How China’s Environmental Protection Tax Shapes ESG Greenwashing in High-Pollution Firms
中国の環境保護税が高汚染企業のESGグリーンウォッシングに与える影響 (AI 翻訳)
Feng Gu, Jingze Du, Xinyi Gao
🤖 gxceed AI 要約
日本語
本研究は、中国の2018年環境保護税法の施行を外部政策ショックと捉え、差分の差法（DID）を用いて、同税が高汚染企業のESGグリーンウォッシングを抑制するか検証した。結果、環境保護税はグリーンウォッシングを有意に抑制し、アナリストの監視強化、資金調達制約の緩和、象徴的な開示の削減がメカニズムとして働くことが示された。また、テキスト類似度指標を用いた新たな測定手法を提案している。
English
This study treats China's 2018 Environmental Protection Tax Law as an external policy shock and uses a DID design to examine its effect on ESG greenwashing in high-pollution firms. The tax significantly reduces greenwashing by increasing analyst scrutiny, easing financing constraints, and curbing symbolic disclosure. The paper also introduces an NLP-based text similarity index to measure greenwashing intensity, offering a new measurement approach for ESG studies.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
中国の環境税がESG開示の質に与える影響を実証した点で、日本においても環境規制と企業開示の関連性を考察する上で示唆に富む。特に、SSBJ基準や有報での非財務情報開示が進む中、規制の「質」がグリーンウォッシング抑制に果たす役割を考える材料となる。
In the global GX context
This paper provides robust causal evidence from China that a well-designed environmental tax can curb ESG greenwashing, reinforcing the importance of credible policy signals for capital allocation. It contributes to the global debate on how regulatory interventions can improve the integrity of ESG disclosures, relevant for jurisdictions implementing ISSB standards or SEC climate rules.
👥 読者別の含意
🔬研究者:Researchers gain a quasi-experimental identification strategy and a novel NLP-based metric for greenwashing, advancing empirical methods in ESG accounting.
🏢実務担当者:Corporate sustainability teams can understand how environmental tax policies may affect their disclosure strategies and greenwashing risk.
🏛政策担当者:Policymakers can note that environmental taxes not only reduce pollution but also enhance disclosure credibility, informing combined regulatory and disclosure frameworks.
📄 Abstract（原文）
With global momentum behind sustainability and green finance, regulators and investors are paying closer attention to the credibility of Environmental, Social, and Governance (ESG) disclosures. At the same time, “ESG greenwashing”—where firms rely on symbolic or cosmetic reporting—has become more widespread, weakening capital-market allocation efficiency and blurring the intended impact of policy signals. This study treats the rollout of China’s 2018 Environmental Protection Tax Law as an external policy shock and, using data from Chinese A-share listed firms, applies a Difference-in-Differences (DID) design to examine whether the tax reduces ESG greenwashing. The results show that the environmental protection tax significantly suppresses greenwashing, and this conclusion remains stable across multiple robustness tests. Mechanism tests further suggest that the tax restrains greenwashing by increasing analyst scrutiny, alleviating financing constraints, and motivating firms to cut back on purely symbolic disclosure. Heterogeneity analyses indicate that the governance effect is particularly pronounced in the eastern region, in areas with heavier tax burdens, and among firms with higher ESG scores. By interpreting the tax’s economic consequences through signal transmission and compliance channels, the paper extends research on external governance tools for ESG greenwashing. It also introduces an NLP-based text similarity index to quantify greenwashing intensity, offering a new measurement approach for ESG studies.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.66033/jmpr2025-202first seen 2026-05-14 22:29:22
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