纳税信用评级制度与企业商业信用融资——基于激励效应视角的研究  

Tax-Paying Credit Rating System and Corporate Commercial Credit Financing:A Study from the Perspective of Incentive Effect

作　　者：王亚男 王帅 王玉婷 孔东民[2] Wang Yanan;Wang Shuai;Wang Yuting;Kong Dongmin(School of Finance,Zhongnan University of Economics and Law;School of Economics,Huazhong University of Science and Technology)

机构地区：[1]中南财经政法大学金融学院 [2]华中科技大学经济学院

出　　处：《经济科学》2023年第6期124-143,共20页Economic Science

基　　金：国家社会科学基金重大项目“创新驱动发展战略下全面塑造发展新优势的路径研究”(项目编号:21ZDA010);国家社会科学基金“数字经济背景下金融市场高质量发展研究”(项目编号:22VRC145)的阶段性成果;国家自然科学基金青年项目“员工持股计划对股价崩盘风险的影响及作用机制研究”(项目编号:72002219)。

摘　　要：本文利用2014—2019年中国A股上市公司数据并匹配国家税务总局A级纳税信用企业名单,考察了纳税信用评级制度对企业商业信用融资的影响。实证研究发现,纳税信用评级结果披露后,A级纳税信用企业的商业信用融资规模显著提升,具体表现为:A级纳税信用企业在评级披露后应付账款与预收账款规模均显著提高,表明纳税信用评级制度对企业商业信用融资发挥了“激励效应”。异质性分析发现,上述效应在融资约束较高的企业、非国有控股的企业以及商业信用环境较差的地区更为明显。机制分析发现,纳税信用评级制度显著降低了企业经营风险、增强了企业声誉以及提高了企业信息透明度。This study uses China’s A-share listed companies from 2014 to 2019 to match the list of A-level tax-paying credit enterprises published by the State Taxation Administration,and examines the impact of the tax-paying credit system on the commercial credit financing of enterprises.The findings are as follows.(1)After the disclosure of tax-paying credit rating results,the commercial credit financing scale of A-level tax-paying credit enterprises increases significantly.Specifically,the scale of accounts payable and accounts receivable of A-level tax-paying credit enterprises significantly increases after the disclosure,indicating that the tax-paying credit rating disclosure has an incentive effect on corporate commercial credit financing.(2)This incentive effect is more significant in enterprises with high financing constraints,non-state-owned enterprises,and regions with poor business credit environment.(3)The tax-paying credit rating disclosure increases the scale of commercial credit financing by reducing the operational risk,enhancing firm reputation and improving information transparency.

关 键 词：激励性税收征管 商业信用融资 经营风险 企业声誉 信息透明度 

分 类 号：F270[经济管理—企业管理]