财税与公共管理学院知识库

作为市场经济的基石，信用发挥着优化资源配置的作用。纳税信用是信用体系中的一个重要组成部分，它与其他形式的信用共同构成了社会的信用基础。通过加强纳税信用建设，可以推动整个社会信用体系的发展和完善，进而促进经济的健康稳定发展。从二十世纪九十年代至今，我国税收信用体系经历了二十余年的建设和发展，随着2014年《纳税信用管理办法（试行)》的正式颁布实施，纳税信用评级体系得以初步建立。该《办法》是指税务总局根据税务内部与外部信息采取扣分和直接判级的方式对纳税人进行信用评级，评级分为A、B、C、D、M五级，并于每年4月公布上一年度A级纳税信用企业名单。获得A级纳税信用的企业在银行信贷等18个领域都将享受优惠政策。在当前经济全球化和市场竞争日益激烈的背景下，企业面临着更加复杂多变的市场环境。纳税信用评级作为连接企业与税收管理部门的桥梁，其对企业经营绩效的影响不容忽视。

本文基于我国2014年实施的纳税信用评级制度，利用Python程序爬取纳税信用等级为A级的企业名单，匹配2011-2022年我国沪深A股上市企业财务数据，以信息不对称理论、企业声誉理论和委托代理理论为基础，采用多期DID实证方法，引入“企业声誉”“投资效率”这两个中介变量构建中介效用模型，深入分析纳税信用评级为A对企业经营绩效的影响。研究发现:纳税信用评级可以显著提升A级纳税人的企业经营绩效。这一结果在替换被解释变量、加入固定效应、通过安慰剂检验、运用倾向得分匹配法以及工具变量法后，仍然保持稳健。机制分析表明，纳税信用评级通过提升企业声誉和提高投资效率的渠道，促进A级纳税人企业经营绩效的增长。纳税信用评级企业经营绩效的促进作用在不同类型的企业中存在异质性。分区域回归结果显示，纳税信用评级对企业经营绩效的促进作用主要表现在我国东部地区。分产权回归结果显示，纳税信用评级对企业经营绩效的优化效应对非国有企业较为显著。不同的内部治理水平和股权集中度水平下，纳税信用评级对企业经营绩效的促进效果不同。最后，本文从优化纳税信用评级制度、完善纳税信用评级信息共享机制以及企业加强自身的信用建设等方面提出政策建议。

As the cornerstone of the market economy, credit plays a role in optimizing the allocation of resources. Tax credit is an important part of the credit system, which together with other forms of credit forms the social credit foundation. By strengthening the construction of tax credit, the development and improvement of the whole social credit system can be promoted, and then the healthy and stable development of the economy can be promoted. From the 1990s to now, China's tax credit system has experienced more than 20 years of construction and development. With the official promulgation and implementation of the Tax Credit Management Measures (Trial) in 2014, the tax credit rating system has been preliminarily established. The Measures refer to the tax administration department to conduct credit rating on taxpayers by deduction and direct judgment according to internal and external tax information. The rating is divided into A, B, C, D, M five grades, and the list of A-level tax credit enterprises of the previous year will be published in April every year. The enterprises that have obtained A-level tax credit will enjoy preferential policies in 18 fields such as bank credit. In the context of economic globalization and increasingly fierce market competition, enterprises are facing a more complex and changeable market environment. Tax credit rating as a bridge connecting enterprises and tax administration departments, its impact on enterprise performance can not be ignored. 

Based on the tax credit rating system implemented in 2014,this paper uses Python to crawl the list of enterprises with tax credit rating of A,and matches the financial data of listed enterprises in Shanghai and Shenzhen A-shares from 2011 to 2022.Based on the theory of information asymmetry,enterprise reputation and principal-agent theory,this paper adopts the multi-stage DID empirical method,introduces the two mediating variables of "enterprise reputation" and "investment efficiency" to construct the mediating utility model,and analyzes in depth the impact of tax credit rating of A on corporate operating performance.The research finds that tax credit rating can significantly improve the operating performance of A-class taxpayers.This result remains robust after replacing the explained variable,adding fixed effects,passing the placebo test,using the propensity score matching method and instrumental variable method.Mechanism analysis shows that tax credit rating promotes the growth of A-class taxpayer corporate operating performance through the channels of improving corporate reputation and improving investment efficiency.The promotion effect of tax credit rating on corporate operating performance is heterogeneous in different types of enterprises.The results of sub-regional regression show that the promotion effect of tax credit rating on corporate operation is mainly reflected in the eastern region of China.The results of sub-property right regression show that the optimization effect of tax credit rating on corporate performance is more significant for non-state-owned enterprises. Under different internal governance levels and ownership concentration levels, tax credit rating has different promoting effects on corporate performance. Finally, this paper puts forward policy suggestions from the aspects of optimizing the tax credit rating system, improving the tax credit rating information sharing mechanism and strengthening the credit construction of enterprises.