Did the 2003 Tax Act Reduce the Cost of Equity Capital?
Did the 2003 Tax Act Reduce the Cost of Equity Capital?
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2003 年税法是否降低了股权资本成本？
DOI：
10.2139/ssrn.741327
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Oliver Zhen Li
中科院分区：
文献类型：
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作者：
D. Dhaliwal;Linda K. Krull;Oliver Zhen Li
2003年的《就业和增长税收减免调节法》（2003年税法）大幅降低了股东一级对股权收入的税收。如果股东层面的税收是权益资本成本的一个重要组成部分，那么在2003年税法之后，权益成本应该会下降。使用Dhaliwal，Krull，Li和Moser（2005）的方法，该方法依赖于对股权资本隐含成本的估计，我们发现，2003年税法实施后，股权成本下降了约1.02%。我们还表明，对于主要由机构投资者持有的公司，税率降低不适用，股权资本成本的下降幅度较小。这些结果表明，2003年税法可能已经实现了降低股权资本成本的预期目标。它们还为一个更基本的研究问题提供了进一步的证据，即税收影响估值。
The Jobs and Growth Tax Relief Reconciliation Act of 2003 (the 2003 Tax Act) drastically reduced shareholder level taxes on equity income. If shareholder level taxation is an important component of cost of equity capital, then cost of equity should decrease after the 2003 Tax Act. Using the approach of Dhaliwal, Krull, Li, and Moser (2005) that relies on estimates of implied cost of equity capital, we find that cost of equity decreased by about 1.02% after the 2003 Tax Act. We also show that for firms largely held by institutional investors to whom the tax rate reduction does not apply, the decline in the cost of equity capital is smaller. These results suggest that the 2003 Tax Act may have achieved its intended goal of lowering the cost of equity capital. They also add further evidence to a more fundamental research question, that is, taxes impact valuation.