国地税合并与企业债务融资——基于税收征管独立性视角

文章将2018年国地税合并改革视为一项"准自然实验",采用双重差分方法从税收征管独立性视角考察了其对企业债务融资行为的影响。研究发现,国地税合并会导致企业总体债务规模显著上升。区分债务类型来看,国地税合并未促使企业增加具有利息税盾效应的银行贷款,而是促使企业增加了不具有利息税盾效应的商业信用,这一结果否定了债务税盾效应假说,而支持了流动性约束效应假说。异质性分析表明,在非国有企业、融资约束严重的企业以及成本转嫁能力较弱的企业中,国地税合并对企业债务规模的促进作用更为凸显,再次验证了流动性约束效应假说。此外,文章还发现在国地税合并之后,企业的经营绩效和股利分配显著下降以及财务风险显著上升。文章结论表明,在国地税合并改革过程中,政府部门需要注意税收征管加强给企业带来的流动性约束,这对于现阶段的税收征管体制改革具有一定的实践参考意义。

The Merger of National Tax Bureaus-Local Tax Bureaus and Corporate Debt Financing: Based on the Perspective of Independence of Tax Collection and Administration

This paper regards the merger of National Tax Bureaus (NTB)-Local Tax Bureaus (LTB) as a "quasi-natural experiment",and uses the difference-in-difference method (DID) to test the impact of agency independence on corporate debt financing behavior.The results shows that the merger of NTB-LTB will lead to a significant increase in the overall debt scale of the enterprises.From the perspective of different types of debt,the merger of NTB-LTB does not lead to an increase in bank loans with debt-related tax shields,but leads to an increase in commercial credit without debt-related tax shields.These results negate the hypothesis of debt-tax shield effect and supports the hypothesis of liquidity constraint effect.The analysis of heterogeneity shows that in non-state-owned enterprises,enterprises with severe financing constraints,and enterprises with weaker cost-passing capabilities,the merger of NTB-LTB has a more prominent role in promoting the scale of corporate debt,which once again validates the hypothesis of liquidity constraint effect.In addition,this paper also finds that after the NTB-LTB Merger Reform,the corporate operating performance and dividend distribution decrease significantly,and financial risks increase significantly.The conclusion of this paper shows that in the process of the NTB-LTB Merger Reform,government departments need to pay attention to the liquidity constraints caused by the strengthening tax collection and administration,which exerts certain practical reference value for the current tax collection and management system reform.