The Impact Of Tax Evasion In The Film And Television Industry On Stock Price

In recent years,the film and television industry has developed rapidly,and the country has also paid great attention to the development of the film and television industry,and has issued many preferential policies.With the development of the times and the advancement of technology,the film and television industry is also using science and technology to continuously update,and innovative forms emerge in endlessly.At the same time,tax evasion incidents in the film and television industry have intensified,which has had a great impact on the companies involved and the entire film and television industry.The "Yin-Yang Contract" incident is a typical example of tax evasion in the film and television industry.It is representative and typical and has a large social influence,and has certain research value.This article first conducts event research,taking the "yin-yang contract" event as an example,dividing it into three event periods,and studying the impact of the negative black swan event on the stock price.The research shows that the disclosure of the "yin-yang contract" event has an impact on the incident.The company’s Tangde Film and Television’s stock price has had an adverse impact,which has also had a greater negative impact on the entire film and television industry;the investigation of this incident further has an adverse impact on Tangde Film and Television and the entire film and television industry;the disclosure of the punishment results of the incident has further It has had an adverse impact on the stock price of Tangde Film and Television,and has had a certain impact on the entire film and television industry,but the impact is relatively small.Secondly,introduce limited investor attention and investor sentiment to further explore the reasons for stock price fluctuations.According to the theory of behavioral finance,the determinant of securities prices is not only its value,but also cannot be separated from the influence of investor behavior.That is to say,investor attention and investor sentiment have a certain impact on stock price fluctuations.With the advent of the Internet age,investors have become accustomed to expressing opinions and expressing emotions on the Internet.Therefore,based on the summary of the previous literature,this article regards the Baidu index and stock bar posting volume as proxy variables for investors’ limited attention and investor sentiment,respectively.Through theoretical analysis and empirical testing,this article finds that people expressing opinions and emotions in the stock bar forum reflect the behavior of information supply and the performance of investor sentiment.Searching for information through a search engine is a behavior of information demand,which can represent the concern of investors.This article explores the impact of investors’ limited attention and investor sentiment on stock prices by establishing a multiple regression model.The results show that: First,the limited attention of investors will exacerbate the impact of the "yin and yang contract" event on the stock price.Second,investor sentiment will exacerbate the impact of the "yin and yang contract" event on stock prices,and at the same time,limited investor attention and investor sentiment have a common impact on stock prices.In addition,this article conducts an empirical analysis of the long-term impact of the "Yin-Yang Contract" event,and the results show that the "Yin-Yang Contract" event has a long-term impact on the film and television industry,and there is a significant positive correlation between the actor’s salary and the company’s stock price.Finally,this article puts forward relevant suggestions from three perspectives of listed film and television companies,investors and regulators.Listed companies must strengthen the internal governance of the company,and at the same time pay attention to the influence of public opinion and strengthen the management of public opinion;investors must improve their ability to identify risks through continuous learning;regulators must strengthen the construction of the regulatory system,and at the same time Strengthen the supervision of institutional investors.The innovations of this article are as follows: First,the limited investor attention and investor sentiment are introduced into the black swan event’s impact on stock prices;second,empirical research is conducted on the long-term impact of the event to further explore its impact on the film and television industry.