大数据税收征管对关联交易及企业价值的影响：基于金税三期工程的准自然实验

文章从正式登记的视角研究了信息化强征管是否有助于发挥增值税自我强化的纳税遵从特征。文章通过大批量提取文本信息识别出全国注册登记企业的行业属性，构建了行业层面的正式登记率指标，并进一步以分省的投入产出表为基础来计算行业前向关联指数和后向关联指数，检验“金税三期”是否显著提高了行业正式登记率。增值税上、下游反向制约和互相监督的制度特征使得增值税具有天然的自我强化型的纳税遵从特征，理论上应有利于促进上游行业纳税人自觉地进行正式登记，降低非正式经济空间。研究表明，“金税三期”不仅提高了全行业的平均正式登记率，而且更加显著地提高了上游行业的正式登记率。机制分析表明，遵循增值税非对称激励机制来实施监管、跨区域进行联合信息管理以及促使上游行业形成更强的征管威慑预期，是“金税三期”有利于发挥增值税自觉纳税遵从效应的主要原因。研究还发现，离开信息强征管手段的支撑，增值税制度并不能自动引导产生纳税遵从。研究认为，当征管力度不充分时，增值税引导纳税人自觉纳税遵从的特征无法得到充分发挥，甚至可能导致更加严重的纳税不遵从结果。因此，良好的税收制度需要借助信息化强征管手段，才能将制度优势充分落到实处。

税收征管数字化是税收征管与数字技术深度融合的典型事件,已有文献对税收征管数字化在企业层面的治理效应进行了较为丰富的研究,但鲜有成果分析其对企业慈善捐赠行为的影响。本文基于2008~2020年我国A股上市企业的微观数据,采用多期双重差分法,实证检验税收征管数字化对企业慈善捐赠的影响。基准回归结果显示,税收征管数字化显著提高了企业慈善捐赠规模,在进行平行趋势、倾向得分匹配-双重差分法、更换被解释变量、剔除部分样本、安慰剂等稳健性检验后,结论依然成立。究其原因,税收征管数字化提高了企业的信息透明度,促进了税收优惠政策的落实和企业享受比例,从而提高了企业慈善捐赠规模。拓展性分析显示,当企业所在地区经济发展水平高、企业为非国有企业,以及在2014年之后的年份,税收征管数字化促进企业慈善捐赠的效应更为显著。建议深入推进税收征管体制改革,强化税收征管对企业慈善捐赠的规范和引导,同时注重发挥税收大数据"以数治税"优势,促进各项税费优惠政策及时精准地匹配到每一户适用企业,助力企业更好实施慈善捐赠。

文章依据“金税三期”工程，基于沪深A股上市公司2011—2021年数据，使用双重差分模型实证检验数字化税收征管对公司业绩预告违规的政策效应。研究发现：数字化税收征管能够显著抑制公司业绩预告违规；治理效应和信息效应在数字化税收征管影响公司业绩预告违规中发挥了中介作用；数字化税收征管对公司业绩预告违规的抑制作用在地区外部监管力度大、地区财政增收压力小、内部治理水平低的企业中更加显著。今后，应进一步加大大数据技术与税收征管体系的深度融合，完善上市公司内外部治理机制和资本市场信息披露制度。

数字基础设施建设是中国政府促进数字经济发展、提升政府治理数字化水平的重要抓手，加快新型数字基础设施建设能否震慑企业避税行为有待明确。文章基于2011—2020年地方数字新基建政策文本数据，实证检验数字新基建政策对企业避税的影响。研究发现，实施数字新基建政策能抑制企业避税行为。基于宽带中国战略构造的双重差分模型检验结果验证了研究结论的稳健性。机制分析表明，数字新基建政策可以促进地区数字经济发展和缓解政企间信息不对称，并能助力政务数字化转型，抑制企业在应付账款方面的财务操纵行为，进而提高企业纳税遵从度。异质性分析结果显示，数字新基建政策的税收震慑效应在高税收征管力度地区、高媒体关注度和高数字化程度企业中更为明显。文章的结论为数字经济背景下的企业避税研究提供了新的视角，对于促进国家治理体系和治理能力的现代化建设也具有一定参考价值。

探究企业间税负不平等的成因，对于建设公平市场环境具有重要意义。税收征管能力可能通过影响税务机关对不同企业的征管强度差异，进而影响企业间税负不平等。本文基于税收征管的边际报酬变化，构建理论模型论证了这一思想；同时，基于制造业数据测算了省际层面企业间税负不平等和税收征管能力，采用固定效应模型实证分析了这一思想。研究表明，税收征管能力上升能显著降低企业间税负不平等，且在政府行为规范性低的地区以及财政压力更大的地区的效应更显著。本研究拓展了对征管能力影响效应和税负不平等影响因素的认识。

