Does Big Data Tax Enforcement Help Curb Related Party Transactions?——Quasi Natural Experimental Evidence From"Golden Tax Project III"
In recent years,the related party transactions of listed companies have been growing,which has seriously damaged the interests of minority shareholders.Taking the"Golden Tax Project III"as a quasi-natural experiment,this paper explores the governance effect of big data tax collection and management on firms'related party transactions and examines its mecha-nism.By using related party transactions data of goods and services from China's listed companies from 2011 to 2018,the DID estimates show that"Golden Tax Project III"significantly reduces the level of related party transactions for firms in pilot regions.Heterogeneity analysis shows that the governance effect of"Golden Tax Project III"is more pronounced for firms with poorer internal governance,in regions with less developed market supporting institutions.Research on the mechanism shows that"Golden Tax Project III"reduce the level of related party transaction by reducing the principal-agent cost,improv-ing accounting conservatism and enhancing the transparency of accounting information through tax collection effect,gover-nance effect and information effect.This paper not only enriches the economic effect of big data supervision in theory,but also provides policy enlightenment for supervision mode reform in the era of digital economy.
Golden Tax Project IIIBig Data Tax EnforcementRelated Party TransactionsCorporate Governance