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本文通过计量经济学中“自然试验”和“双重差分估计”的方法来估计2005年股息红利个人所得税率变化对公司股利政策的影响。研究发现,股息红利个人所得税的下降是股利增加的重要因素。实证结果表明,股息红利个人所得税下降促使公司增加其股利支付,有利于保护中小投资者的利益。进一步完善股利税收政策对于提振股市,增强投资者信心有所裨益。
This paper estimates the impact of the change of personal income tax rate of dividend dividends on the dividend policy of the company in 2005 through the methods of “natural test” and “double difference estimation” in econometrics. The study found that the decline in personal income tax dividend dividend is an important factor in increasing dividends. The empirical results show that the decrease of personal income tax of dividend dividends encourages the company to increase its dividend payment, which is beneficial to the protection of the interests of small and medium-sized investors. Further improve the dividend tax policy to boost the stock market and enhance investor confidence.