税收优惠政策与企业ESG表现

——基于融资约束与研发投入视角

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中图分类号：F812.42 文献标志码：A 文章编号：1007-8576（2025）06-0069-12

DOI：10.16716/j.cnki.65-1030/f.2025.06.011

Abstract：AsanimportantooloffiscalpoicypreferentialtaxpoliciesincentivizeenterprisestoactivelyadopttheEGconceptactively，chievingadeepintegrationofconomicandsocialbenefits.Tispaperempiricallyexamins theimpactofpreferentialtax policiesontheEnvironmental，Social，andGoverance （ESG）performanceoforporateentitiesandthirderlying mechanisms，usingdatafrom ShanghaiandShenzhen A-sharelistedcompaniesfrom2018 to2O23.Theresearch findings indi - cate that preferentialtaxpoliciescansignificantlyenhancecorporateESGperformance，and in termsofimpactmechanisms， preferentialtaxpolicies primarilyimprovecorporateESG performancebyallviatingfinancingconstraintsand increasingcorporateR&D investment.Furtheranalysisrevealsthat，compared tostate-ownedenterprises，both incometaxincentivesand turnovertax incentives havea more pronouncedefecton improving theESGperformance of non-state-owned enterprises. Compared tocentraland westernChina，these twotypes of tax incentives haveastronger incentive efectontheESG performanceofenterprises ineasternChina.Basedonthis，inthefuture，taxincentivesshouldbecontiuouslypromoted，financing supportandR&D incentivesshouldbe strengthened，and theoverallESGperformanceofcapital marketsshouldbeimprovedto achieve coordinated economic and social benefits.

Key Words： tax incentives;ESG performance; financing constraints;R&D investment

一、问题的提出

党的二十大报告明确提出要加快发展方式绿色转型，推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节。（剩余14272字）