税收征管数字化的溢出效应研究——基于银行信贷配置效率改善的视角  

The Spillover Effects of Digital Transformation of Tax Administration:From the Perspective of Improving Bank Credit Allocation Efficiency

作　　者：陈肖雄 黄晓迪 刘贯春 吴泓洁 CHEN Xiaoxiong;HUANG Xiaodi;LIU Guanchun;WU Hongjie(College of Economics and Management,Southwest University;Center for Inclusive Finance and Agricultural&Rural Development Research,Southwest University;Faculty of Applied Economics,University of Chinese Academy of Social Sciences;Lingnan College,Sun Yat-sen University)

机构地区：[1]西南大学经济管理学院 [2]西南大学普惠金融与农业农村发展研究中心 [3]中国社会科学院大学应用经济学院 [4]中山大学岭南学院

出　　处：《中国农村经济》2025年第2期153-174,共22页Chinese Rural Economy

基　　金：国家自然科学基金青年项目“税收征管数字化的资源配置效应与税制优化设计研究”(编号:72403210);国家自然科学基金面上项目“地方财政压力的区域性银行发展效应与货币政策传导效应研究”(编号:72373169);西南大学创新研究2035先导计划(编号:SWUPilotPlan026)。

摘　　要：本文基于2008-2019年的上市公司微观数据,将金税三期工程实施视为准自然实验,采用双重差分方法系统考察税收征管数字化对银行信贷配置效率的影响。研究发现:税收征管数字化使得高全要素生产率企业获得了相对更多的银行贷款,银行信贷配置效率得以提升,且该效应在金融科技发展水平较低和税收征管强度较低的地区、规模较小的企业和民营企业中更明显。进一步的机制检验表明,税收征管数字化显著推动了企业信息披露质量提高,缓解了银企之间的信息不对称,从而促进了银行信贷配置效率提升。此外,伴随着银行信贷配置效率提升,区域全要素生产率有显著提升,银行盈利水平有所提高,风险有所降低。本文的结论表明,深入推进税收征管数字化,发挥税收政策的宏观治理效应,对进一步优化金融要素配置有重要意义。One of the important ways to develop new quality productive forces is to promote the allocation efficiency of production factors,which requires a better guiding role of finance in resource allocation.However,credit financing,the main way of financing for China's real economy,has long suffered from resource misallocation.Therefore,it is of great practical significance to explore how to enhance the efficiency of banks'credit allocation to support the real economy more effectively.Based on the microdata of listed companies from 2008 to 2019,this paper systematically examines the impact of digital transformation of tax administration on the allocation efficiency of bank credit.This study uses the difference-in-differences(DID)method with the implementation of the"Golden Tax II'project as the quasi-natural experiment.It is found that the digital transformation of tax administration makes firms with high total factor productivity(TFP)obtain relatively more bank loans,and bank credit allocation efficiency is improved.This finding holds in a variety of robustness tests,such as the parallel-trend assumption,the placebo test by randomly assigning the treatment variable,and alternative key variables.Cross-sectional analysis shows that the effect is more pronounced in regions with low fintech development and low intensity of tax enforcement,small enterprises,and private enterprises.Mechanism tests show that the digital transformation of tax administration significantly improves the quality of corporate disclosure,alleviating the information asymmetry between banks and enterprises,and thus improving the bank credit allocation efficiency.In addition,along with the improvement of bank credit allocation eficiency,the regional TFP is also significantly improved,with improved bank profitability and reduced bank risk.The conclusion of this paper indicates that it is of great significance for further optimizing the allocation of financial factors to deepen the digital transformation of tax administration and leverage the macro govem

关 键 词：税收征管数字化 银行信贷配置效率 企业信息披露质量 全要素生产率 金税三期工程 

分 类 号：F812[经济管理—财政学] F832