Time：2023. 12. 5（Tuesday）10: 00-11:00
Venue：Building 2, Room 220, Songjiang Campus
Speaker：SISU SBM Professor Zhang Jian
Theme：Taxation, information, and corporate environmental investments
We examine how taxation information affects corporate environmental investments. Using a difference-in-differences design based on the implementation of China Taxation Administration Information System III (CTAIS-3), we find that firms’ environmental investments decrease substantially two years after introducing the taxation information technology system. Furthermore, we demonstrate that CTAIS-3 mitigates information asymmetry, resulting in firms reducing their environmental investment through both an taxation enforcement channel and an information channel. Additional analyses reveal that firms with more severe asymmetric information or fewer constraints on mandatory environmental investments are most affected by the shock to tax information. The non-compulsory investment categories, such as ecology restoration or general environmental protection experience a greater decline after the launch of CTAIS-3.
Zhang Jian, Professor and Doctoral Supervisor. Dr. in Business Administration from Temple University in the United States, Director of the Department of Financial Technology and Corporate Finance, and recipient of the Shanghai Talent Program. He has been committed to empirical research in corporate finance and has achieved a series of important research results. Hosted the National Natural Science Foundation of China's general projects, youth projects, as well as the Ministry of Education's humanities and social science youth projects, and obtained approval from provincial and ministerial level leaders; Published over 20 high-level papers in journals such as Management Science, Journal of Business Ethics, and Journal of Corporate Finance. Served as the Deputy Editor in Chief of Economic Analysis and Policy Journal, Editorial Board Member of Financial Innovation Journal, and Youth Editorial Board Member of China Finance Review International.