环境管理体系认证能否抑制企业避税？基于融资约束和信息环境视角

摘要/Abstract

摘要： 环境管理体系认证作为广泛使用的自愿型环境规制工具，是企业绿色转型与高质量发展的重要抓手。本文选取2008—2021年沪深A股上市公司样本，采用多维固定效应模型探究环境管理体系认证对企业税收规避的影响。研究结果表明，通过环境管理体系认证的企业，避税程度更低。机制检验发现，环境管理体系认证通过缓解企业融资约束、改善企业信息环境，减少企业避税活动。进一步分析发现，当面临较大的融资压力，例如企业位于金融发展水平低的区域，或者本身属于民营企业时，环境管理体系认证对企业避税的抑制效应更强；当企业信息环境较差，例如媒体关注度较低，或者被非“四大”审计师审计时，会强化环境管理体系认证与企业避税之间的负向关系。最后，经济后果检验表明，环境管理体系认证的避税抑制效应，整体上提升了企业价值。本文研究为企业绿色低碳转型和促进经济可持续发展提供了新的思路。

关键词: 环境管理体系认证, 税收规避, 融资约束, 信息环境

Abstract: As a voluntary environmental regulation tool widely used, environmental management system certification is an important starting point for enterprises’ green transformation and high-quality development. We select A-share listed enterprises from 2008 to 2021 as the initial samples and use the multi-way fixed effect model to explore the impact of environmental management system certification on enterprises’ tax avoidance. Our findings show that enterprises that pass environmental management system certification avoid tax to a less extent than those that do not. Mechanism test finds that environmental management system certification demotivates enterprises from avoiding tax avoidance by exposing them to less financing constraints and a better external information environment. Further analysis finds that environmental management system certification has a stronger inhibitory effect on the tax avoidance of enterprises that are private owned, operate in a less financially developed region or in other situations that confront them with high financing pressure. Additionally, the negative relationship between environmental management system certification and enterprises’ tax avoidance is significantly pronounced for enterprises that receive less media attention, are audited by non-“Big Four” auditing firms, or exposed to a poor information environment for other reasons. Finally, the economic consequences analysis shows that the tax avoidance inhibiting effect of environmental management system certification increases the value of enterprises as a whole. This study provides new insights for the green and low-carbon transformation of enterprises and the promotion of sustainable economic development.

Key words: environmental management system certification, tax avoidance, financing constraints, information environment

崔永梅, 马晓红, 张霖琳, 李瑞. 环境管理体系认证能否抑制企业避税？基于融资约束和信息环境视角[J]. 管理评论, 2025, 37(4): 197-211.

Cui Yongmei, Ma Xiaohong, Zhang Linlin, Li Rui. Can Environmental Management System Certification Inhibit Enterprises from Tax Avoidance? Based on the Perspective of Financing Constraint and Information Environment[J]. Management Review, 2025, 37(4): 197-211.

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