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现行税“费”制规定,对国营、集体等内资企业的税后利润(税后留利)要征收“国家能源交通重点建设基金”和“国家预算调节基金”(以下简称“两金”)。内资企业的人均工资超过工资调节税规定的免征额的,要征收工资调节税。而“三资”企业则不需交纳两金一税。这种税“费”负担在内、外资企业之间的不同,在企业股份化并股票上市后,便引起了可分配股息和股票价格的差异,以致形成不利于股份化正常发展的状况。我们知道,股票价格决定于股票收益,收益越高,股价越高,反之亦然。因此,任何引起股息收入高低的因素都会直接影响股价。上述两金一税是通过直接减少企业的可分配利润而对股息收入和股价的产生直接影响的。
The current tax “fee” system stipulates that the “State Energy Transportation Key Construction Fund” and “State Budget Adjustment Fund” (hereinafter referred to as the “two funds”) shall be levied on after-tax profits (after-tax profits) of state-owned and collective- . If the per capita salary of a domestic-funded enterprise exceeds the amount of exemption required by the wage adjustment tax, it will impose a salary adjustment tax. The “three-funded” companies do not need to pay two taxes. This tax “fee” burden, including the difference between foreign-funded enterprises in the share and the listing of shares, it caused the distribution of dividends and stock price differences, resulting in the formation of the situation is not conducive to the normal development of the share. We know that the stock price depends on the stock return, the higher the return, the higher the stock price, and vice versa. Therefore, any factor that causes the dividend income will directly affect the stock price. The two taxes mentioned above have a direct impact on dividend income and stock price by directly reducing the distributable profits of the enterprises.