"Golden Tax Phase Ⅲ" And Enterprise Performance

The 2022 government work report pointed out that we should unswervingly deepen reform and stimulate market vitality and endogenous impetus for development.Enterprises are not only the most dynamic subject in the market,but also the source of creating social value.They are also the backbone of China’s economic and social development,and have a strong role in promoting national development.However,at present,China is facing triple pressures of demand contraction,supply shock and weakening expectations,which to some extent hinder the normal operation of enterprises.In this context,the government needs to pay more attention to the operation and management of enterprises and provide favorable policy guarantee for the development of enterprises.Therefore,it is also of great practical significance to study the influencing factors of enterprise performance from the institutional level.In the past,because the indicators of tax collection and management capacity are difficult to describe,few literatures have studied the relationship between tax collection and management capacity and enterprise performance.The "Golden Tax Phase Ⅲ" project provides a good opportunity to identify and characterize tax collection and management capabilities.The "Golden Tax Phase Ⅲ" was put into full use in China’s tax authorities at the end of 2016.It achieved the sharing of tax-related information through the establishment of a national unified tax platform,and significantly enhanced the tax collection and management capacity of the tax authorities in the way of tax collection and management informatization.Therefore,this paper carried out a study on the impact of the "Golden Tax Phase Ⅲ" project on enterprise performance.This paper studies from both theoretical and empirical aspects.In the theoretical analysis,this paper finds that the "Golden Tax Phase Ⅲ" project has both "tax effect" and "governance effect" on enterprise performance,and since the "tax effect" is stronger than the "governance effect",it puts forward the theoretical hypothesis that the "Golden Tax Phase Ⅲ" will ultimately have a negative impact on enterprise performance.In the empirical study,this paper takes the dummy variable of the "Golden Tax Phase Ⅲ" project as the explanatory variable,uses the data of A-share listed companies in China from 2010 to 2016,and empirically tests the theoretical hypothesis by constructing a double difference model,and obtains the following conclusions:(1)The benchmark regression results show that the implementation of the "Golden Tax Phase Ⅲ" project has a negative impact on the overall performance of enterprises,and this conclusion passes the stability test.(2)The channel inspection shows that the "governance effect" of the "Golden Tax Phase Ⅲ" project on enterprises can partially alleviate the negative impact of the project on enterprise performance.(3)Heterogeneity analysis shows that the negative impact of the "Golden Tax Phase Ⅲ" project on enterprise performance is more significant in enterprises with higher information transparency and higher financing constraints.According to the analysis process and research conclusions of this paper,the following suggestions are put forward:(1)increase the tax and fee reduction efforts to mitigate the negative impact of "three phases of golden tax" on enterprise performance;Conserve tax sources and stabilize enterprise performance level.(2)We will continue to deepen tax reform,and rely on Internet technology to improve the external governance role of tax collection and management in the transformation and upgrading of the tax collection and management system.