“营改增”对上市公司股价影响研究
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摘要
作为一项重大税制改革,"营改增"会对证券市场、所涉行业和企业造成重要影响。本文以沪深两市362家上市公司为研究样本,运用事件研究法对我国"营改增"事件的股价效应及其影响因素进行了实证分析。结果显示:"营改增"事件具有显著的股价效应,但不同行业不同事件窗口的股价效应存在差异;"营改增"事件所引起的样本公司股价累积异常收益率,受企业规模、财务杠杆、供应商(客户)集中度、息税前利润弹性系数、固定资产增长弹性系数等因素的影响。
As a major tax reform, the"reform of the camp"will have an important impact on the securities market, the industries involved and the enterprises involved. This paper takes 362 listed companies in Shanghai and Shenzhen as the research samples, and uses the event research method to empirically analyze the stock price effect and its influencing factors of China's"reform of the camp". The results show that the"battalion change"event has a significant stock price effect, but the stock price effect of different event windows in different industries is different; the stock company's stock price accumulates abnormal return rate caused by the "camp reform"event, subject to enterprise scale and financial leverage. The influence of factors such as supplier(customer) concentration, pre-tax profit elasticity coefficient, and fixed asset growth elasticity coefficient.
As a major tax reform, the"reform of the camp"will have an important impact on the securities market, the industries involved and the enterprises involved. This paper takes 362 listed companies in Shanghai and Shenzhen as the research samples, and uses the event research method to empirically analyze the stock price effect and its influencing factors of China's"reform of the camp". The results show that the"battalion change"event has a significant stock price effect, but the stock price effect of different event windows in different industries is different; the stock company's stock price accumulates abnormal return rate caused by the "camp reform"event, subject to enterprise scale and financial leverage. The influence of factors such as supplier(customer) concentration, pre-tax profit elasticity coefficient, and fixed asset growth elasticity coefficient.
引文
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[4]万相昱、唐亮、蔡小滨.企业并购对股东财富效应影响研究[J].价格理论与实践,2016(9).
[5]曹越、陈文瑞、张肖飞.“营改增”的市场反应及影响因素——来自财税[2016]36号的经验证据[J].证券市场导报,2017(3).
[2]李嘉明、彭瑾、刘溢、张金若.中国营业税改征增值税试点政策实施效果研究[J].重庆大学学报(社会科学版),2015(2).
[3]龙月娥、黄娉婷.“营改增”税制改革与证券市场反应研究——基于机构投资者与证券估值双重视角[J].证券市场导报,2016(7).
[4]万相昱、唐亮、蔡小滨.企业并购对股东财富效应影响研究[J].价格理论与实践,2016(9).
[5]曹越、陈文瑞、张肖飞.“营改增”的市场反应及影响因素——来自财税[2016]36号的经验证据[J].证券市场导报,2017(3).