柔性税收征管能提高股价信息含量吗?——基于纳税信用评级制度的证据  

Can flexible tax enforcement enhance the stock price informativeness?Evidence based on the Tax Credit Rating

作　　者：何慧华 方军雄 HE Huihua;FANG Junxiong(South China University of Technology,Guangzhou 510641;Zhejiang University of Finance and Economics,Hangzhou 310018)

机构地区：[1]华南理工大学,广东广州510641 [2]浙江财经大学,浙江杭州310018

出　　处：《财贸研究》2024年第12期77-91,共15页Finance and Trade Research

基　　金：国家自然科学基金项目“独立第三方平台线上销售数据的治理效应研究”(72272132);国家自然科学基金“增值税留抵退税渐进式改革涟漪效应研究:基于产业、金融和财政的三维视角”(72402072);中央高校基本科研业务费(社科类)“政府数字化的经济后果研究——基于政府数据开放平台的发现”(QNMS202403)。

摘　　要：以2014—2018年沪深A股上市公司为样本,从股价信息含量的角度考察纳税信用评级制度的实施对资本市场信息效率的影响。研究发现,纳税信用评级为A级的企业,其股票流动性更高、股票买卖价差更小,即股价信息含量更高,该结论在经过一系列稳健性测试后仍然成立。进一步研究显示:公司内部和外部信息环境的改善,即更好的会计盈余质量和更多的分析师跟踪是纳税信用评级影响股价信息含量的两条重要渠道;在税收征管力度较强的地区,纳税信用评级制度对股价信息含量的影响更加显著。研究结论表明,旨在提高企业税收遵从度的纳税信用评级制度对资本市场信息效率具有明显的溢出效应。The study uses A-share listed companies in the Shanghai and Shenzhen Stock Exchanges from 2014 to 2018 to examine the impact of implementing the Tax Credit Rating on the information efficiency of the capital market from the perspective of stock price informativeness.The research finds that companies with an A-level tax credit rating have higher stock liquidity and smaller bid-ask spreads,indicating higher stock price information efficiency.This conclusion remains valid after a series of robustness tests.Further research shows that improvements in the company’s internal and external information environment-namely,better accounting earnings quality and more analyst coverage-are two important channels through which the Tax Credit Rating influences stock price informativeness.In regions with stronger tax enforcement,the impact of the Tax Credit Rating on stock price informativeness is even more pronounced.The findings suggest that the Tax Credit Rating,aimed at enhancing corporate tax compliance,has a significant spillover effect on the information efficiency of the capital market.

关 键 词：纳税信用评级 柔性税收征管 股价信息含量 信息效率 

分 类 号：F275[经济管理—企业管理]