纳税信用等级评定对企业短贷长投的影响研究  

Research on the Impact of Tax Credit Rating on Investment-Financing Maturity Mismatch of Enterprises

作　　者：冯海波[1] 宋凌菲 Feng Haibo;Song Lingfei

机构地区：[1]暨南大学经济学院

出　　处：《财政研究》2024年第9期115-128,F0003,共15页Public Finance Research

基　　金：国家社会科学基金重点项目“多维减税手段激励企业创新的效果差异性及政策优化研究”(20AJY023)。

摘　　要：企业短贷长投容易引发系统性金融风险。税务部门对企业进行纳税信用等级评定,在相当程度上解决了信用风险识别的问题,客观上起到了“以税增信”的作用。那么,“以税增信”能否助力企业跳出短贷长投的“道德风险陷阱”?本文以纳税信用等级评定事件作为准自然实验,使用多期双重差分法检验了“以税增信”对企业短贷长投行为的影响及其内在机制。研究发现,“以税增信”使得企业的短贷长投程度得到了显著的降低,作用机制为降低信息不对称、提升声誉和降低过度投资水平。进一步分析表明,“以税增信”还降低了企业债务风险,提升了企业业绩。本文的研究有助于理解纳税信用与借贷信用之间的关系,并为政府相关部门通过加强社会信用体系建设防范系统性金融风险提供了理论依据。Investment-fnancing maturity mismatch easily leads to systemic fnancial risks. The tax credit rating of enterprises by tax departments is largely a solution to credit risk identifcation and objectively achieves “credit enhancement through taxation”. So, will “credit enhancement through taxation” help enterprises escape “moral hazard trap” in investment-fnancing maturity mismatch? In this paper, a quasi-natural experiment is carried out on tax credit rating, where the multi-period difference-in-difference technique is adopted to test the impact of “credit enhancement through taxation” on investment-fnancing maturity mismatch in enterprises and its internal mechanism. It is found that “credit enhancement through taxation” signifcantly reduces the investment-fnancing maturity mismatch in enterprises. The mechanism is realized through reduction of information asymmetry,enhancement of reputation, and lowering of excessive investment. Further analysis shows that “credit enhancement through taxation” also reduces enterprises' debt risk and improves corporate performance. This research helps with deep understanding of the relationship between tax credit and loan credit, and provides a theoretical basis for relevant government departments to prevent systemic fnancial risks by strengthening the development of social credit system.

关 键 词：以税增信 短贷长投 纳税信用分级管理 

分 类 号：F812[经济管理—财政学] F270