Does access to credit reduce SMEs’tax avoidance?Evidence from a regression discontinuity design  

作　　者：Xiaowei Kong Deng‑Kui Si Haiyang Li Dongmin Kong 

机构地区：[1]School of Economics and Management,Dongguan University of Technology,Dongguan,China [2]Department of Finance,Qingdao University,Qingdao,China [3]School of Finance,Zhongnan University of Economics and Law,Wuhan,China [4]School of Economics,Huazhong University of Science and Technology,Wuhan,China

出　　处：《Financial Innovation》2021年第1期380-402,共23页金融创新（英文）

基　　金：Funding was provided by National Natural Science Foundation of China(Grant No.71772178).

摘　　要：This study investigates the effect of targeted reserve requirement ratio cuts(TRRRCs)on tax avoidance among small and micro enterprises(SMEs)with operating revenues below specific cutoffs in China.Using a regression discontinuity design,we causally show that,by increasing loan availability,TRRRCs significantly alleviate the financial constraints and cash dependence of SMEs and consequently reduce tax avoidance.This is especially the case among firms with lower market power and higher entertainment and travel costs.Our findings provide evidence for the real effect of TRRRCs on corporate tax avoidance and show the inclusive effect of TRRRCs on SMEs.In doing so,we indirectly reveal a rent-seeking channel underlying bank lending,thus offering clear policy implications for regulators.

关 键 词：Access to finance Small and micro enterprises(SMEs) Tax avoidance Targeted reserve requirement ratio cuts(TRRRCs) 

分 类 号：R73[医药卫生—肿瘤]