Research On The Impact Of Tax Credit Rating System On Enterprise Value

Credit economy plays a crucial role in the modern market,and is an important factor in improving the business environment and guiding the flow of resources.In order to promote the construction of social credit system,standardize tax credit management and improve tax compliance,the State Administration of Taxation has introduced the tax credit rating system,rated the tax credit status of taxpayers and classified and managed them according to different tax credit levels,and realized the whole process management of information collection,level evaluation,result determination and release,result application and credit repair through the continuous supplementation and improvement of the tax credit rating system.The system has formed a system combining diversified management and levy management with services.In recent years,the economic consequences of tax credit rating system have been received more and more attention by the academic circles.In this context,this paper takes Chinese A-share listed companies as the research object and discusses the impact of tax credit rating system from the perspective of enterprise value.This paper first clarifies the concepts of tax credit rating system and enterprise value,and uses information asymmetry theory,principal-agent theory and reputation theory as the theoretical basis of the study.Secondly,it briefly reviews the development history and present situation of tax credit rating system,and summarize the status quo of tax credit rating and enterprise value of listed companies.Again,it is theoretically discussed how the tax credit rating system can improve the enterprise value of A-rated enterprises by improving their reputation,alleviating financing constraints and reducing their agency costs,and the heterogeneity of the above effects is analyzed from the viewpoints of property rights and enterprise size.On this basis,this paper constructs a multi-period double-difference model,using the data of A-share listed companies from 2009-2021 and the list of A-rated taxpayers from2014-2021 published by the State Administration of Taxation,with enterprises that have been continuously rated as A-rated taxpayers for at least one year as the experimental group,and enterprises that have not been awarded A-rated tax credit in the sample interval as the control group.The effect of the tax credit rating system on enterprise value is examined,and the mechanism of the effect of the tax credit rating system on enterprise value is determined through mechanism testing,and further heterogeneity analysis is conducted to test the differential effect of tax credit rating on different enterprises.Finally,this paper concludes that:(1)the tax credit rating system can improve the enterprise value of A-rated enterprises;(2)the tax credit rating system mainly affects enterprise value through three mechanisms: reducing agency costs,alleviating financing constraints and improving enterprise reputation;(3)the implementation of the tax credit rating system has a more significant effect on improving the value of non-state enterprises and small-scale enterprises.On the basis of the foregoing,this paper proposes the following counterplans and proposals:optimize the tax credit rating system;optimize the supporting measures of the tax credit rating system;improve the legal guarantee of the tax credit rating system;enhance the construction of enterprise credit.