税收征管规范化影响了股价同步性吗?--基于税务行政处罚裁量基准的准自然实验

Does the Normalization of Tax Enforcement Impact Stock Price Synchronicity?a Quasi-Natural Experiment Based on the Tax Administrative Penalty Discretion Standards

健全税务行政处罚裁量基准制度是法治政府建设过程中地方税务部门税收征管治理改革的重要举措。本文以2016年起各省级税务局陆续出台的《税务行政处罚裁量基准》为准自然实验场景,探究了税收征管规范化对公司股价同步性的影响。研究发现,相比实施前,各地方税务行政处罚裁量基准实施后,税收征管规范化显著降低了公司股价同步性,这种关系尤其体现在避税程度高、征纳合谋程度高和内部控制质量低的公司中。实证结果表明,随着税务行政处罚裁量基准制度的实施,税收征管规范化显著降低了公司股价同步性,增加了公司股价信息含量。因此,税收征管体制规范化能够优化上市公司外部治理环境,对改善资本市场信息披露环境具有重要实践意义。

Completing the tax administrative penalty discretion standards is an important reform of local taxation department enforcement in the process of constructing China’s law-based government.Based on a quasi-natural experiment from the province-level practice of the tax administrative penalty discretion standards since 2016,this study examines the effect of the normalization of tax enforcement on stock price synchronicity.This study shows that when compared with the period before the implementation of tax administrative penalty discretion standards in every province,the implementation significantly reduces the synchronicity of stock prices,and the negative relationship is more pronounced in firms with more tax avoidance,more collusion between tax supervisors and firms,and lower internal control quality.As a result,with the implementation of tax administrative penalty discretion standards,the normalization of tax enforcement can decrease stock price synchronicity and increase the information content of stock prices.Therefore,the normalization of tax enforcement can optimize the external environment of listed firms’governance and further offer beneficial implications for the improvement of information disclosure in the capital market.