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| Research on the Generation Mechanism of Trade Credit Based on Preferential Tax Rate |
| WU Dongmei，LI Shaozhi，LIU Yunguo |
| 1. Guangdong University of Finance, Guangzhou, China；2. Sun Yat-sen University, Guangzhou, China |
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Abstract Starting from the feature of “government certification” of tax rate preference, the study empirically tested the generation mechanism and economic consequences of trade credit in the context of differential enterprise tax rate. The research found that: The greater the tax rate preference enjoyed by enterprises, the more trade credit obtained by them; The government certification feature of preferential tax rate can promote the trade credit financing of enterprises by stimulating the quality of earnings information, and different supply chain concentration will have different effects on the trade credit effect of preferential tax rate, which together build a dual mechanism of the channel and regulation of trade credit; The trade credit based on preferential tax rate has realized the positive drive to the enterprise value; The incentive of preferential tax rate on trade credit is more obvious in enterprises with low bank loan level and low revenue scale, but there is no significant difference between the small-micro and non-small-micro enterprises. The research shows that: Tax rate preference can increase the credit of enterprises; Improving the multi-dimensional disclosure of corporate tax rate and other information, as well as expanding multi-level supervision covering different entities’ financial behavior, will help further improve the effectiveness of credit enhancement.
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Received: 15 August 2022
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