气候信息披露对企业税收筹划的倒U型影响研究

Research on the Inverted U-Shaped Impact of Climate Information Disclosure on Corporate Tax Planning

摘要: 在气候信息披露由自愿向强制转型的背景下，气候信息披露如何影响企业税收决策值得探讨。本文选取2015~2024年中国A股上市企业为样本，实证分析气候信息披露与企业税收筹划的内在关联。研究发现：气候信息披露与企业税收筹划呈显著倒U型关系；融资约束、媒体监督发挥部分中介效应。异质性检验表明，该倒U型效应在小规模企业、非重污染企业、高环境规制地区企业中更显著。本文拓展了气候信息披露的微观经济后果研究，为统筹气候信息监管与企业税务合规提供了经验证据。

Abstract: Against the backdrop of the transition from voluntary to mandatory climate information disclosure, the impact of such disclosure on corporate tax decision-making warrants investigation. This paper selects Chinese A-share listed companies from 2015 to 2024 as the sample to empirically analyze the intrinsic relationship between climate information disclosure and corporate tax planning. The study finds a significant inverted U-shaped relationship between climate information disclosure and corporate tax planning, with financing constraints and media scrutiny acting as partial mediators. Heterogeneity analysis reveals that this inverted U-shaped effect is more pronounced among small-scale enterprises, non-heavily polluting enterprises, and enterprises located in regions with strict environmental regulations. This paper expands research on the microeconomic consequences of climate information disclosure and provides empirical evidence for balancing climate information regulation with corporate tax compliance.