| In the outline of the 14 th five year plan for accounting reform and development,the Ministry of Finance clearly pointed out that it is necessary to "continuously improve the construction and implementation of enterprise accounting standards system,strengthen the coordination between enterprise accounting standards and regulatory,tax and other policies,and enhance the pertinence and applicability of enterprise accounting standards".Promoting the coordination of accounting standards and tax policies is an important content of revising and improving the enterprise accounting standards system and promoting the construction of high-quality accounting standards during the 14 th Five Year Plan period.At present,with the continuous convergence of accounting standards and international accounting standards and the continuous coordination of tax regulations and international practices,their respective reforms have made the relationship between accounting standards and tax regulations increasingly complex and the institutional differences continue to expand.At the same time,this difference between accounting standards and tax regulations also provides institutional convenience and manipulation space for management to implement opportunistic behaviors such as earnings management and tax evasion.Under the comprehensive effects of institutional differences in accounting and taxation,earnings management and tax evasion,the book-tax difference shows a growing trend.Studies have shown that large book-tax differences will reduce the quality of accounting information represented by earnings quality,which leads to a wide range of economic consequences.It is a useful index that can not be ignored when stakeholders make decisions.Accounting information has the usefulness of debt contract.High-quality accounting information is conducive to reducing the cost of debt financing,while the expanding book-tax difference reduces the quality of accounting information.Therefore,whether the book-tax difference will affect the debt financing of enterprises is a topic worthy of attention.However,combing the literature,it is found that creditors,as one of the important stakeholders of enterprises,have less literature to explore whether and how the book-tax difference affects debt financing,which provides a better research opportunity for this paper.Creditors are one of the closest stakeholders of enterprises.Generally speaking,corporate bonds,bank loan and trade credit are the three major sources of corporate debt financing.However,at present,China’s bond market is underdeveloped,and bank loan still occupies a dominant position.The scale of trade credit has exceeded bank loan and has become a very important non-financial financing channel for enterprise financing.Therefore,based on the consideration of scale and importance,this paper starts from bank loan and trade credit financing to empirically investigate whether and how the book-tax difference affects enterprise debt financing.According to the above research background,based on the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2009 to 2019,this paper theoretically analyzes and empirically tests the relationship between book-tax differences,internal and external corporate governance mechanisms and corporate debt financing.The research contents include:(1)theoretically,what is mechanism of the impact of book-tax differences on debt financing?(2)Whether and how do book-tax differences affect bank loan?Does the internal and external corporate governance mechanism have a regulatory effect on the relationship between the two?(3)Whether and how do book-tax differences affect trade credit financing? Does the internal and external corporate governance mechanism have a regulatory effect on the relationship between the two? In order to solve the above problems,this paper comprehensively uses the method of combining normative research and empirical research to carry out research and exploration,and obtains the following research conclusions:Firstly,the book-tax difference mainly affects debt financing by increasing the information asymmetry between creditors and enterprises and agency costs.Specifically,the mechanism of book-tax differences affecting debt financing is that accounting information has the usefulness of debt contracts.High-quality accounting information is conducive to improving information transparency,reducing information asymmetry between creditors and enterprises,improving the opportunity ratio of correct credit decisions,and reducing the cost of debt financing.Under the influence of management’s earnings management and tax evasion,the expanding book-tax difference will reduce the quality of accounting information represented by accounting conservatism and earnings quality.On the other hand,the greater the book-tax difference,the higher the tax audit adjustment issued by the tax authorities.It has become an important reference for tax authorities to judge whether enterprises are suspected of tax avoidance.Once the tax evasion behavior of enterprises is found out,in addition to paying taxes,they also face huge fines and the loss of corporate reputation,which increases the risk of debt default.Therefore,the widening book-tax difference increases information asymmetry between creditors and enterprises,reduces information transparency,intensifies agency conflict between creditors and