摘要：为提振企业发展信心，稳住经济大盘，助力实体经济可持续发展，党中央因时应势强化跨周期和逆周期调节，作出了试点企业留抵退税重大决策，而这一举措能否促进企业ESG表现，不仅事关企业高质量发展的实现，更关系到宏观经济大盘可持续发展。本研究以财税〔2018〕70号文件的出台为准自然实验，选取2014一2020年沪深A股上市公司数据，利用双重差分模型，考察了留抵退税政策如何影响企业的ESG表现。实证结果表明：（1）留抵退税政策显著促进了试点企业的ESG表现，以上结果经过平行趋势检验、安慰剂检验以及其他一系列稳健性检验后依旧稳健。（2）机制分析发现，留抵退税政策通过改善财务绩效、提高创新能力的途径助力ESG发展。（3）进一步分析发现，增值税留抵退税政策对企业ESG表现的激励效应在成熟期企业和国有企业中更为明显。本文为完善增值税留抵退税制度、深化现代财税改革和实现可持续发展提供了政策借鉴。

Abstract: In order to boost the confidence of enterprise development, stabilize the economy and help the sustainable development of the real economy, the Party Central Committee made a major decision to pilot enterprise tax retention refunds in response to the situation to strengthen the cross-cycle and counter-cycle adjustment, and whether this initiative can promote the ESG performance of enterprises is not only related to the realization of high-quality development of enterprises, but also related to the sustainability of the macroeconomic macroeconomic. This study takes the introduction of Cai Shui [2018] No.70 as a quasinatural experiment, selects the data of Shanghai and Shenzhen A-share listed companies from 2014 to 2020, and uses a double difference model to examine how the tax retention rebate policy affects the ESG performance of enterprises. The empirical results show that (1) the tax retention and refund policy significantly contributes to the ESG performance of pilot enterprises. The above results remain robust after parallel trend tests, placebo tests, and a series of other robustness tests. (2) The mechanism analysis finds that the tax retention and refund policy contributes to ESG development through improving financial performance and enhancing innovation capability. (3) Further analysis finds that the incentive effect of VAT tax retention and refund policy on corporate ESG performance is more pronounced in private and mature enterprises. This paper provides policy implications for improving the VAT tax credit refund system, deepening modern fiscal reform and achieving sustainable development.