Taxpayer Ratings and Access to Debt Financing
研究了中国政府公开的基于税收合规的纳税人评级如何影响企业债务融资，发现高评级企业能获得更多元化的贷款来源，并缓解信息不对称问题。
ABSTRACT This study examines how the Chinese government’s public release of corporate taxpayer ratings based on tax compliance affected firms’ access to debt financing. We find that, in the absence of formal debt credit ratings, top taxpayer ratings increase firms’ access to debt financing. Top-rated firms enjoy more diversified lender bases, have a higher likelihood of securing loans from nonlocal banks, and obtain loans from a greater number of banks. The taxpayer ratings affect firms’ debt financing by reducing information asymmetry related to tax uncertainty, agency problems, and transparency. Additionally, the positive impact of top taxpayer ratings on access to debt financing is more pronounced for firms in the service sector and those operating under weaker banking supervision. Overall, our results suggest that taxpayer ratings help banks evaluate borrowers’ risks when credit ratings are not otherwise available. Data Availability: Data are available from the authors upon request. JEL Classifications: H26; G30.