随着当下信息技术飞速发展，税收征管数字化已成为提升税收治理能力现代化的关键举措。本文基于我国A股上市公司2010-2023年的数据，通过多时点双重差分法分析金税三期对税收遵从的影响。研究发现，金税三期工程的实施显著提高了税收遵从度，该结论经过一系列稳健性检验后依然成立。异质性分析结果表明，中小规模企业和第二产业对于政策响应更为敏感。研究为税收征管数字化转型的政策效果提供了经验证据，也为税务部门针对不同企业制定差异化征管策略，优化税收服务水平。

基于2008~2016年上市公司数据,借助"金税三期工程"在全国逐步试点作为准自然实验,运用双重差分法探究大数据税收征管对企业税负粘性的影响及作用机制。结果表明:大数据税收征管能够有效缓解企业税负粘性,这种缓解效应在民营企业、市场化程度较高地区的企业以及财政创收压力较小地区的企业中较为突出。机制检验发现,大数据税收征管通过减少征纳双方信息不对称、规范税务机关征税行为、切实落实税收优惠政策等路径可有效缓解企业税负粘性。此结论可为持续完善税收信息化建设、进一步优化税收营商环境和实施新的减税降费政策提供理论支撑和经验证据。

以2007~2019年A股上市公司为样本,借助金税三期工程上线为"准自然实验",通过多期双重差分模型检验税收征管如何影响现金持有。研究发现,税收征管显著提高了企业现金持有水平,且该效应在非国有企业、产品市场竞争较激烈企业、市场化进程较高地区更显著;机制检验发现,这种现金增持效应主要源于税收征管的治理效应,通过抑制管理层超额持现引致的过度投资和在职消费进而提升现金持有量;进一步研究发现,超额现金将用于公司研发投入和股利发放,实现了资金的二次优化配置,最终提升了现金持有价值。这为金税工程的政策绩效评估提供了微观层面的证据,同时也为进一步完善智能化监管,推进纳税系统信息化提供理论及经验支持。

This study aims to systematically analyse the existing literature on Related Party Transactions (RPT) and their implications for corporate tax management. Using a systematic literature review method, 28 peer-reviewed articles published between 2019 and 2024 from Scopus-indexed journals were selected based on predefined inclusion criteria. The review reveals that RPT is closely associated with various corporate outcomes such as earnings management, tax avoidance, firm value, and financial reporting quality. The findings indicate that while some studies support the opportunistic view of RPT and linking it with aggressive tax strategies, others present a more efficient perspective, highlighting RPT as a means of resource allocation and internal financing. The research identifies Agency Theory as the most dominant theoretical lens, followed by Stakeholder Theory, Resource Dependence Theory, and others. Independent variables examined in the literature include RPT types, board characteristics, ownership structure, CSR/ESG disclosure, and institutional factors, while dependent variables range from earnings management to tax avoidance and firm value. The analysis also highlights inconsistencies in empirical results, driven by differences in institutional contexts, regulatory environments, and moderating variables such as CSR, board independence, and audit quality.

Government intervention in tax authorities, which can compromise enforcement independence and undermine its governance role, remains a common challenge across both developed and emerging economies. This study examines how enhanced tax enforcement independence affects firm‐level related‐party transactions (RPTs) by leveraging China's State Tax Bureaus and Local Tax Bureaus merger as a quasi‐natural experiment. We find that greater tax enforcement independence significantly reduces RPTs, particularly abnormal ones. The effect is more pronounced in regions with lax enforcement and underdeveloped markets, and firms with weaker governance environments. The strengthening of enforcement power by tax authorities is an important influencing mechanism. Furthermore, the merger can filter out improper RPTs, thereby improving firms’ future financial performance and market value. Overall, our findings highlight the critical importance of safeguarding tax enforcement independence for corporate governance worldwide, providing valuable insights for tax system reform in various countries.

