房地产税的企业价值效应:来自股票市场的初步证据  

Effect of the Real Estate Tax Reform on Enterprises

作　　者：李建军[1] 赵薇 LI Jian-jun;ZHAO Wei(School of Public Finance and Taxation,Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学财政税务学院,四川成都611130

出　　处：《税务与经济》2024年第2期4-16,共13页Taxation and Economy

基　　金：国家社会科学基金重大项目(23&ZD064)。

摘　　要：采用事件研究方法,观察房地产税征收改革试点授权决定出台后的资本市场反应,为征收房地产税对企业的可能影响提供了初步证据。研究结果表明,相比非房地产企业,房地产企业在[0,1]事件窗口期的股票市值下降了约3.5%。这与征收房地产税会降低消费者需求、对房地产企业业绩产生负向影响的预期相一致。同时,房地产税的征收对与房地产业关联度较高的企业具有显著的溢出效应。进一步研究发现,征收房地产税对需求价格弹性较大和税负转嫁弹性因子较小的企业影响程度更大,且对突破“三道红线”阈值的企业带来了更大的冲击。Using the event study method,this paper provides initial evidence on the effect of piloting the real estate tax reform on enterprises by observing Chinese listed firms′stock market reaction to the above document.The results show that the market values of companies′shares that have paid the real estate tax decline by about 3.5%during the event window[0,1]compared with those that have not paid,which is consistent with the expectation that the real estate tax will reduce consumer demand,and negatively affect corporate performance that have paid the real estate tax.And the real estate tax reform has a significant spillover effect on enterprises which are intensely related to the real estate industry.Furthermore,the real estate tax reform has a greater impact on the enterprises with higher price elasticity of product demand and smaller tax burden transfer elasticity factors.It also has a greater impact on the enterprises that break through the"three red lines"threshold.

关 键 词：房地产税 事件研究 企业价值 税负转嫁 行业联动 

分 类 号：F810.424[经济管理—财政学]