摘要
红利税率的多元化是引致投资者对股票估价差异性的原因之一,并且催生了现金股利除息前后的套利机会和增量交易。当现金股利水平超过某一临界值时,具有税负优势的投资者将在除息前买入股票,然后在股票除息后卖掉,以进行套利。这种交易将使得红利税发生额减少,印花税发生额增加,形成红利税与印花税之间的联通机制。
The variety of dividend tax rate is one of the reasons that cause the variety of stock pricing; it also induces the arbitrage opportunities and additional trading around ex-date. When dividend yield goes above some critical value, the investors, who have tax advantage, would buy stocks before ex-date and sell them after ex-date to get the arbitrage benefit. This kind of trade would reduce dividend tax and increase stamp tax, and then, the communication mechanism between the two taxes would be constructed.
出处
《税务与经济》
CSSCI
北大核心
2008年第5期66-73,共8页
Taxation and Economy
关键词
红利税
印花税
套利
连通机制
dividend tax
stamp tax
arbitrage
communication mechanism
