Corporate Tax Enforcement and Business Activity
研究企业税收执法对商业活动的影响，发现税收执法与企业和就业数量负相关，且这种影响因外部融资可得性和合规成本而异，对学者和政策制定者有参考价值。
ABSTRACT We examine the consequences of corporate tax enforcement for business activity. Using two different empirical approaches—a regional design and a firm-level design—we document that corporate tax enforcement is negatively associated with business activity, as measured by establishments and employment. This association is economically significant and is robust to tests that mitigate concerns regarding endogeneity and measurement. Furthermore, we find that the negative association between tax enforcement and business activity varies substantially in the cross-section. Specifically, we find that it is weaker for regions and firms with greater access to external financing sources and is stronger for regions and firms where compliance costs are likely higher and for which the ex ante costs of tax enforcement are greater. Our findings suggest that the effects of tax enforcement on business activity are economically important and heterogeneous, which should be of interest to academics and policymakers. JEL Classifications: H25; H26; R11; R12.