The Impact Of Taxpayer Credit Rating On The Upgrading Of Small And Medium-sized Enterprises

The primary policy objective of the taxpayer credit management measures is to improve taxpayers’ compliance with the tax law and promote the construction of the social credit system.So,there is little research on the impact of the taxpayer credit rating established by the taxpayer credit management on the upgrading of enterprises.Based on the taxpayer credit rating system issued since 2014,this paper studies the effect of taxpayer credit rating on the upgrading of SMEs.Using the annual report data of enterprises on the New Third Board from2014 to 2020,this paper constructs a fixed effect model,empirically tests the impact of taxpayer credit rating on the upgrading of SMEs,and analyzes the transmission mechanism.The study found that:(1)SMEs with a taxpayer credit rating of A have a higher degree of upgrading.The lower the upgrading level of enterprises with non-A taxpayer credit rating.(2)Grade A tax credit can promote the upgrading of SMEs by easing the financing constraints of SMEs.(3)The upgrading effect of taxpayer credit rating is heterogeneous.Compared with state-owned enterprises,Grade A tax credit plays a greater role in promoting the upgrading of non-state-owned enterprises.Compared with enterprises with low level of R&D investment,Level A tax credit can significantly promote the upgrading of small and mediumsized enterprises with high level of R&D investment.The above conclusions provide empirical evidence to verify the impact of taxpayer credit rating on the upgrading of SMEs,and confirm the positive role of taxpayer credit rating A on the upgrading of SMEs.This paper believes that in the future,we should improve the taxpayer credit rating system,expand the transparency of taxpayer credit rating information disclosure,strengthen information sharing among government departments,expand the application of taxpayer credit rating in commercial banks,strengthen the construction of enterprise’s own taxpayer credit,and improve the level of enterprise’s R&D investment.