Abstract：Based on the active fiscal policy background,this paper uses event study and DID to study the value-added tax reduction policy issued in 2019.The study finds that the positive reaction of investors triggered by the release of tax reduction policy is stronger than the implementation of the policy.On the day of the policy release,the intensity of tax cut weakens the positive effect of the tax cut on corporate value,and on the day of the policy implementation,the intensity of tax cut increases the positive effect of tax cut on corporate value.This paper further explores the mechanism behind this phenomenon and finds that the weaker the corporate competitiveness,the implementation of policy weakens the positive effect of corporate value more obviously;the stronger the corporate competitiveness,the implementation of policy increases the positive effect of corporate value more obviously.The above research results show that the benefits of the value-added tax reduction policy‘circulates' among companies.The stronger the competitiveness of companies,the more policy benefits they can get.This paper tries to reveal the operating process behind the value-added tax reduction policy of‘released first,then implemented',so as to provide experience accumulation for better tax policy formulation.

Keyword：Proactive Fiscal Policy; VAT Reduction; Investor Reaction; Corporate Value; Competitive Ability;