Tax-Based Information Sharing and Bank Risk: Evidence from China’s Bank–Tax Interaction Policy

Amid China’s efforts to promote financial innovation and optimize credit allocation, the Bank-Tax Interaction (BTI) policy emerges as a transformative mechanism that integrates tax data with banking systems to address the financing challenges of small and micro enterprises. Leveraging a panel dataset of Chinese commercial banks from 2008 to 2020, this study employs a Difference-in-Differences approach to examine the policy’s impact on bank risk. The findings show that the BTI policy significantly reduces bank risk, with effects robust across various model specifications. Mechanism analysis reveals that the policy achieves risk reduction by improving liquidity management and optimizing loan structures, increasing the proportion of credit loans while reducing reliance on secured loans. Furthermore, heterogeneity analysis highlights that the policy’s impact is more pronounced for state-owned banks, non-listed banks, and banks in low-marketization regions, where information asymmetry is higher. These results underscore the BTI policy’s role in reshaping risk management, enhancing financial stability, and supporting the real economy, offering valuable insights for policymakers worldwide.
This README file documents the Stata replication materials for the paper: “Tax-Based Information Sharing and Bank Risk: Evidence from China’s Bank–Tax Interaction Policy.” The replication package contains the cleaned bank–year panel dataset and Stata code used to generate all empirical results reported in the paper.

在中国推进金融创新、优化信贷配置的背景下，银税互动（Bank-Tax Interaction, BTI）政策应运而生。这一变革性机制将税务数据与银行体系深度融合，旨在破解中小微企业融资难题。本研究依托2008至2020年中国商业银行面板数据集，采用双重差分法（Difference-in-Differences）检验该政策对银行风险的影响。研究结果表明，银税互动政策可显著降低银行风险，且该效应在多种模型设定下均保持稳健。机制分析显示，该政策通过优化流动性管理、调整信贷结构实现风险压降：提高信用贷款占比，同时降低对担保贷款的依赖。此外，异质性分析表明，该政策的风险抑制效应在国有银行、非上市银行以及市场化程度较低、信息不对称程度更高的地区的银行中更为显著。上述研究结果凸显了银税互动政策在重塑风险管理、提升金融稳定性以及支持实体经济方面的重要作用，可为全球各国政策制定者提供有益参考。

本README文件用于说明论文《基于税务的信息共享与银行风险：来自中国银税互动政策的经验证据》的Stata复现材料。本复现包包含已清洗的银行年度面板数据集，以及生成论文中所有实证结果所需的Stata代码。