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。
