纳税信用评级结果披露与研发投入

以纳税信用评级披露作为一个天然外生冲击,并基于2013—2016年1214家A股上市公司的微观数据构造准自然实验,使用双重差分法系统评估纳税信用评级结果披露对上市公司研发投入的影响。结果发现:纳税信用评级结果披露显著增加了上市公司的研发投入。基于PSM-DID方法的估计结果与上述结论无明显差异。稳健性检验也表明上述结论的正确性。机制检验表明,纳税信用评级结果披露通过降低企业的融资约束,进而促进企业增加研发投入。此外,分样本回归发现纳税信用评级结果披露只能对中小型企业和民营企业的研发投入产生促进作用。

Tax Credit Rating Results Disclosure and R&D Investment

This paper uses tax credit rating disclosure as a natural exogenous shock, and based on the micro-data structure quasi-natural experiment of 1214 A-share listed companies in 2013-2016, the double difference method system is used to evaluate the impact of tax credit rating results disclosure on R&D investment of listed companies. It was found that tax credit rating results disclosure significantly increased the R&D investment of listed companies. The estimation results based on the PSM-DID method are not significantly different from the above conclusions. The robustness test also indicates the correctness of the above conclusions. The mechanism test shows that tax credit rating results disclosure can promote enterprises to increase R&D investment by reducing the financing constraints of enterprises. In addition, the sample-by-sample regression found that tax credit rating results disclosure can only promote the R&D investment of small and medium-sized enterprises and private enterprises.