… Related party transactions (RPTs) This study uses RPTs to measure the tunneling behavior of large shareholders. Drawing on Jian and Wong (2010) and Lo et al.(2010), we define …

… Related party transactions (RPTs) This study uses RPTs to measure the tunneling behavior of large shareholders. Drawing on Jian and Wong (2010) and Lo et al.(2010), we define …

The emergence of big data and the informatization of tax administration have had a huge impact on the regulatory model and corporate behavior, but there has been little research on profit manipulation in the process of tax administration. On the premise of transaction cost and tax service theory, this paper analyzes the effectiveness of big data tax administration based on the theory of enterprise profit manipulation, and uses the ‘‘ Golden Tax Phase III ‘‘ policy to describe big data tax administration, and tests it as a quasi-natural experiment. Research shows that big data tax administration can reduce the degree of corporate profit manipulation, improve corporate independence, avoid improper related party transactions, improve the information transparency and regulatory efficiency of data sources, reduce corporate institutional transaction costs, and improve tax compliance. It is further found that big data tax administration can play a greater role in enterprises with higher tax avoidance motivation and bad credit rating. This paper demonstrates the research on the economic consequences of digital regulation, and also provides important practical evidence for the government departments to adopt new regulatory methods, improve regulatory efficiency, and deepen the reform of tax methods in the big data environment.

This study examines the progression of research on corporate transactions, drawing upon 364 CSSCI documents spanning 1998 to 2024from the China Knowledge Network, employing CiteSpace and bibliometric techniques. The study highlights that the debt transfer perspective is the predominant focus among existing literature. The clandestine character of related-party transactions in the digital sphere has intensified tax risks and regulatory complexities, with these transactions being closely associated with tax avoidance and market fairness concerns. Post-2020, the focus has been redirected to managing systemic risks emanating from irregular related-party transactions, with governance structures having a notable impact on economic performance. Thus, the auditing sector must prioritize the deployment of intelligent identification technologies for related-party transactions in the digital economy. Incorporating transaction pricing and advancing related-party transaction technology are essential components of corporate governance. The accurate identification of related-party transactions is contingent upon the integration of transaction pricing and information disclosure with intelligent identification technology and corporate governance. The integration of intelligent identification technology for related-party transactions with corporate governance requires the consideration of transaction pricing and information disclosure for precise nature determination.

Amid the global wave of sustainable development, ESG greenwashing has emerged as a typical manifestation of distortion in corporate non-financial information disclosure. Using data of Chinese A-share listed companies from 2009 to 2023 as the sample, this paper conducts an in-depth exploration of the impact and internal mechanism of the Golden Tax Project Phase III on corporate ESG greenwashing. The findings show that the implementation of the Golden Tax Project Phase III significantly inhibits corporate ESG greenwashing behaviors, and this conclusion has passed a series of robustness tests, including the parallel trend test, placebo test, and replacement of core explanatory variables. In terms of the impact mechanism, the Golden Tax Project Phase III acts on corporate ESG greenwashing mainly through three paths: improving the level of corporate information disclosure, reducing corporate agency costs, and alleviating corporate financing constraints. The heterogeneity analysis shows that the inhibitory effect of the Golden Tax Project Phase III on corporate ESG greenwashing is particularly significant among state-owned enterprises, enterprises in the western region, and non-high-tech enterprises, which reveals the differences in the governance of corporate ESG information disclosure distortion by the Golden Tax Project Phase III under different contexts. This study enriches the interdisciplinary research on the economic consequences of digital regulation and the governance of corporate ESG information disclosure, and also provides empirical references and practical implications for optimizing the ESG greenwashing regulatory mechanism via technological empowerment and promoting the sustainable development of the capital market.

… modernize its tax collection and administration processes, with the Golden Tax Project serving as a pivotal initiative. This study utilizes the phased implementation of "Golden Tax III" as …

… potential influence of the Golden Tax System Phase III on the … the effects of the Golden Tax System Phase III implementation. … related-party transactions: overall related-party transaction …

Digital transformation is the trend of a new round of technological revolution and industrial transformation.It is worth studying the impact of the wave of digital technology in government tax collection and management on enterprise transformation.This article is based on data from A-share listed companies in China's Shanghai and Shenzhen stock markets and 31 provinces.Using the "Golden Tax" Phase III project as a quasi-natural experiment, a difference in differences model is used to empirically analyze the mechanism by which the reform of tax collection and management methods affects the digital transformation of enterprises.The results show that government tax collection and management reform will promoting enterprise digitalization.The above conclusion has important policy implications for further improving the "Golden Tax" series of projects and better serving the business development of enterprises.

