The impact of tax credit rating system on short-term loans and 
long-term investments of small and medium-sized enterprises: 
based on the perspective of corporate fi nancing constraints

Yujin Xie; Ting Han; Ronghua Dai; Haopeng Wei

doi:10.18686/modern-management-forum.v8i6.13195

The impact of tax credit rating system on short-term loans and long-term investments of small and medium-sized enterprises: based on the perspective of corporate fi nancing constraints

Yujin Xie, Ting Han, Ronghua Dai, Haopeng Wei

Abstract

This article focuses on the tax credit rating system and explores the impact of corporate tax credit on the short-term loan and
long-term investment behavior of small and medium-sized enterprises. It selects listed companies of small and medium-sized enterprises
from 2012 to 2021 as samples and uses a diff erence in diff erences model. The research mechanism analysis results show that the tax credit
rating system can solve the problem of short-term loans and long-term investments for enterprises by alleviating financing constraints.
In addition, in non-state-owned enterprises, a tax credit rating of A has a more signifi cant alleviating eff ect on short-term loans and longterm investments. This study expands the research content on the relationship between tax credit rating and short-term loans and longterm investments, providing policy insights for improving tax collection and management systems and reducing fi nancing constraints for
enterprises.

Keywords

Tax credit rating system; Short term loans and long-term investments; Financing constraints

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DOI: http://dx.doi.org/10.18686/modern-management-forum.v8i6.13195

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