| The construction of social credit system is an important basis for improving the market economy,which is conducive to solving the problem of information asymmetry in the market,and is of great significance to the construction of a new development pattern.As a kind of credit issued by relevant national departments,tax payment credit can not only reflect the actual tax payment status of enterprises,but also reflect the integrity of enterprises to a certain extent.Therefore,tax credit management can not only help tax authorities to improve their collection and management level and efficiency,but also affect the related activities of enterprises.Investment activities are the basis of daily production and management activities of enterprises and play a decisive role in the expansion of enterprise scale and sustainable development.However,in the real situation,the investment decision of enterprises is often restricted by high financing cost,serious agency problems and other factors,so the listed companies in China generally have low investment efficiency.This will not only hinder the long-term development of enterprises,but also hinder the long-term stable operation of our capital market.At present,our country has entered the development stage of high quality economy,enterprise investment activities should not be offended only scale and ignore efficiency,so how to improve the actual investment efficiency is the issue that the enterprise and the whole market should take seriously.By analyzing and comparing the tax credit status of Chinese enterprises in recent years,it can be found that although the proportion of Class A enterprises is relatively small at present,with the continuous promotion of tax credit management,the number of enterprises that pay tax in good faith is increasing,which shows that this management system has effectively played a role in promoting enterprises to regulate tax payment.Therefore,in order to explore the impact of honest tax payment on enterprises,this paper found through theoretical analysis that tax credit management can help enterprises with good tax credit improve their investment efficiency and promote the high-quality development of enterprises through the incentive mechanism and supervision mechanism,which has an incentive effect on enterprises’ honest tax payment.On the basis of the above analysis,this paper examines the impact of tax credit management on the investment efficiency of enterprises and analyzes its possible mechanism,taking the A-share listed enterprises in 2011-2019 as a sample.Because in the process of tax credit management,the tax department will carry out a new rating for enterprises every year,and only announce the A-level taxpayers.Therefore,based on the variability of enterprise tax credit,this paper uses the multi-time point double difference model to study.The research results show that the implementation of tax credit management can help enterprises that pay taxes in good faith to improve their investment efficiency.From the perspective of impact path,tax credit management can help Class A enterprises obtain external financing,expand their debt financing scale and reduce their financing constraints,and also play a governance role to reduce their agency costs,thus helping Class A enterprises improve their investment efficiency.In addition,in the further heterogeneity analysis,it is found that the implementation of tax credit management plays a more important role in improving the investment efficiency of Class A enterprises in the growth and maturity stage,with poor internal control status and located in areas with low financial development level.Therefore,the tax authorities need to better implement and publicize the policies related to tax credit,and improve the rewards and punishment measures to encourage enterprises to pay tax in good faith.At the same time,the improvement of tax credit cannot be separated from the efforts of enterprises.Therefore,enterprises should pay more attention to their own tax credit,standardize their tax behavior,and transform tax credit into the driving force for the efficient development of enterprises. |
