纳税信用评级对企业融资约束的影响

The Impact of Tax-paying Credit Rating on Enterprise Financing Constraints

基于2008—2020年A股上市公司面板数据,选择纳税信用评级为A级的企业作为实验组,运用倾向得分匹配的双重差分方法(PSM-DID)研究了纳税信用评级对企业融资约束的影响。实证研究表明:披露A级纳税人的名单可缓解企业融资约束;纳税信用评级通过信息传递路径、绩效改善路径和避税抑制路径作用于企业融资约束;纳税信用评级对企业融资约束的政策效果因企业所处地区及融资方式的不同而存在差异。最后,基于研究结论从提高公众参与度、扩大评级披露范围和加强政策宣传等方面提出政策建议。

Based on the panel data of A-share listed companies from 2008 to 2020,the enterprises with tax credit of A-level were selected as the experimental group,and PSM-DID was used to study the effect of tax-paying credit rating on corporate financing constraints.Empirical research shows that:disclosure of the list of A-level taxpayers can alleviate corporate financing constraints;tax-paying credit rating acts on corporate financing constraints through information transmission paths,performance improvement paths and tax avoidance inhibition paths;tax-paying credit rating on corporate financing constraints varies with regions and financing methods.Finally,based on the research conclusions,policy recommendations are put forward in terms of improving public participation,expanding the scope of rating disclosure and strengthening policy publicity.