Effect of the Real Estate Tax Reform on Enterprises
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 re-sults 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 intense-ly related to the real estate industry.Furthermore,the real estate tax reform has a greater impact on the enterpri-ses 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.
Real Estate TaxEvent StudyFirm ValueTax Burden TransferIndustry Linkage
NETL
NSTL
万方数据
