税收执法提升了企业财务报告质量吗--基于“金税工程三期”的准自然实验

Does Tax Enforcement Improve Financial Reporting Quality--Based on the quasi-natural experiment of “The third stage of Golden tax”

以2011~2018年中国A股上市公司为样本,以税务稽查系统改革"金税工程三期"为准自然实验,探讨税收执法的公司治理效应,采用双重差分模型,实证检验了金税工程三期改革对企业财务报告质量的影响。研究发现:金税工程三期改革显著提升了企业财务报告质量。金税工程三期改革的公司治理效应在治理环境较弱、信息透明度更低、融资需求更高的公司表现得更为显著。从作用机制来看,金税工程三期改革显著增强了税收执法力度,减少了企业的避税行为。

Based on the sample of China’s A-share listed companies from the 2011 to 2018 period, this paper takes tax-check system reform "The third stage of Golden tax" as quasi-natural experiment, discusses the corporate governance effect of tax enforcement, and uses difference-in-difference model to empirically test the effect of the third stage of Golden tax reform on financial reporting quality. It arrives at the conclusions as follows: First, the third stage of Golden tax reform significantly improved firms’ financial reporting quality. Second, the corporate governance effect of the third stage of Golden tax reform is more pronounced in companies with weaker governance, lower information transparency and higher financing demand. Third, from the perspective of the mechanism, the third stage of Golden tax reform significantly enhanced tax enforcement and reduced corporate tax avoidance.