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September 10, 2025

Research on the Impact of VAT Carryover Refund Policy on Corporate "Greenwashing" Behavior

ZYZiyi YanShandong University of Finance and Economics

Key Points

The VAT carry-forward tax refund policy has curbed greenwashing behavior in some Chinese enterprises.
Data analysis from non-financial listed companies from 2012 to 2022 reveals that state-owned enterprises are more affected.
Using a difference-in-differences model, the study highlights the relationship between VAT policy and green innovation.
The findings support the implementation of policies that promote sustainability and curb misleading corporate practices.

Abstract

Greenwashing behavior leads to environmental and economic inefficiencies, seriously hindering sustainable economic development. The introduction of the VAT carry-forward tax refund policy in China in 2018 offers the possibility of reducing the overall level of greenwashing in the market. This paper uses the data of non-financial listed companies on the A-share market from 2012 to 2022 as samples, and employs a difference-in-differences model to study the impact of the VAT carry-forward tax refund policy on the greenwashing behavior of Chinese enterprises. A mediating model is also established to explore the influencing mechanism. The conclusion is that the implementation of the VAT carry-forward tax refund policy, by promoting green innovation among enterprises, has to some extent curbed their greenwashing behavior. Enterprises that are state-owned, located in the central and western regions, and have a higher capital intensity are more affected by this policy, and the inhibitory effect on their greenwashing behavior is more pronounced.

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