Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France
Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France
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更高的股息税，没问题！
DOI：
10.2139/ssrn.3418014
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发表时间：
2019
期刊：
影响因子：
--
通讯作者：
Adrien Matray
中科院分区：
文献类型：
--
作者：
Charles Boissel;Adrien Matray
我们利用法国股息税率的大幅上涨（影响了四分之三的公司）来估计股息税对公司政策的影响。使用涵盖所有公司和员工的行政数据，我们发现，在双重差异的环境下，受影响的公司迅速削减股息，无论是广泛利润还是集约利润，隐含弹性约为-0.5。由此产生的现金保留部分用于增加投资和就业，正弹性约为+0.20。其余的作为流动资金积累并用于向客户提供信贷。新纳税的企业家似乎并没有通过收入转移来逃避增税。
We exploit a large increase in the dividend tax rate in France that affected three-quarter of firms to estimate the effect of dividend taxation on corporate policies. Using administrative data covering the universe of firms and employees, we find in a differences-in-differences setting that affected firms swiftly cut dividends, both at the extensive and intensive margin, with an implied elasticity of around -0.5. Part of the resulting cash retention is used to increase investment and employment, with a positive elasticity around +0.20. The rest is accumulated as liquidity and used to extend credit to customers. Newly-taxed entrepreneurs do not appear to engage in income shifting to evade tax increase.
影响因子：
5.8
作者：
Fajgelbaum, Pablo D.;Morales, Eduardo;Zidar, Owen
通讯作者：
Zidar, Owen
DOI：
10.1086/702238
发表时间：
2019-12
期刊：
The journal of political economy
影响因子：
--
作者：
Finkelstein A;Hendren N;Luttmer EFP
通讯作者：
Luttmer EFP