management,and increases agency cost.For the sake of protecting the safety and integrity of their own credit funds and the timely recovery of receivables,both banks and supplier creditors,will reassess the repayment ability and default risk of the enterprise,so as to make the credit decision before change or adjustment That is,for bank creditors,it may reduce credit scale,increase credit cost and shorten credit term.While for supplier creditors,it may increase the threshold for the provision of trade credit and reduce credit scale.Secondly,the book-tax difference will have a significant adverse impact on bank loan,that is,the book-tax difference will significantly inhibit bank loan.Specifically,under certain other conditions,the greater the book-tax difference,the lower scale of bank loan,the higher cost and the shorter term.After distinguishing the differences in the nature of property rights,it is found that when other conditions remain unchanged,the impact of book-tax differences on bank loan is more significant in non-state-owned enterprises.Further research found that internal and external corporate governance mechanisms have a significant regulatory effect on the relationship between book-tax differences and bank loan.Firstly,from the perspective of internal supervision and incentive governance mechanisms:(1)Ownership concentration can significantly alleviate the adverse impact of book-tax differences on bank loan.That is,ownership concentration has a positive regulatory effect on the negative relationship between book-tax difference and bank loan scale and term,and a negative regulatory effect on the positive relationship between book-tax difference and bank loan cost;(2)Management incentive can significantly alleviate the adverse impact of book-tax difference on bank loan.That is,management incentive has a positive regulatory effect on the negative relationship between book-tax difference and bank loan scale and term,and a negative regulatory effect on the positive relationship between book-tax difference and bank loan cost.Secondly,from the perspective of external supervision and governance mechanism:(1)Institutional investor shareholding can significantly alleviate the adverse impact of book-tax difference on bank loan.That is,institutional investor shareholding has a negative regulatory effect on the positive relationship between book-tax difference and bank loan cost;(2)Analysts’ attention can significantly alleviate the adverse impact of book-tax difference on bank loan.That is,in the group with low analysts’ attention,the greater the book-tax difference,the smaller the scale of bank loan,the higher the cost and the shorter the term.The mechanism test found that,under the influence of opportunistic behaviors such as earnings management and tax evasion,the expanding book-tax difference will reduce the quality of accounting information,increase the information asymmetry between creditors and enterprises,intensify the agency conflict between banks and enterprises,and ultimately increase the agency cost.On the other hand,it will damage the internal control environment of enterprises and reduce the quality of internal control.Therefore,book-tax differences affect bank loan by increasing agency costs and reducing the quality of internal control.Extensive analysis found that compared with small,negative and non manipulative book-tax differences,large,positive and manipulative book-tax differences have a more significant adverse impact on bank loan.Thirdly,the book-tax difference will have a significant adverse impact on trade credit financing,that is,the book-tax difference will significantly inhibit the scale of trade credit financing.Specifically,under certain other conditions,the greater the book-tax difference,the lower the scale of trade credit financing.After distinguishing the nature of property rights,it is found that there is no significant difference in the inhibitory effect of book-tax difference on the scale of trade credit financing under other conditions.Further research finds that internal and external corporate governance mechanisms have a significant regulatory effect on the relationship between book-tax differences and the scale of trade credit financing.Firstly,from the perspective of internal supervision and governance mechanisms:(1)Ownership concentration can significantly alleviate the inhibitory effect of book-tax differences on the scale of trade credit financing.That is to say,ownership concentration has a positive regulatory effect on the negative relationship between book-tax differences and the scale of trade credit financing;(2)The quality of internal control can significantly alleviate the inhibition of book-tax differences on the scale of trade credit financing.That is,the higher the quality of internal control,the weaker the inhibition of book-tax differences on the scale of trade credit financing.Secondly,from the perspective of external supervision and governance mechanism,high-quality external audit has a significant positive regulatory effect on the negative relationship between the book-tax difference and the scale of trade credit financing.That is,the higher the audit quality of an enterprise’s financial report,the weaker the inhibitory effect of book-tax difference on the scale of trade credit financing.The mechanism test found that,under the influence of opportunistic behaviors