增值税转型对我国上市公司股价影响的实证分析-empirical analysis of the impact of value added tax transformation on the stock price of listed companies in china.docxVIP

负向波动。研究还发现，三个事件均存在消息提前泄露的情形。此外，由于存在消息提前泄露，[-10,+10]及[-5,+5]窗口下的研究结果没有 [-20,+20]窗口下显著。关键词：增值税转型，政策效应，税收中性，事件研究法，累计的平均 异常回报率THE EMPIRICAL RESEARCH ON THE IMPACTS OF VALUE-ADDED TAX TRASFORMATION ON CHINA’S LISTEDCOMPANIES’ STOCK PRICEABSTRACTValue-added tax can be divided into three Types, which are production-type VAT, income-type VAT and consumption-type VAT. Since the implementation of VAT in China in 1994, it has been used in the production-type VAT. But with the development of market economy, production-type VAT is unable to meet the demands of economic development, while the consumption-type VAT has become the direction of China’s VAT reform.In this paper, it reviews the history and characteristics of VAT, and the application of VAT in other countries in the world. Under the guidance of Principles of tax neutrality, this paper analysis the three choices of Chinas VAT and the necessity of consumption-type VAT. It also studies the mechanism of VAT transformation’s effects on stock price, and analysis the reform’s micro-effects on China’s listed companies. By using the event-study method, the author observed five events’ effects on research sample firms’ AAR and CAAR, /dict_result.aspx?searchword=%e5%af%b9%e7%85%a7%e6%a0%b7%e6%9c%acamp;tjType=sentenceamp;styleamp;t=comparison%2Bsamplecomparison sample firms’ of the same industry in other regions and /dict_result.aspx?searchword=%e5%af%b9%e7%85%a7%e6%a0%b7%e6%9c%acamp;tjType=sentenceamp;styleamp;t=comparison%2Bsamplecomparison sample firms’ of different industry in other regions. This study provides empirical evidence from China’s A-share stock market for the VAT transformation reform’s micro-effects.The empirical research results shows that, the series of VAT transformation policies have /dict_result.aspx?searchword=%e6%98%be%e8%91%97%e7%9a%84amp;tjType=sentenceamp;styleamp;t=significantsignificant positive effects on research samples’ stock price under the window period of [-20, +20] , because these policies can r