… tax administration on stock return volatility amid heightened market uncertainty. Leveraging the staggered rollout of China’s Golden Tax Phase III … of digital tax administration significantly …

… Tax Phase III" project implementation, this paper examines the impact of big data-driven tax … The research reveals that big data-driven tax administration notably curtails corporate …

Abstract This study examines how two major government initiatives in China, the Golden Tax Project III (GTP III) and the Bank-Tax Interaction (BTI), jointly affect overdue bank loans. By compiling detailed data on bank loan defaults during the rollout of GTP III and the introduction of BTI, the study finds a marked decline in corporate debt default risk. This improvement is linked to greater information transparency and lower agency costs. The positive effects are most pronounced among firms with strong tax credit ratings and low media coverage, and in regions with weaker legal environments. State-owned and local banks benefit the most, while non-state-owned and non-local banks see little to no improvement. Enhanced data-sharing between tax authorities and banks also helps limit firms’ participation in risky external debt guarantees. These findings highlight the advantages of advanced data-sharing systems for reducing loan default risks and bolstering financial stability. However, the study also points out the need for improved coordination to ensure that all banks-regardless of ownership or location-can benefit equally. Overall, optimizing information-sharing practices could help create a more level playing field and further reduce corporate debt risks within China’s banking sector.

… them, the ‘Golden Tax Phase III’ project takes big data tax … , the company’s related-party transactions will be affected by … -owned enterprises, and related-party transactions are prone to …

We take advantage of China's staggered rollout of the Golden Tax Phase (GTP) III reform to examine how enhanced tax governance through digitalization affects corporate labor investment efficiency (LIE).Applying a staggered difference‐in‐differences approach to Chinese A‐share listed companies spanning from 2010 to 2017, our research reveals a significant improvement in LIE due to digitalized tax governance. Our path analysis demonstrates that the relationship between tax governance and LIE is mediated by enhancements in corporate governance and information quality. Notably, improved information quality exerts a more substantial influence than corporate governance. In addition to these mediated pathways, we identify a residual direct effect from digitalized tax governance to LIE.This study uncovers a causal relationship between digitalized tax governance and corporate LIE. It offers new insights into the broader effects of tax governance, specifically how businesses adjust their employment decisions when tax administration becomes more digitalized.This study highlights a positive externality of digitalized tax governance, offering valuable insights for policymakers aiming to optimize tax administration processes through information technology.

This study investigates whether tax administration digitization curbs controlling shareholder expropriation by enhancing transparency and reducing tax avoidance. Drawing on a quasi‐natural experiment from China's phased implementation of tax administration digitization, we find that tax administration digitization significantly curbs controlling shareholder expropriation. Path analysis indicates that this effect is transmitted through reduced information asymmetry and lower tax avoidance, with information asymmetry serving as the dominant channel. The effect of tax administration digitization is particularly strong for firms with higher ownership concentration, lower institutional ownership, CEO duality, greater separation of cash flow and control rights, lower managerial ownership, as well as in nonstate‐owned enterprises and firms operating in environments with weaker formal and informal institutions. This study advances the literature on tax policy as a corporate governance mechanism, demonstrating that tax administration digitization functions as an external governance tool that reduces agency conflicts between controlling and minority shareholders. It also integrates political cost theory and agency theory to explain how digitized regulatory scrutiny shapes controlling shareholders' incentives. Amid the global shift toward digital tax enforcement, our findings provide practical insights for regulators and policymakers, emphasizing the broader governance benefits of tax digitization. Tax authorities and investors should consider the governance spillover effects of tax administration digitization on corporate transparency and minority shareholder protection, particularly in jurisdictions with weaker legal enforcement.

This paper examines the impact of tax authority monitoring and enforcement on earnings informativeness. Using a staggered difference-in-differences design, I exploit the introduction of a new tax administration information system as a proxy for increased tax enforcement. The results imply that the informativeness of earnings improves with an increase in tax authority enforcement. Furthermore, I find that these results are concentrated in firms that are tax noncompliant, firms that are profitable and firms that have more severe income diversion and downward earnings manipulation. Additional tests show that tax expenses are more informative when tax enforcement increases. Overall, this study suggests that tax authority oversight engenders a positive effect on earnings informativeness by reducing the noise in earnings signals.

ABSTRACT This paper explores the governance effect of tax administration digitization on corporate tax avoidance. Using data from 2,032 firms publicly listed in China during 2010 and 2020, our paper is among the first to report that the development of digital technologies such as big data and cloud computing has a restraining effect on corporate tax avoidance behavior. Our study is based on the Golden Tax III project implemented by the Chinese government from 2013 to 2016 as a quasi-natural experiment. Our staggered difference-in-differences (DID) model shows that the digitization of tax collection and management effectively reduces corporate tax avoidance behavior. Moreover, this impact is larger for private firms, firms in regions with low financial development, firms with low auditor quality, and firms with low internal control quality. Our results are robust to parallel trend tests, placebo tests for causal inference, alternative measures of tax avoidance, and other tax-related policy specifications.

