税收征管与企业融资约束——基于金税三期的政策效应分析

Tax Enforcement and Enterprise Financing Constraints——An Analysis of Policy Effect Based on the Third Phase of the Golden Tax

本文基于2010-2015年全国税收调查数据,选择金税三期在全国试点推行事件作为准自然实验,应用双重差分法(DID)研究政府加强税收征管对企业融资约束的影响。实证结果表明:政府加强税收征管,总体上能够显著缓解企业融资约束程度。具体分析,加强税收征管可形成"征税效应",抑制企业通过避税方式进行融资;加强税收征管可形成资金供需方之间的"桥梁效应",促进企业信用融资和贷款融资;加强税收征管形成"治理效应"抑制管理层代理行为,降低代理成本,促进企业外部融资。进一步研究发现,既有的政企之间信息不对称性和金融发展程度会影响税收征管对融资约束的缓解效果,为深入分析税收征管对企业融资约束的影响提供了新的经验证据。

Based on The National Tax Survey data of 2010 to 2015,this paper selects the pilot implementation event of the Third Phase of the Golden Tax Project in China as a quasi natural experiment,and applies the Difference-in-Difference(DID)method to study the impact of strengthening tax enforcement and its management on enterprise financing constraints.The empirical results show that strengthening tax collection,on the whole,can significantly ease the degree of financing constraints.Specifically,strengthening tax enforcement could form a"Taxation Effect"to restrain enterprises financing through tax avoidance;strengthening tax enforcement could form a"Bridge Effect"between the suppliers and demanders of funds and promote enterprises’credit financing and loan financing;strengthening tax enforcement can form a"Governance Effect"to inhibit agency behaviors by managements,and reduce agency costs and promote enterprise external financing.Further research finds that the existing information asymmetry between government and enterprises and the degree of financial development would affect the mitigation effect of tax enforcement on financing constraints,which provides new empirical evidence for in-depth analysis of the impact of tax enforcement on enterprise financing constraints.