纳税信用评级与中小企业债务融资  

Tax Credit Rating and Debt Fintech on the Profitability of Commercial Banks

作　　者：刘京焕[1] 朱泓锟 谢立成 LIU Jinghuan;ZHU Hongkun;XIE Licheng(School of Finance and Taxation,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Public Economics and Administration,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]中南财经政法大学财政税务学院,湖北武汉430073 [2]上海财经大学公共经济与管理学院,上海200433

出　　处：《中南财经政法大学学报》2022年第5期44-55,83,共13页Journal of Zhongnan University of Economics and Law

摘　　要：在中小企业普遍面临融资难的背景下,中小企业通过诚信纳税能否提升自身的债务融资能力?本文采用多时点双重差分法,以2011-2019年中小板上市公司为研究对象,基于纳税信用评级的准自然实验,实证检验诚信纳税对中小企业债务融资的影响并讨论了其作用机制。研究发现,诚信纳税对中小企业债务融资具有显著的促进作用,其内在影响机制是通过缓解银企间信息不对称、改善企业声誉以及强化企业治理进而提升中小企业债务融资能力。另外,诚信纳税对中小企业债务融资的影响在税收征管水平低的城市、非国有企业和小规模企业中更显著。本研究丰富了诚信纳税与企业融资约束的研究,对完善征管制度和缓解企业融资约束提供了政策启示。Under the background of financing difficulties for small and medium-sized enterprises, can honest tax payment improve the debt financing ability of enterprises? Based on the quasi-natural experiment of tax payment credit rating, this paper empirically examines the impact of tax payment in good faith on debt financing of small and medium-sized enterprises and discusses its mechanism by adopting the multi-point difference method and taking listed companies on small and medium-sized board from 2011 to 2019. The result shows that tax payment in good faith plays a significant role in promoting corporate debt financing, and its internal influence mechanism is to promote corporate debt financing by alleviating information asymmetry between banks and enterprises, improving corporate reputation and strengthening corporate governance. In addition, the impact of tax integrity on corporate debt financing is more significant in cities with low tax collection level, non-state-owned enterprises and small-scale enterprises. This paper enriches the study of tax credit rating system and enterprise financing constraints, and provides policy enlightenment for improving the collection and management system and alleviating enterprise financing constraints.

关 键 词：诚信纳税 债务融资 纳税信用评级 中小企业 

分 类 号：F812.5[经济管理—财政学]