本研究探討美國證券交易委員會(SEC)於2021年釋出強制揭露範疇三(Scope 3)排放消息對企業租稅規避程度的影響。本文以2018年至2023年美國上市公司為樣本，採用差異中的差異法(Difference-in-Differences, DiD)進行實證分析。實證結果顯示，受規範企業在政策宣告後租稅規避程度顯著下降，支持透明度壓力機制。此外，本文進一步使用差異中的差異中的差異模型(Difference-in-Difference-in-Differences, DDD)，發現高Scope 3排放企業的租稅規避程度顯著上升，顯示供應鏈重組所帶來的成本壓力凌駕於透明度壓力之上，支持成本補償機制。兩種機制並非相互排斥，而是同時作用於不同類型的企業。實證結果在替代租稅規避衡量指標、增加控制變數、傾向分數配對(PSM)及熵平衡法下均維持穩健。橫斷面分析顯示，高經理人能力、低內部資訊品質及高獨立董事比例的企業在SEC釋出強制揭露Scope 3排放消息後，其租稅規避程度下降更為顯著；具高研發支出與低機構投資人持股的高排放企業在SEC釋出強制揭露Scope 3排放消息後，其租稅規避程度上升更為顯著。

This study examines the impact of the U.S. Securities and Exchange Commission’s (SEC) 2021 announcement of mandatory Scope 3 emissions disclosure on corporate tax avoidance. Using a sample of U.S. listed firms from 2018 to 2023, this study employs a Difference-in-Differences (DiD) approach for empirical analysis. The results indicate that firms subject to the regulation experience a significant reduction in tax avoidance following the policy announcement, supporting the transparency pressure mechanism.
Furthermore, employing a Difference-in-Difference-in-Differences (DDD) model, this study finds that firms with high Scope 3 emissions exhibit a significant increase in tax avoidance. This suggests that the cost pressures arising from supply chain restructuring outweigh the transparency pressure, thereby supporting the cost compensation mechanism. These two mechanisms are not mutually exclusive but instead operate simultaneously across different types of firms.
The findings remain robust when using alternative measures of tax avoidance, incorporating additional control variables, and applying propensity score matching (PSM) and entropy balancing. Cross-sectional analyses further show that firms with higher managerial ability, lower internal information quality, and a higher proportion of independent directors experience a more pronounced decline in tax avoidance following the SEC’s announcement. In contrast, among high-emission firms, those with higher R&D expenditures and lower institutional ownership exhibit a more significant increase in tax avoidance after the announcement.

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