税收激进度对企业ESG绩效的影响

The Impact of Tax Aggressiveness on a Company’s ESG Performance

摘要: 随着全球对可持续发展和企业环境、社会和治理(ESG)绩效的日益关注，企业ESG绩效已成为投资者、消费者和监管机构关注的焦点。文章以2013~2022年A股上市公司为样本，实证考察了税收激进度对企业ESG绩效的影响及作用机制。研究结果表明，税收激进度与企业ESG绩效之间存在显著负相关关系。作用机制表明，税收激进度会使融资约束增强、分析师关注度下降，进而使得企业ESG绩效下降。进一步分析表明，内部控制质量高的企业会弱化税收激进度对企业ESG绩效的负向影响。异质性分析发现，税收激进度对企业ESG绩效的负向作用在非四大审计企业和社会责任履行这一维度更加显著。论文有助于更好的了解税收激进度与ESG绩效之间的关系，也为企业管理和政策制定提供了有益的启示。

Abstract: With the increasing global attention to sustainable development and corporate environmental, social, and governance (ESG) performance, ESG performance has become a focus of investors, consumers, and regulators. This article takes A-share listed companies from 2013 to 2022 as a sample to empirically examine the impact and mechanism of tax aggressiveness on corporate ESG performance. The research results show that there is a significant negative correlation between tax aggressiveness and corporate ESG performance. The mechanism indicates that tax aggressiveness can enhance financing constraints and reduce analysts’ attention, thus reducing corporate ESG performance. Further analysis reveals that enterprises with high internal control quality can weaken the negative impact of tax aggressiveness on corporate ESG performance. Heterogeneity analysis finds that the negative effect of tax aggressiveness on corporate ESG performance is more significant in non-Big Four audited enterprises and in the dimension of social responsibility fulfillment. This paper helps to better understand the relationship between tax aggressiveness and ESG performance, and provides useful insights for corporate management and policy formulation.