Research On The Impact Of Tax Credit Rating On Corporate Financing Constraints

The financing constraint of enterprises is not only a major problem restricting the development of enterprises,but also related to the high-quality development of the country.Easing the financing constraints of enterprises can not only bring development funds to enterprises,but also improve the operating efficiency of enterprises.It can also optimize the allocation of market resources.The report of the 20 th National Congress of the Communist Party of China proposed to "improve the long-term mechanism of credit construction".The rating of tax payment credit provides a direction for measuring the honesty of market subjects.Tax payment credit rating system is not only an important part of promoting high-quality development,but also an essential part of improving the long-term mechanism of credit construction.Therefore,in this context,from the perspective of tax credit rating,it is of far-reaching significance to explore its influence on corporate financing constraints.As important factors affecting tax policies and corporate financing constraints,it is of special significance to explore the regulating effects of compulsory tax collection intensity and regional legal system environment.As A tax collection system with incentive effect,the tax credit rating system not only enhances the information transparency of enterprises with A tax credit rating,but also alleviates the agency conflicts between shareholders and agents by conveying the good reputation of honesty and tax payment to the outside world,thus reducing the supervision costs of capital providers on enterprises.Therefore,in the process of heterogeneity analysis,sample enterprises are grouped according to information transparency and corporate reputation,which further proves that A tax credit rating can alleviate the financing constraints of enterprises by alleviating information asymmetry and giving play to the reputation mechanism.In addition,in order to further understand the specific impact of tax credit rating on corporate financing constraints,this paper divides corporate financing into credit borrowing ratio,equity financing scale,debt financing cost and equity capital cost for further analysis.Firstly,this paper reviews the relevant literature on tax credit rating system and financing constraints.Secondly,from the principal-agent theory,information asymmetry theory and other theories to discuss the tax credit rating system on corporate financing constraints mechanism;Then it summarizes and reflects on the status quo of tax credit rating system and financing.Finally,with A-share listed companies from 2015 to 2020 as research samples,the empirical analysis method is used to explore the relationship between tax credit rating system and corporate financing constraints.The empirical results show that: first,the tax credit rating system is significantly negatively correlated with corporate financing constraints,that is,A tax credit rating significantly reduces the degree of corporate financing constraints;Second,in terms of alleviating corporate financing constraints,the tax payment credit rating system can play a complementary effect on the mandatory tax collection and management environment.Third,in terms of easing corporate financing constraints,the tax credit rating system can play a complementary effect on the regional legal system environment.Fourth,Among enterprises with poor information quality disclosure or poor reputation,A tax credit rating has a more obvious easing effect on enterprises’ financing constraints.Fifth,A tax credit rating improves the credit borrowing ratio of enterprises and reduces the debt financing cost of enterprises.Based on the above empirical research conclusions and the status quo of tax credit rating,this paper puts forward relevant suggestions,such as tax paying enterprises should strengthen their tax management.The incentive effect brought by good faith tax payment makes enterprises realize that tax payment credit can be transformed into "credit assets" and promote the healthy and orderly development of enterprises.This encourages taxpayers to pay taxes in good faith,improves tax compliance,thus realizing the original intention of tax payment credit rating system,achieving a "win-win situation" for tax paying enterprises and national tax authorities,creating a good tax collection and management environment,and improving the efficiency of resource allocation.