纳税信用评级披露对公司价值的影响和机制研究

The Impact of Tax-paying Credit Rating Disclosure on Firm Value and Mechanism Analysis

纳税信用评级是由国家税务总局发布的公司非主动披露的信息,公信力较强。当前研究纳税信用评级对公司价值影响的文献非常有限。本文以2009年第一季度至2016年第一季度A股上市公司为样本,将纳税信用评级披露制度作为准自然实验,用双重差分法首次研究纳税信用评级披露对公司价值影响的净效应,并用中介效应模型分析影响机制。实证结果显示,随着纳税信用A级公司名单的公开,A级公司的公司价值显著增加。中介效应表明,纳税信用评级披露既直接提高A级公司的公司价值,又通过缓解融资约束间接提高公司价值。然而,纳税信用评级披露没有通过提高股票流动性提高公司价值。本文拓展了企业社会责任信息披露经济后果的研究,并为政府税收征管等提供建议。

As the non-active disclosure information of the firm issued by State Taxation Administration of The People's Republic of China,the tax-paying credit rating has strong credibility.Existing research on the impact of tax-paying credit rating disclosure on firm value is very limited.Taking the A-share listed companies over the period 2009q1-2016q1 as a sample,this paper uses the natural experiment of the tax-paying credit rating disclosure system,and adopt the DID method to study the net effect of the tax-paying credit rating disclosure system on firm value for the first time.In addition,the intermediary effect model is used to analyze the mechanism.The empirical results show that after the disclosure of the tax-paying credit rating,the firm value of tax-paying credit A-level firms has increased significantly.The results of the intermediary effect model show that the tax-paying credit rating disclosure can directly increase firm value on the one hand,and indirectly increase firm value by reducing financing constraints on the other.The decline in the level of financing constraints is conducive to the firm's external financing,which in turn can increase investment and increase the firm value.However,the tax-paying credit rating disclosure did not increase the firm value of tax-paying credit A-level firms by improving stock liquidity.The conclusion not only expands the theory of the economic consequences of corporate social responsibility information disclosure,and also provides policy recommendations for government tax enforcement and corporate tax-paying behavior.