Promoting the seamless integration of the digital economy with the real economy, mitigating the adverse impacts of widespread corporate tax avoidance, and optimizing tax governance are critical imperatives in the era of digital economy. This study examines all A-share listed companies from 2007 to 2022 as research samples. It utilizes multiple perspectives including signal theory, information asymmetry theory, and the T-O-E (Technology-Organisation-Environment) framework to investigate the primary impacts of digital transformation on corporate tax avoidance, along with the intermediate mechanisms and foundational conditions that influence its effectiveness. After conducting both theoretical and empirical analyses, this paper presents the following conclusions. (1) The implementation of digital transformation significantly reduces corporate tax avoidance, a conclusion supported by rigorous robustness tests. Moreover, digital transformation enhances corporate productivity through the suppression of tax avoidance. (2) Digital transformation diminishes corporate tax avoidance through enhanced innovation and efficiency in resource allocation (technology level), improved quality of internal controls (organization level), and decreased industry competition (environment level). (3) The impact of digital transformation in reducing tax avoidance is significantly greater for enterprises in their growth phase, experiencing lower financing constraints, particularly those situated in the central and western regions. (4) Lower business risk is essential for maximizing the effectiveness of digital transformation and reducing corporate tax avoidance. This is crucial for governments seeking to improve tax administration, guide market and regional development, and enhance the impact of corporate digital transformation on mitigating tax avoidance.

PurposeCorporate digital transformation (CDT) has challenged traditional tax administration systems. This study examines the impact of CDT on tax avoidance behavior and tests whether tax authorities can identify this behavior.Design/methodology/approachUsing data on listed companies on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2020, this study applies the Heckman two-stage and cross-section models.FindingsThe results show that the higher the degree of CDT, the more aggressive the tax avoidance behavior. The CDT's impact on corporate tax avoidance is more significant under strong government tax efforts.Originality/valueThis study expands research on the economic consequences of CDT and the factors influencing corporate tax avoidance behavior. Moreover, it has important implications for governments to monitor tax avoidance behavior under the CDT, improve digital tax systems, and pay more attention to the tax administration of digital assets.

… Taking Golden Tax Project III as a quasi-natural experiment through DID model, … big data tax administration on the enterprises' inefficient investment. The results indicate that big data tax …

… impact of e-government services on corporate tax avoidance, … China’s "Internet Plus Government Services" pilot program … of e-government services significantly inhibits corporate tax …

本文基于 “ 金税三期 ” 工程这一准自然实验，利用 2011-2016 年中国地级市预决算数据，考察了征管信息化对财政收入预决算偏离的影响及其作用机制。研究发现，“金税三期”工程显著降低了财政收入预决算偏离度，该效果主要由该工程新增覆盖的税种所驱动，并且在互联网发展程度高、地方政府财政违规严重的地区尤其明显。机制分析表明，“金税三期”工程一方面缓解了财政无预算运行对预算管理的不利影响，另一方面促使财政收入序时进度偏离更趋平稳，企业间税负更趋公平。本研究对于推进落实以信息化驱动预算管理现代化的相关工作提供了有益的经验启示。

… has modernized tax administration by digitizing services, … (digitalization of services), which can reduce tax collection … efficiency of tax administration. The DGT's effort to modernize …

… tax returns and global financial accounts, we find that profit shifting is concentrated among a few very large … cost-of-compliance could focus anti-profit shifting measures to only include …

… tax compliance, and combating tax evasion, has effectively driven the growth of LFR. Using the Golden Tax Project Phase Ⅲ (… By analyzing the impact of the GTPP III on LFR, this paper …

… in information technology, the 'Golden Tax Phase III Project' (GTP) stands out as a pivotal undertaking aimed at accelerating the digitization of tax administration. This transformation has …

… China's Golden Tax Phase III has attracted considerable attention, precipitating a series of … In summary, the impact of the Golden Tax Project III on tax-related risks cultivates a collective …

… the ‘Golden Tax Phase III’ project as a natural experiment benchmark, to empirically investigates how big data tax … of big data tax management, exemplified by the ‘Golden Tax Phase III’ …

… by the Golden Tax III System, and enterprise accounting information quality. The findings highlight that introducing the Golden Tax III … impacts of introducing the Golden Tax III System on …

… Further research found that tax enforcement mainly improves … ; the "Golden Tax III Project" promotes the improvement of tax … The research results show that the changes in tax …