Research On The Impact Of Informatization Tax Administration On Enterprise Financial Behavior

The Fourth Plenary Session of the 19 th Central Committee of the Communist Party of China added data and information as a factor of production for the first time.The state strongly supports data and information to drive economic development and to improve the modernization of national governance.The opinions on further deepening the reform of tax collection and management put forward that by 2023,it is necessary to realize the transformation from "tax management by ticket" to "tax management by number" classified and accurate supervision.The informatization tax collection and management represented by the "Golden Tax phase III" is an important embodiment of the modernization of tax governance.It is of great significance to promote the transformation and upgrading of tax work,better serve economic and social development,and accelerate the modernization of the national governance system and governance capacity.As a process in which the government participates in the distribution of cash flow rights of enterprises,information-based tax collection and management may have a comprehensive impact on the business decision-making and corporate governance of enterprises.However,few pieces of literature systematically study the impact of information-based tax collection and management on the financial behavior of enterprises,and there may be endogeneity between tax collection and management and the financial behavior of enterprises,The progressive information-based tax collection and management reform represented by the third phase of Golden Tax provides a good Research scenario for this issue.Based on this background,this paper studies the following issues: first,how does information-based tax collection and management affect the financing behavior of enterprises? Taking the cost of corporate debt financing as the starting point,this paper explores the impact of information-based tax collection and management on corporate financing behavior and examines its specific impact channels.At the same time,it analyzes the regulatory role of internal governance and external social capital,Whether it will ultimately affect the financing constraints of enterprises by affecting the debt financing cost of enterprises.Second,how the information-based tax collection and management affects the investment behavior of enterprises,taking the enterprise investment efficiency as the starting point to analyze,in-depth analyze whether the information-based tax collection and management will affect the investment efficiency of enterprises,and then distinguish whether there is a different conclusion after over investment and under investment,and what regulatory role the characteristics of managers play in it;From the practice of tax collection and management,what is the practical path for informatization tax collection and management to affect corporate governance.Third,how does information-based tax collection and management affect the cash holding behavior of enterprises? Taking the cash holding level of enterprises as the starting point,this paper explores how information-based tax collection and management affects the cash holding decision of enterprises,what mechanism information-based tax collection and management will play on the cash holding level of enterprises,and the distribution effect and value effect of enterprise cash holding under information-based tax collection and management.The possible innovation and contribution of this paper lies in providing a new perspective,new ideas and new methods for the economic consequences of information-based tax collection and management from the perspective of enterprise financial behavior.First,the innovation of research perspective.This paper analyzes the impact of information-based tax collection and management from the perspective of financial decision-making behavior.In the past,the research on information-based tax collection and management mainly focused on its conception,discussion,thinking and practical response,as well as tax efficiency,tax burden equity,information governance and so on.There are few literatures from the perspective of enterprise investment and financing.This paper systematically advances the existing literature from the perspective of debt financing cost,investment efficiency and enterprise cash holding,and establishes a complete analysis framework of enterprise "resource acquisition-resource use-resource retention and distribution" under information-based tax collection and management.Second,the innovation of research ideas.Based on different contents of financial decision-making behavior,this paper systematically tests the specific mechanism,channels and practical paths of the impact of information-based tax collection and management.Firstly,based on the analysis of debt financing cost,this paper verifies the specific channels through which information-based tax collection and management affects the debt financing cost of enterprises from the perspective of "information asymmetry" and "operational risk";Secondly,based on the analysis of investment efficiency,this paper analyzes the impact of "resource effect" and "governance effect" of information-based tax collection and management on investment efficiency.Finally,based on the analysis of enterprise cash holdings,this paper makes a systematic analysis from the "tax effect","rent-seeking effect" inhibition and "governance effect" that information-based tax collection and management may bring.The article further tests the distribution effect and value effect of Enterprise Cash Holdings under information-based tax collection and management,and adds the evidence of the economic consequences of information-based tax collection and management.Third,the innovation of research methods.In this paper,for the first time,an innovative text-based data mining method is used to construct "tax burden perception" variables,and manually collect and sort out "tax practice" variables,so as to open up the influence path of informatization tax collection and management to give play to the effect of corporate governance.Based on "tax burden perception" and "tax practice",this paper practically answers how external tax collection and management departments affect enterprise decision-making behavior,and provides further empirical evidence for the analysis framework of "principal agent government".Previous literatures on information-based tax collection and management mainly analyzed from the perspective of agency problem or information asymmetry.Few literatures provide empirical evidence that information-based tax collection and management affects specific means of corporate governance.This paper provides more direct evidence from the perspective of "tax burden perception" and "tax practice".