This paper adopts the case study method to analyze the implementation effects of the reform pilot policy from the transportation industry to start. This paper applies the event study method to study the influence mechanism of the tax reform pilot policy on stock yield of the transportation industry. Meanwhile, it calculates and researches the changes of the tax burden of these enterprises, and provides suggestions for the promotion of the reform policy in nationwide. Results indicate: 1) The announcement of the reform pilot policy affects the stock returns of the transportation industry in Shanghai. In a period of time before and after the publish of the policy, the stock of the pilot enterprises has positive effect on price, the stock price of each subindustries fluctuates differently. Because of the “plate effect”, the reform policy also causes the stock price of the enterprises fluctuates positively which is beyond the pilot scope to some extent. 2) In general, the tax reform policy effectively reduces the tax burden of the transportation industry in Shanghai, but the existence of the area restrictions and the input taxes aren’t fully deduct factors result in the temporary increase of the tax burden of a fraction of the transportation industries.