国地税合并对资本市场定价效率的影响研究  

A Study on the Impact of Merger of National and Local Taxes on the Pricing Efficiency of Capital Markets

作　　者：高音 余妙志[1] 童红耀 GAO Yin;YU Miaozhi;TONG Hongyao(School of Economics,Zhejiang University of Technology,Hangzhou 310023,China;Huaxin Consulting Design Research Institute Co.,Ltd.,Hangzhou 310051,China)

机构地区：[1]浙江工业大学经济学院,杭州310023 [2]华信咨询设计研究院有限公司,杭州310051

出　　处：《科技与经济》2024年第5期76-80,共5页Science & Technology and Economy

基　　金：国家社会科学基金项目——“逆全球化背景下贸易成本对我国出口产品质量的影响机理与提升策略研究”(项目编号:19BJL115;项目负责人:余妙志)成果之一。

摘　　要：基于2013—2021年中国上市公司数据以国地税合并的改革政策为准自然实验,考察国地税合并对资本市场定价效率的影响效应。研究发现,国地税合并改革后企业资本市场定价效率提高了11.1%。提高企业信息披露质量是国地税合并改革提高资本市场定价效率的重要机制,揭示了国地税合并通过提高企业信息披露质量以提升资本市场定价效率的内在机理,对于进一步提升资本市场资源配置效率、配置质量和强化金融风险防范的长效机制具有现实意义。Based on a natural experiment using the reform policy of merging national and local taxes and data from Chinese listed companies between 2013 and 2021,this study examines the impact of the tax merger on the efficiency of capital market pricing.The research finds that after the reform to merge national and local taxes,the pricing efficiency of capital market for enterprises increased by 11.1%.A key mechanism through which the tax merger improves the pricing efficiency of capital market is by enhancing the quality of corporate information disclosure.This reveals the intrinsic mechanism by which the merger of national and local taxes boosts the pricing efficiency of capital market through improved quality of corporate information disclosure.This has practical implications for further enhancing the efficiency and quality of resource allocation in capital markets and strengthening long-term mechanisms for preventing financial risks.

关 键 词：资本市场 定价效率 国地税合并 信息披露 

分 类 号：F812.42[经济管理—财政学] F832.51