ESG 성과와 세무위험이 중국 상장기업 회계투명성에 미치는 복합적 영향: 기업지배구조의 조절효과와 코로나19 전후 비교분석

This study empirically analyzes the combined effects of ESG performance and tax risk on accounting transparency using 15,001 firm-year observations from 2,143 Chinese listed companies spanning from 2018 to 2024. The research employs an integrated approach utilizing structural equation modeling and panel threshold regression models to examine the moderating effects of corporate governance and the COVID-19 period, with theoretical foundations grounded in stakeholder theory and signaling theory. The analysis reveals that ESG performance has a significantly positive effect on accounting transparency, which aligns with stakeholder theory's prediction that firms with superior ESG performance engage in transparent information disclosure to meet stakeholder expectations, and signaling theory's perspective that firms voluntarily disclose high-quality information to signal their excellent ESG performance to the market. Conversely, tax risk demonstrates a significantly negative effect on accounting transparency. Corporate governance exhibits moderating effects by enhancing the positive impact of ESG performance and mitigating the negative impact of tax risk on accounting transparency. During the COVID-19 period, structural changes were observed, with the positive effect of ESG performance being strengthened and the negative effect of tax risk being amplified. This study contributes to the literature by identifying the complex mechanisms through which ESG management and tax risk management affect accounting transparency, providing theoretical foundations and practical guidelines for Chinese firms' sustainable management strategies and transparency enhancement.