digital tax enforcement and corporate debt default

This study selects data from A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2021 as the initial sample. The data of the CTAIS-3 were manually obtained from the official website of the State Taxation Administration. The financial data are from the China Securities Market and Accounting Research database. The following screening process was followed to avoid the interference of abnormal samples: (1) samples from the financial industry were excluded; (2) samples from Special Treatment were removed; (3) samples with missing variables were deleted. This study obtained 20,053 firm-year observations. All continuous variables were winsorized at the 1% level to eliminate the influence of outliers.