Based on a natural experiment using the reform policy of merging national and local taxes and data from Chinese listed com-panies between 2013 and 2021,this study examines the impact of the tax merger on the efficiency of capital market pricing.The re-search 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 en-hancing the efficiency and quality of resource allocation in capital markets and strengthening long-term mechanisms for preventing finan-cial risks.
关键词
资本市场/定价效率/国地税合并/信息披露
Key words
capital market/pricing efficiency/merger of national and local taxes/disclosure of information
维普
万方数据