纳税信用与现金持有价值

Tax Credit Ratings and the Value of Cash

本文以2015-2019年沪深A股上市公司数据为样本,研究公司纳税信用评级与现金持有价值之间的关系。实证结果显示:纳税信用评级较高的公司现金持有价值更低。机制分析表明,高纳税信用评级发挥了融资效应,通过激励性税收政策缓解了公司的融资约束,降低了公司的现金持有水平。公司现金持有的增加更多反映了管理层的代理动机,而非预防性动机。进一步分析公司的内外部环境,产权性质与诚信度发现,纳税信用评级与现金持有价值的负向关系,在大股东持股比例高、分析师跟踪水平低以及国有企业中更显著;而公司保持一贯的纳税诚信可有效化解管理层代理动机的影响,削弱现金持有边际价值的降低趋势。本文研究结论不仅证实了纳税信用评级的信息效应,也揭示了投资者的理性行为,为公司现金持有价值研究提供新视角。

A high credit rating is not only an advantage,which brings benefits to the company,but it may also become a pressure to spur the corporate's behavior.Will investors accept all the decisions of companies with high tax credit ratings?This paper takes the Shanghai and Shenzhen A-share listed companies from 2015 to 2019 as a sample to study the relationship between tax credit ratings and the company's value of cash.The empirical results show that companies with high tax credit ratings have lower value of cash.The mechanism analysis shows that the high tax credit rating plays a financing role,alleviates the company's financing constraints through incentive tax policies,and reduce the company's cash holding level,so the increase of the company's cash holdings reflects managers'agency motivation more than prevention.Further analysis of the company's internal environment,property rights and integrity,find that the negative relationship between the tax credit rating and the value of cash is more pronounced in the company with higher proportion of major shareholders'shareholding,lower level of analyst follow-up and the state-owned enterprises;and the company's habitual tax-paying integrity behavior can effectively defuse the influence of management agency motivation and weaken the decreasing trend of the marginal value of cash holdings.The conclusion of this paper not only confirms the information effect of tax credit ratings,but also reveals the rational behavior of investors,which provides a new perspective for the research of the value of corporate cash holdings.