English
首页
[国际经济学研讨会​]The Effect of Value-added Tax on Leverage: Evidence from China’s Value-added Tax Reform
发布日期:2018-11-02
国际经济学研讨会

题目:The Effect of Value-added Tax on Leverage: Evidence from China’s Value-added Tax Reform
主讲人:邹静娴,中国人民大学国家发展与战略研究院
点评人:王孝松,中国人民大学经济学院
时间:2018年11月5日14:30-16:30
地点:明德主楼728

摘要:In this paper, we use China’s value-added tax (VAT) reform in 2007, which was aimed to encourage fixed investment purchasing, as a natural experiment to explore the effect on firm financial leverage. Results show an expansion in firm balance sheet after the reform, manifested by greater liabilities (long-term, short-term and total liability) and asset. Meanwhile, in terms of the ratio to asset, it’s found that long-term liability rose while the short-term liability dropped, and as a net effect, the total asset-liability ratio declined as the latter effect dominated. To theoretically explain the observed patterns, three mechanisms are highlighted, “income effect”, “maturity-match effect” and “market disciplining effect”, where income effect corresponds to a proportional expansion of balance sheet while the latter two effects alter the composition of firm leverage.

主讲人简介: 邹静娴,博士,中国人民大学国家发展与战略研究院讲师、研究员,中国金融40人论坛(CF40)青年研究员,芝加哥大学经济系访问学者、世界银行(驻华代表处)研究员,参与过世界银行、亚洲开发银行、中国人民银行、财政部、国务院发展研究中心等机构多项研究课题。

邹老师的研究方向主要为国际经济学和发展经济学,已在《经济研究》、《管理世界》、《世界经济》、《国际经济评论》、《China Economic Review》、《Economics of Transition》、《Frontiers of Economics in China》、《International Labour Review》等中英文学术期刊上发表论文二十余篇。
人大经济论坛 rdjjlt.org 人大经济论坛 bbs.econ.ruc.edu.cn