The Impact Of The Standardization Of Tax Collection And Administration On Enterprise Value

In March 2021,the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the " Opinions on Further Deepening the Reform of Tax Collection and Management," which clearly stated : strictly regulate tax law enforcement behavior,continuously improve tax law enforcement and tax service related work norms,and continuously improve the administrative penalty discretion benchmark system.Therefore,the standardization of tax collection and management is one of the key tasks to deepen the reform of tax collection and management.The standardization of a series of tax collection and management work,such as tax registration,tax declaration,tax inspection,tax administrative punishment,tax administrative reconsideration and so on,can not only standardize the tax collection behavior of tax authorities and tax personnel,but also standardize the tax payment behavior of enterprises,provide a good tax business environment for enterprises,promote the growth of enterprises,and thus promote economic development.In addition,existing research shows that tax collection and management can have ’ governance effect ’ or ’ taxation effect ’ on enterprises,but there is little literature to deeply study the impact of tax collection and management standardization on enterprises.Based on the above background,this paper puts forward the research topic : the standardization of tax collection and management can enhance the value of enterprises.In 2016,the State Administration of Taxation formulated and issued the "Rules for the Exercise of Tax Administrative Penalty Discretion," which provided guidance for various regions to standardize tax administrative penalty discretion,and then various regions successively issued tax administrative penalty discretion benchmarks.It provides a quasi-natural experimental environment for this paper.Therefore,in order to ensure the integrity of the data and observe the effect after the implementation of the policy,this paper selects the data of A-share listed companies from 2009 to 2021 as the research sample,constructs dummy variables to measure the standardization of tax collection and management based on the tax administrative penalty discretion benchmark issued by each province,uses Tobin’s Q value to measure enterprise value,and uses the multi-time point difference-in-difference model to study the impact of tax collection and management standardization on corporate value.Through benchmark regression,robustness test,mechanism test,heterogeneity test,etc.,it is concluded that: Tax collection and management standardization can enhance corporate value;The standardization of tax collection and management can alleviate corporate financing constraints,reduce corporate agency costs,and thus enhance corporate value;The promotion effect of tax collection and management standardization on enterprise value is significant in low-analyst-attention,two-in-one and non-state-owned enterprises.And based on the above analysis,the following suggestions are put forward: Improve the tax administrative penalty discretion standard,improve the tax collection and management legal system;Standardize the practice of tax collection and management and enhance the value of enterprises;Enterprises should combine internal and external supervision mechanisms to regulate their tax behavior and enhance corporate value.It provides empirical evidence for the further standardization of tax collection and management and the improvement of enterprise value.