税收征管数字化与企业投融资期限错配——基于政府市场关系的机制探究

Digitization of Tax Collection and Maturity Mismatch of Enterprises’Investment and Financing:A Study on the Mechanism of Firm and Market Relationship

基于2009—2019年中国A股上市公司数据,考察税收征管数字化对企业投融资期限错配的影响。研究发现:税收征管数字化能够缓解企业投融资期限错配。从影响机制看,税收征管数字化的征税效应会加剧企业投融资期限错配,但其监督治理效应与市场优化效应会缓解企业投融资期限错配,整体表现为监督治理效应与市场优化效应强于征税效应。此外,在数字交易水平和财政压力较高的地区以及政治关联较强的企业中,税收征管数字化更能缓解企业投融资期限错配。税收征管数字化虽能加剧企业税收与财务风险,但能更为显著地降低企业经营风险并提高企业成长能力与盈利水平。研究可加深对政府如何有效运用大数据技术构建规范的政府和市场关系并深度影响微观企业经营决策的理解,为经济高质量发展和中国式现代化提供理论支持和实践指导。

Based on the data of Chinese A-share listed companies from 2009 to 2019,this paper examines the impact of digitization of tax collection on the maturity mismatch of enterprises’investment and financing.The study shows that the digitization of tax collection can alleviate the maturity mismatch of enterprises’investment and financing.From the perspective of mechanism,the taxation effect of digitalization of tax collection will aggravate the maturity mismatch of investment and financing,but its supervision and governance effect and market optimization effect will ease the maturity mismatch of investment and financing,as a whole,the effect of supervision and market optimization is stronger than that of taxation.In addition,in regions with high levels of digital transactions and fiscal pressure,as well as politically connected enterprises,the digitization of tax collection can better alleviate the maturity mismatch of investment and financing.This study can deepen the government’s understanding of effectively using big data technology to build a standardized government-market relationship and deeply influence micro-enterprise business decisions,and provide theoretical support and practical guidance for high-quality economic development and China’s modernization.