【作者】 刘慧；

【导师】 王怡璞；

【作者基本信息】 中央财经大学 ， 税收学， 2022， 硕士

【摘要】 近年来,我国市场经济加速发展,但资本市场的滞后却导致我国企业的长期发展受到了阻碍,由于信息不对称、金融资源有限等原因,企业面临着不同程度的融资约束问题。企业所面临的融资问题也是我国长期以来重点关注的问题,由于我国金融体系构建不够完善,金融发展水平不够充足,企业融资约束问题难以得到彻底地解决。目前,融资难、融资贵的这一大问题仍然是企业发展的重要阻碍。而作为管理机构,税务机关对企业的征管行为会对企业造成不同层面的影响并带来一定的治理作用。国家税务总局于2014年发布了纳税信用管理办法,并于2015年开始正式对外公布纳税信用等级为A级的纳税人名单,对于名单中的企业,政府制定了多项激励措施以鼓励企业诚信纳税,具体包括对外公布A级纳税人名单、简化办税流程与联合工商、海关等部门进行多方激励等。在此情形下,关于诚信纳税对企业产生影响的研究逐渐增多。本文将根据企业的纳税信用等级是否为A级来衡量企业是否诚信纳税,但向社会公布纳税信用评级为A级的纳税人名单作为一项激励措施,是否能够有效增加企业在融资过程中的优势从而缓解其融资约束,依旧是一个有待研究的问题,目前为止对这一领域的学术研究还比较少。基于此前提,本文拟通过上市企业的数据以及相关的一系列指标,来对纳税信用评级对于企业融资约束的影响进行研究与分析。本文以现有的经济学理论为出发点,梳理了融资约束相关的理论,并根据纳税信用管理办法为制度基础,以探究诚信纳税对于企业融资约束的缓解作用。文章以2009至2020年A股上市公司为初始样本,采取从国家税务总局官方网站获得的纳税信用A级纳税人名单数据,采用PSM-DID实证方法探究诚信纳税对于企业融资约束的缓解作用,同时,通过分组研究分析了诚信纳税影响企业融资约束的作用机制。回归结果表明,税务机关将纳税信用评级A级纳税人的名单进行公示之后,以纳税信用A级为代表的诚信纳税企业,其交互项DID系数在1%的水平上显著为负,即其融资约束水平得到了有效缓解。进而研究诚信纳税对企业融资约束水平发挥缓解作用的机制,分别按照是否受到证监会处罚代表企业声誉好坏进行分组与按照企业分析师跟踪人数的多少代表企业信息不对称程度进行分组,,分组回归结果表明声誉更坏的企业与信息不对称程度更高的企业在诚信纳税之后融资约束水平得到显著缓解。因此得以验证诚信纳税具体通过提高企业声誉及降低企业与外部资金提供者信息不对称程度以缓解企业融资约束。此外本文研究了诚信纳税对企业市场地位与所处地区法制环境的替代作用,分别按照企业市场地位与所处地区法治环境分组,回归结果显示市场地位较低与所处地区法治环境更差企业样本交互项DID系数显著为负,而在对比样本组交互项DID系数并不显著,表明诚信纳税在地位较低企业及所处地区法治环境较差企业融资过程中发挥的作用受到了倚重。在此基础上,本文按照企业产权性质进行了异质性检验,结果表明诚信纳税对于非国有企业的融资约束水平所起缓解作用更为显著,而对国有企业影响较小,但差异在合理范围内。最后,本文从税收征管角度与企业税收遵从角度给出了建议,从税收征管角度,鼓励税务机关继续推行与完善纳税信用体系。从企业角度,鼓励企业诚信纳税,提高自身税收遵从度,以全面享受税务机关制定的激励措施,缓解自身融资约束。更多还原

【Abstract】 In recent years,China’s market economy has accelerated,but the lag of the capital market has hindered the long-term development of Chinese enterprises.Due to information asymmetry,limited financial resources and other reasons,enterprises are faced with varying degrees of financing constraints.The financing problem faced by enterprises has also been the focus of our country for a long time.Due to the imperfect construction of China’s financial system and the insufficient level of financial development,the financing constraint problem of enterprises is difficult to be completely solved.At present,difficult financing,financing expensive this big problem is still an important obstacle to the development of enterprises.As a management organization,the tax authority’s collection and management behavior will affect the enterprise at different levels and bring a certain governance role.The State Administration of Taxation issued the tax credit Management measures in 2014,and began to officially announce the list of taxpayers with grade A tax credit in 2015.For the enterprises in the list,the government has formulated A number of incentive measures to encourage enterprises to pay taxes in good faith.Specifically,it includes publicizing the list of a-level taxpayers,simplifying the tax process and cooperating with industry and commerce,customs and other departments to carry out multi-party incentives.In this case,there are more and more researches on the influence of tax payment in good faith on enterprises.In this paper,according to enterprise’s tax credit rating to A level to measure whether the enterprise good faith tax payment,to the society but the tax credit rating for a-class taxpayers list as A stimulus measures,whether can effectively increase the enterprise in the process of financing advantage to alleviate their financing constraints,is still an open research question,So far there is little academic research in this area.Based on this premise,this paper intends to study and analyze the impact of tax payment credit rating on corporate financing constraints through the data of listed enterprises and a series of related indicators.Based on the existing economic theories,this paper sorts out the theories related to financing constraints,and explores the alleviating effect of credit tax payment on enterprise financing constraints based on tax payment credit management methods.Based on a-share listed companies from 2009 to 2020 for the initial samples,taken from the official web site for the state administration of taxation,tax credit grade A taxpayer list data,the PSM-DID the empirical method to explore the tax relief for enterprise financing constraints,at the same time,through the study group analyzed the mechanism of action of good faith tax payment influence corporate financing constraints.The regression results show that,after the tax authorities publicized the list of taxpayers with grade A tax credit rating,the interaction term DID coefficient of honest tax paying enterprises represented by grade A tax credit rating was significantly negative at the level of 1%,that is,the financing constraint level was effectively alleviated.Further,the mechanism that tax payment in good faith plays a role in alleviating the financing constraint level of enterprises is studied.The enterprises are divided into groups according to whether they are punished by CSRC and the information asymmetry of enterprises according to the number of enterprise analysts.The results of grouping regression show that the financing constraint level of enterprises with worse reputation and enterprises with higher information asymmetry can be significantly alleviated after honest tax payment.Therefore,it can be verified that tax payment in good faith can alleviate financing constraints of enterprises by improving corporate reputation and reducing information asymmetry between enterprises and external capital providers.In addition this paper studies the good faith tax payment to the enterprise market position and the substitution effect,the regional legal environment of respectively according to the enterprise market status and the location of the rule of law environment group,the regression results show that the low market position and location of the rule of law environment worse enterprise sample interaction item DID coefficient significantly negative,while in contrast sample group interaction DID coefficient is not significant,It shows that credit tax payment plays an important role in the financing process of enterprises with low status and poor legal environment in the region.On this basis,the heterogeneity test is carried out according to the property rights of enterprises.The results show that tax payment in good faith has a more significant effect on the level of financing constraints of non-state-owned enterprises,while it has a less effect on state-owned enterprises,but the difference is within a reasonable range.Finally,this paper gives suggestions from the perspective of tax collection and management and enterprise tax compliance,and encourages tax authorities to continue to implement and improve the tax payment credit system from the perspective of tax collection and management.From the perspective of enterprises,enterprises are encouraged to pay taxes in good faith and improve their tax compliance,so as to fully enjoy the incentive measures formulated by tax authorities and alleviate their own financing constraints.更多还原