主题: Environmental-Unfriendly Tax Avoidance

标题：不环保的避税行为

时间:  2026年5月29日 上午10:50-12:05

地点: 管理科研楼 第四教室

主讲人: Xiang Zheng, Nanyang Technological University

Host: Alex Xiong Li

Bio:郑翔（Xiang Zheng）是Nanyang Business School（南洋商学院）会计学助理教授，任职于Nanyang Technological University（南洋理工大学，NTU）。他获得了Frankfurt School of Finance & Management（德国法兰克福财经管理学院）博士学位、Tilburg University（荷兰蒂尔堡大学）硕士学位，以及中国中山大学会计学学士学位。在加入南洋理工大学之前，他曾担任NHH Norwegian School of Economics（挪威经济学院）助理教授。

他的研究兴趣包括企业信息披露、监管以及企业可持续发展，重点关注信息如何在组织内部及组织之间流动。他尤其关注大型语言模型等新兴技术在企业沟通分析与解读中的应用。他的研究探讨了这些技术如何提升利益相关者对公开披露信息的理解，并支持不确定环境下的决策制定。他也研究监管如何影响这些动态过程。他的研究成果发表于Journal of Accounting Research.

照片：

Abstract: This paper examines how firms use carbon allowances to reduce corporate tax burdens by routing allowance transactions through internal trading hubs in low-tax jurisdictions and by exploiting fluctuations in carbon prices. Using a dataset that captures the universe of carbon-allowance transactions in the European Union Emissions Trading System (EU ETS) from 2014 to 2020, we document that roughly 35% of corporate groups operate internal hubs that collect and redistribute allowances across affiliated entities required to surrender them. Many of these hubs are located in jurisdictions with low statutory tax rates or in recognized tax havens, resulting in significantly lower effective tax rates for hubs relative to other entities within the same multinational group. With such internal reallocations of allowances, firms can generate substantial tax savings. We further document that such tax-motivated internal trading and profit shifting is associated with lower investment in decarbonization. Taken together, it appears that tax avoidance alleviates the financial pressure to reduce emissions.