Government Policy and Ownership of Equity Securities
Government Policy and Ownership of Equity Securities
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政府政策和股本证券所有权
DOI：
10.2139/ssrn.1428442
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
Ilya A. Strebulaev
中科院分区：
文献类型：
--
作者：
Kristian Rydqvist;Joshua Spizman;Ilya A. Strebulaev
自第二次世界大战以来，家庭的直接持股在很大程度上被金融机构的间接持股取代。我们认为税收政策是驱动力。使用来自八个国家的长时间序列，我们表明，家庭所有权的比例随着养老金计划内持有股票的税收优惠的措施而下降。这一发现对于有效税收的政策考虑以及税收对企业融资和资产价格的长期影响的金融经济学研究具有重要意义。
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with measures of the tax benefits of holding stocks inside a pension plan. This finding is important for policy considerations on effective taxation and for financial economics research on the long-term effects of taxation on corporate finance and asset prices.