所得税制度、股利政策与投资者保护

Income Tax System,Dividend Policy and Investor Protection

根据2008年实施的新企业所得税制度,除另有规定者外,企业的股息红利属于免税收入,而资本利得则全额应税,这与个人所得税的征税方向完全相反。这样的税制设计,无疑会导致个人(自然人,下同)投资者和企业(法人,下同)投资者对股利政策有完全相反的偏好。而我国的上市公司是以法人控股为主的,所得税制度把个人投资者的利益置于了控股股东的对立面,人为地又多出一层利益冲突,笔者认为这不利于保护中小投资者的利益。因此,本文基于投资者保护的思路提出税制改革的一些设想。

According to the new corporate income tax system in 2008, the dividends are tax-free income, and the corporate full capital gains are taxable except as otherwise provided. It is opposite to personal income tax. This tax system undoubtedly will lead to individual investors and corporate investors exactly opposite preferences for the dividend policy. The Controlling shareholders of listed companies mainly are corporate in China. If income tax system place to the interests of individual investors over against the controlling shareholder, it is not conducive to protection small and medium-sized investors. So, this paper proposed the some suggestions of tax reform based on the protection investors.