关键词: 纳税信用评级, 企业韧性, 资源效应, 治理效应, 股价崩盘风险F272

Abstract: In the new normal era, the importance of enterprise resilience in managing risks and stabilizing growth has become increasingly evident. However, there is a lack of research on the impact of flexible tax administration with resource and governance effects on enterprise resilience. This paper uses the data of listed enterprises on the Shanghai and Shenzhen A-shares from 2007 to 2022 and applies the multi-period double-difference method to examine the impact of tax credit rating on enterprise resilience. The following conclusions are drawn: Tax credit rating can enhance enterprise resilience, and robustness and endogeneity tests support this conclusion. From the perspective of the mechanism of action, tax credit rating enhances enterprise resilience through resource effects, synergistic governance effects, and decision-making optimization effects. From the cross-sectional differences, in the macro environment of weak tax enforcement and high economic policy uncertainty, as well as in the sample of low maturity, serious short-sightedness of senior management, and high operational risk, the positive effects of tax credit rating on enterprise resilience are more significant. Economic consequences show that tax credit rating can smooth out stock returns volatility and reduce the risk of stock price collapse, while the improvement of economic performance has a lag. This paper not only enriches the research on the economic consequences and influencing factors of tax credit rating, but also provides reference for enterprises to enhance resilience and sustainable development by utilizing flexible tax regulatory supervision.

Key words: tax credit rating, organizational resilience, resource effect, governance effect, stock price crash risk