the relationship between EPT reform and corporate ESG performance, whereas supplier concentration weakens the reform’s promotional impact on ESG performance.