【摘要】 本文利用2014—2019年中国A股上市公司数据并匹配国家税务总局A级纳税信用企业名单，考察了纳税信用评级制度对企业商业信用融资的影响。实证研究发现，纳税信用评级结果披露后，A级纳税信用企业的商业信用融资规模显著提升，具体表现为：A级纳税信用企业在评级披露后应付账款与预收账款规模均显著提高，表明纳税信用评级制度对企业商业信用融资发挥了“激励效应”。异质性分析发现，上述效应在融资约束较高的企业、非国有控股的企业以及商业信用环境较差的地区更为明显。机制分析发现，纳税信用评级制度显著降低了企业经营风险、增强了企业声誉以及提高了企业信息透明度。更多还原

【Abstract】 This study uses China’s A-share listed companies from 2014 to 2019 to match the list of A-level tax-paying credit enterprises published by the State Taxation Administration, and examines the impact of the tax-paying credit system on the commercial credit financing of enterprises. The findings are as follows.(1) After the disclosure of tax-paying credit rating results, the commercial credit financing scale of A-level tax-paying credit enterprises increases significantly. Specifically, the scale of accounts payable and accounts receivable of A-level tax-paying credit enterprises significantly increases after the disclosure, indicating that the tax-paying credit rating disclosure has an incentive effect on corporate commercial credit financing.(2) This incentive effect is more significant in enterprises with high financing constraints, non-state-owned enterprises, and regions with poor business credit environment.(3) The tax-paying credit rating disclosure increases the scale of commercial credit financing by reducing the operational risk, enhancing firm reputation and improving information transparency.更多还原