such as management earnings management and tax evasion,the expanding book-tax difference on the one hand will reduce the quality of accounting information,increase the information asymmetry between suppliers’ creditors and enterprises,intensify the agency conflict between suppliers and management,and ultimately increase the agency cost.On the other hand,it will make the accounting treatment more complicated and reduce the transparency of accounting information.Therefore,the book-tax difference will affect the scale of trade credit financing by increasing the agency cost and reducing the transparency of accounting information.Extensive analysis found that compared with small,negative and non manipulative book-tax differences,large,positive and manipulative book-tax differences have a more significant inhibitory effect on the scale of trade credit financing.The innovations of this paper are:Firstly,it expands and deepens the research on the economic consequences of book-tax differences from the perspective of debt financing.Accounting information is useful for decision-making,and the expanding book-tax difference will reduce the quality of accounting information,thus causing a wide range of economic consequences.The behavior and decision-making of stakeholders such as investors,analysts,tax authorities,credit rating agencies,auditors and management will be affected.Debt financing is the main way of external financing for enterprises,but there are few literatures to investigate whether the creditors consider the book-tax difference information and whether their behavior is affected when making decisions,which is extremely incompatible with the fact that debt financing is an important source of external financing for enterprises at this stage.Therefore,based on the perspective of debt financing,this paper theoretically analyzes and empirically tests the impact of book-tax differences on debt financing,enriches the research literature in the field of economic consequences of book-tax differences,and deepens and expands the research on the economic consequences of book-tax differences from the perspective of debt financing.Secondly,it enriches the research on the influencing factors of bank loan from the perspective of book-tax differences caused by the separation of accounting standards and tax laws.Most of the existing studies have studied the influencing factors of bank loan from the aspects of accounting information quality,corporate governance and institutional environment,and have achieved fruitful research results.However,few literatures have explored the impact on bank loan based on the cross perspective of accounting and taxation.The widening book-tax difference will reduce the quality of accounting information,so it is a useful signal to measure the quality of accounting information.Therefore,different from the existing literature,this paper investigates its impact on bank loan from the perspective of book-tax difference with rich information content,further broadens the research perspective on the influencing factors of bank loan,and enriches the research literature on the influencing factors of bank loan at home and abroad.Thirdly,it supplements the research on the influencing factors of trade credit financing from the perspective of book-tax difference caused by the separation of accounting standards and tax laws.Most of the existing studies have studied the influencing factors of trade credit financing from the aspects of financial information and non-financial information quality,enterprise characteristics,macro policy and institutional environment,and have achieved fruitful research results,but there are few literatures to explore the impact on trade credit financing based on the cross perspective of accounting and taxation.The widening book-tax difference will reduce the quality of accounting information,which is a "dangerous" signal of the deterioration of accounting information quality.Therefore,different from the existing literature,this paper is based on the perspective of book-tax difference,and transfers the research scenario from the financial market to the product market to investigate the impact of book-tax difference on trade credit financing,which further broadens the research perspective of the influencing factors of trade credit financing and complements the research literature on the influencing factors of trade credit financing at home and abroad.This paper studies the establishment of an effective corporate governance mechanism for enterprises to reduce opportunistic behaviors such as earnings management and tax avoidance under the self-interest motivation of management,alleviate the agency conflict between management and creditors,thereby narrowing the book-tax difference and improving the quality of accounting information,which has important theoretical and practical significance in order to give full play to the validity of the debt contract of accounting information,reduce the cost of debt financing and improve the efficiency of financing.At the same time,it also helps banks and supplier creditors to optimize credit decisions and reasonably control credit risks.It can also provide some empirical evidence and policy enlightenment for relevant government departments to strengthen the coordination of accounting standards and tax policies. |
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