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以2005年6月13日财政部、国家税务总局联合颁布实施《关于股息红利个人所得税有关政策的通知》(财税[2005]102号)将个人投资者股利所得税“减半征收”为研究背景,考察我国2005年股利税削减的市场反应。研究发现,2005年股利税“减半征收”政策发布期间,资本市场整体呈现出“期望—失望”的反应过程。进一步研究还发现,预期派现倾向高、预期派现能力强的上市公司对于股利税“减半征收”政策的市场反应更加积极;但市场流通股对于股利税“减半征收”政策的反应较为“平淡”。这说明我国2005年红利税削减政策的政策初衷、调整幅度并未能很好地契合资本市场的“预期”。
With the joint promulgation and implementation by the Ministry of Finance and the State Administration of Taxation on the policy of individual income tax on dividends and bonuses (Cai Shui [2005] No. 102) on June 13, 2005, the dividend tax on individual investors is reduced by half Background, examine the market reaction of dividend tax reduction in China in 2005. The study found that during the period of dividend tax and policy of “reducing tax by half” in 2005, the capital market as a whole showed a reaction process of “expectation-disappointment”. Further research also found that listed companies that are expected to have a high propensity to pay dividends are more likely to respond positively to the dividend tax policy of “halving the levy” policy. However, the outstanding shares of listed tradable shares are subject to “halved” The response to the policy is more “plain”. This shows that China’s policy of dividend tax cuts in 2005, the original intention of the policy, the adjustment does not fit well with the “expected” capital markets.