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，bat365在线官网登录国家发展与战略研究院          点评人：王孝松，bat365在线官网登录          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，bat365在线官网登录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。