Individual Investors' Dividend Taxes and Corporate Payout Policies
Individual Investors' Dividend Taxes and Corporate Payout Policies
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个人投资者的股息税和企业派息政策
DOI：
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发表时间：
2017
影响因子：
3.9
通讯作者：
Kangtao Ye
中科院分区：
文献类型：
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作者：
Oliver Zhen Li;Hang Liu;Chenkai Ni;Kangtao Ye
2012年中国的股息税改革将个人投资者的股息税率与其持股时间挂钩。我们发现，公司面临的个人投资者的股息税率降低（增加）更有可能（不太可能）增加股息支付。这种影响集中在控股股东和少数股东激励一致的公司。此外，投资者通过减少股息日之前的交易活动来应对这一税法变化，并成功地降低了股息税罚款。总的来说，我们的证据增强了个人投资者的税收状况影响公司支出政策的观点。
The 2012 Dividend Tax Reform in China ties individual investors’ dividend tax rates to the length of their share holding period. We find that firms facing a reduction (increase) in their individual investors’ dividend tax rates are more (less) likely to increase dividend payout. Such an effect is concentrated in firms where incentives of controlling shareholders and minority shareholders are aligned. Further, investors respond to this tax law change by reducing trading activities before the cum-dividend day, and successfully lower their dividend tax penalty. Overall, our evidence enhances the notion that individual investors’ tax profiles shape firms’ payout policies.