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在供给侧改革的背景下,传统的煤炭企业面临“去产能”的严峻考验,同时也存在以“降成本”为导向的财税改革提供的发展契机。本文以2011年和2014年资源税改革文件的发布和实施为研究对象,运用事件研究法分析了煤炭资源税改革的市场效应。结果显示,在煤价快速下行阶段,市场对焦煤资源税税额增加作出消极反应,煤炭开采类上市公司市值下降。而煤炭资源税计征方式的改变和收费基金的清理,有助于减少煤炭开采类上市公司的成本负担,促使企业市值的上升并获得正的非正常收益。
In the context of supply-side reform, the traditional coal enterprises are faced with the severe test of “going to capacity”, and there are also opportunities for the development of fiscal and tax reforms oriented toward “reducing costs”. Based on the publication and implementation of resource tax reform documents in 2011 and 2014, this paper analyzes the market effect of coal resource tax reform by using event research method. The results show that in the rapid downward phase of the coal price, the market reacted negatively to the increase in tax on resources of coking coal, and the market value of listed coal mining companies declined. However, the changes in the way of taxation of coal resources tax and the clearance of toll funds will help to reduce the cost burden of listed companies in coal mining and promote the increase of the market value of enterprises and to obtain positive abnormal returns.