深化增值税改革的市场反应及影响因素

曹越; 周佳

深化增值税改革的市场反应及影响因素

引用本文：曹越, 周佳.深化增值税改革的市场反应及影响因素[J].财经理论与实践,2019,(5):75-84

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作者	单位
曹越, 周佳	(湖南大学工商管理学院，湖南长沙410082)

中文摘要:运用事件研究法和多元回归法考察 “深化增值税改革”（2018年3月28日国务院常务会议）的市场反应及其影响因素。结果表明：尽管中美“贸易战”对股市产生了较大的负面影响，但投资者仍将“深化增值税改革”视为利好消息，且试点行业的市场反应都显著为正。从市场反应影响因素来看，研发支出越多、融资约束越强的公司市场反应更好。此外，进一步细分公司特征发现，高税收敏感度和高产品市场竞争程度的公司市场反应更加积极，存在超额雇佣且研发支出较高以及不存在超额雇佣但融资约束较高的公司市场反应也更加积极。

中文关键词:深化增值税改革市场反应研发支出融资约束

The Market Reaction and Influencing Factors of Deepening the VAT Reform

Abstract:This paper uses the event research method and multiple regression method to examine the market reaction and its influencing factors of deepening the VAT reform (the State Council executive meeting on March 28, 2018). The study found that although the Sino-US "trade war" has had a large negative impact on the stock market, investors still regard the deepening of VAT reform as good news, and the market response of the pilot industry is significantly positive; the more R&D expenditures and the higher the financing constraints, the better the market response. Further subdividing the company's characteristics found that companies with high tax sensitivity and high product market competition reacted more aggressively, and the market reaction of companies with over-employment and high R&D expenditures and no over-employment but high financing constraints was more positive.

keywords:Deepening the reform of value-added tax Market reaction R&D spending Financing constraints

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