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我国股息税改革是否会有税收效应?国内已有研究多是直接借鉴欧美研究思路,普遍采用事件研究法,考虑到我国资本市场的有效性及事件研究法的固有局限,本文以上市公司为样本,考察2005年和2013年两次股息税改革对上市公司股利政策产生的影响。研究发现,两次税改都对上市公司的股利支付水平具有显著的税收效应,但后者大于前者,本文在对比分析的基础上结合税改存在的问题提出政策建议。
Whether there will be a tax effect on the reform of dividend tax in our country? Most of the existing researches in China mainly draw directly on the research ideas of Europe and the United States and generally adopt the method of event research. Taking into account the validity of capital market in our country and the inherent limitations of event research method, , Examines the impact of the two dividend tax reforms in 2005 and 2013 on the dividend policy of listed companies. The study finds that both tax reforms have a significant tax effect on the dividend payout of listed companies, but the latter is greater than the former. Based on the comparative analysis, this paper puts forward policy recommendations based on the tax reform.