| In order to adapt to the new situation of economic and social development and promote the modernization of governance capacity,the State Administration of Taxation issued the Measures for the Credit Administration of Tax Payment(Trial)in 2014.Tax authorities collect relevant records of the tax management system and internal and external information of the enterprise to annual rate the tax credit status of taxpayers,and manage them at different levels.With the deepening of the reform of tax collection and administration,the State Administration of Taxation,together with the relevant departments of customs,banking and market supervision,has expanded the application scope of tax credit rating to other fields,and implemented incentive measures in import and export,financing and credit granting,and project approval.Tax payment credit has become an important asset of enterprises in the market competition.The level of credit rating affects the business activities of enterprises,and then has an important impact on the enterprise performance.Therefore,it is necessary to study the aspects of tax credit rating affecting enterprise performance.This paper conducts theoretical analysis and empirical research on how credit rating will affect enterprise performance and whether there is any heterogeneity in the effect.In terms of theoretical analysis,this paper analyzes how tax payment credit rating affects enterprise performance based on information asymmetry theory,principal-agent theory and signal transmission theory.First of all,this paper demonstrates that the tax payment credit rating system can provide the bank credit convenience for the taxpayers with high credit rating through the bank-tax interaction.Moreover,the credit rating can effectively help taxpayers to reduce the information asymmetry and agency cost faced by enterprises,alleviate the financing constraints and provide sufficient funds for the development of enterprises,and improve the enterprise performance.Secondly,this paper demonstrates that the grade A tax credit rating can release the positive signal of taxpayers recognized by the tax authorities,build a good image,and then enhance the reputation of the enterprise.Retable enterprises are more likely to win the favor of stakeholders,thus improving enterprise performance.Finally,this paper demonstrates that tax credit rating can improve the investment efficiency by reducing the information asymmetry and suppressing the cost of non efficiency investment.In terms of empirical research,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2009 to 2016 as a research sample to empirically examine whether the tax credit rating will have an impact on enterprise performance.On this basis,the effect mechanism of credit rating on enterprise performance is deeply analyzed,and the heterogeneity test is conducted.The empirical results of this paper show that first,the disclosure of tax credit rating results can significantly improve the enterprise performance of grade A taxpayers.Second,the tax credit rating can promote the growth of enterprise performance by alleviating enterprise financing constraints,enhancing enterprise reputation and improving investment efficiency.Third,the effect of tax credit rating on grade A taxpayers is more significant in the non-state-owned enterprises,the enterprises operating in the eastern region,the better internal control system,the higher governance level and the enterprises in the mature stage.Based on the theoretical analysis and empirical results.This paper proposes the following suggestions: First,improve the result disclosure,rating index,evaluation content and rating process;Second,expand the application scope of credit rating results on enterprises.Third,play the complementary role of new methods of flexible tax collection and administration such as tax credit rating and negotiation supervision on traditional tax collection and administration. |
