摘要
2012年11月16日,财政部颁发85号文对个人投资者的股息红利所得实施差异化征税政策。采用事项研究法和多元回归法,对该政策发布时间窗口的市场反应进行研究,实证结果发现,市场整体做出了积极反应,但反应程度与公司盈利状况、股利政策、超额现金和股本结构等状况有关:上一年盈利但没有支付现金股利的公司和发放股票股利的公司、成长性较低因而剩余现金较多的公司市场反应显著为正;但市场反应与现金性资产比例、第一大股东持股比例和机构持股比例之间显著负相关;预期大股东和机构投资者受益较多,故不一定能达到鼓励个人投资者长期持股的政策目的。
On November 16, 2012, the Ministry of Finance issued document No. 85, which is a tax policy on dividend differentiation of investors. In this paper, a study is conducted to analyze the market reaction to the time window based on event study and regression method. The result shows that the overall market reacts positively, but its degree is related to the company profitability, dividend policy, excess cash and capital stock structure. Some companies gained profit in the previous year but did not pay cash dividend. Some companies distributed stock dividend. Some companies had excess cash but grew slowly. The market effect of these companies is rela- tively positive. However, the market reaction is negatively correlated with the ratio of cash asset, the ratio of stock of the largest shareholder and the ratio of stock of institutions. If the expected major shareholders and insti- tutional investors benefit more from dividend, this policy can not encourage individual investor to buy stocks in a long term.
出处
《税务与经济》
CSSCI
北大核心
2015年第4期79-87,共9页
Taxation and Economy
关键词
红利差异化减税
现金股利
超额资金
股权结构
tax reduction of dividend differentiation
cash dividend
excess cash
stock right structure
