國際經(jīng)濟學研討會      
      題目：The Effect of Value-added Tax on Leverage: Evidence from China’s Value-added Tax Reform          主講人：鄒靜嫻，中國人民大學國家發(fā)展與戰(zhàn)略研究院          點評人：王孝松，中國人民大學經(jīng)濟學院          時間：2018年11月5日14:30-16:30          地點：明德主樓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.          
         主講人簡介: 鄒靜嫻，博士，中國人民大學國家發(fā)展與戰(zhàn)略研究院講師、研究員，中國金融40人論壇（CF40）青年研究員，芝加哥大學經(jīng)濟系訪問學者、世界銀行（駐華代表處）研究員，參與過世界銀行、亞洲開發(fā)銀行、中國人民銀行、財政部、國務(wù)院發(fā)展研究中心等機構(gòu)多項研究課題。          
         鄒老師的研究方向主要為國際經(jīng)濟學和發(fā)展經(jīng)濟學，已在《經(jīng)濟研究》、《管理世界》、《世界經(jīng)濟》、《國際經(jīng)濟評論》、《China Economic Review》、《Economics of Transition》、《Frontiers of Economics in China》、《International Labour Review》等中英文學術(shù)期刊上發(fā)表論文二十余篇。