TAX CREDIT RATINGS,INFORMATION ASYMMETRY AND THE COST OF CORPORATE DEBT FINANCING
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维普
万方数据
纳税信用评级制度是我国社会信用体系建设在税收领域的一项重要改革措施,也是税收现代化建设的重要组成部分.基于 2014-2019 年我国沪深 A 股上市公司的数据,实证检验了纳税信用评级对企业债务融资成本的影响,研究表明纳税信用评级与企业债务融资成本负相关,纳税信用评级为A级可以降低企业的债务融资成本;机制检验发现,纳税信用评级为A级可以通过降低企业和银行之间的信息不对称程度,进而降低企业的债务融资成本;进一步的异质性分析发现,相比于国有企业,纳税信用评级对企业债务融资成本的影响在非国有企业中更加显著.研究结论丰富了纳税信用评级与企业债务融资成本的研究,也为推进社会信用体系建设、完善税收征管方式提供了一定的借鉴.
The tax credit rating system is an important reform measure in the tax field of China's social credit system construction,and also a prominent component of tax modernization construction.Based on the data from A-share listed companies in Chinese stock markets from 2014 to 2019,the paper empirically tests the im-pact of tax credit rating on corporate debt financing costs.The results show that tax credit rating is negatively correlated with corporate debt financing costs.The tax credit rating A can reduce corporate debt financing costs.Mechanism testing shows that the tax credit rating A can reduce information asymmetry between enter-prises and banks and the obtaining debt financing cost to enterprises.Further heterogeneity analysis find that compared to state-owned enterprises,the impact of tax credit ratings on corporate debt financing costs is more significant in non-state-owned enterprises.The conclusion enriches the research on tax credit rating and cor-porate debt financing costs,and also provides a certain reference for promoting the social credit system con-struction and improving tax collection and management methods.
维普
万方数据
