The Influence Of Tax Credit On The Financing Of SMES

Small and medium-sized enterprises are the largest and most dynamic market economic organizations,and they play an extremely important role in the economy.However,due to the weak risk-resistant ability of small and medium-sized enterprises and the imperfect financing supporting facilities,the financing difficulties have always existed and restricted their further development.In order to alleviate the expensive financing of small and medium-sized enterprises,in July 2014,the State Administration of Taxation issued the "Tax Credit Management Measures",B,C,and D.The State Administration of Taxation proactively announces the annual list of A-level taxpayers to the public,and implements joint incentive measures for A-level taxpayers in conjunction with other major ministries and commissions.Among them,the tax credit rating data is gradually playing a role in resource allocation,including the further promotion of "bank-enterprise cooperation".Based on this,this paper applies the data of listed enterprises on the New Third Board from 2013 to 2016,and uses the research method of regression discontinuity to explore the impact of tax credit rating on SME financing constraints,debt financing,equity financing and commercial credit financing.Firstly,this paper summarizes the development process and current situation of tax credit rating system in China,analyzes the influence of tax credit rating policy in 2014 on enterprise financing;secondly,it plans to analyze the financing effect of tax credit rating system through the data and related indicators of small and medium-sized enterprises listed on the New Third Board.The research has found that tax credit rating can alleviate the level of financing constraints of small and medium-sized enterprises,and improve the degree of debt financing and equity financing of small and medium-sized enterprises.The effect on commercial financing is not obvious.Furthermore,in order to touch bottom the reliability of the study conclusions,this paper conducts the validity and robustness test of the regression discontinuity.At the same time,this article conducts research by region,industry,and financial environment to explore whether there are disparities in the implementation and effects of the policy under different conditions.The study caught that small and medium-sized enterprises in a region with a good financial environment are more likely to ease financing constraints through tax credit ratings,especially to improve their own equity financing level.At the same time,taxation ratings have different effects on different industries.For traditional industries,the taxation rating eases financing constraints by raising the level of debt financing.For the information technology industry,the taxation rating eases its financing constraints by raising the level of equity financing.Finally,based on the conclusions of empirical studies,this article puts forward some recommendations,including promoting the diversification of the application of tax credit rating policies,focusing on the construction of regional economic and financial environments,and continuously improving the tax credit rating disclosure system.The innovations of this article are considered to the following two aspects:First,apart from the existing literature that adopts the double difference method to study the impact of mandatory tax collection methods such as tax inspections on the tax compliance of SMES,this article will implement the 2014 tax credit rating.As a "quasi-natural experiment",using the research method of regression discontinuity,using the New Third Board SMES as a research sample,the impact of the "tax credit rating"policy on the financing behavior of SMES is studied.Second,this article further divides the financing behavior of SMES,and explores how tax credit rating affects the debt financing,equity financing,and commercial credit financing of technology-based small and medium-sized enterprises.A relatively complete research perspective and research ideas.So as to try to better solve the problem of financing difficulties for SMES in our country,better strengthen tax collection and management,and provide targeted policy recommendations for the development of SMES to create a good tax environment.