从公司治理角度分析“股利税”的改革方向

The Analysis of the Reform of Dividend Tax from the Point of View of Corporate Governance

股利在公司治理中具有重要作用,股利税的不同设计对企业公司治理有重要影响。为有效利用税法完善企业的公司治理,建议对个人的股利所得适用较低税率的"双重征税"形式,以减少企业派发股利的税收成本,缓减"自由现金流"代理问题,同时发挥债权人和机构投资者的治理优势;对于公司间股利所得,按持股比例规定适用税率,以减少集团企业控制权与现金权分离的程度,缓解控股股东与中小股东的代理问题。

Since the dividend police play an important role in the corporate governance, the different dividend taxation enactments affect the corporate governance very much. In order to make use of the taxation to better the corporate governance, we suggest to adopt low tax rate for the individual dividend income such that the agency problem of free cash flow will be reduced. Meanwhile, the remained taxation aiming at the individual will maintain the governance advantage of the creditor and the organization investor. For the inter - corporate dividend income, our suggestion is to adopt different according the shares so that the agency problem between the controlling shareholder and the small shareholder will be alleviated.